MECHANICSBURG, Pa., May 15 /PRNewswire/ -- Select Medical Corporation (“Select”) today announced results for its first quarter ended March 31, 2008.
For the first quarter ended March 31, 2008, net operating revenues increased 17.4% to $548.3 million compared to $466.8 million for the same quarter, prior year. Income from operations decreased 9.9% to $54.3 million compared to $60.3 million for the same quarter, prior year. Net income decreased 47.9% to $11.6 million compared to $22.2 million for the same quarter, prior year. Additionally, net income before interest, income taxes, depreciation and amortization, stock compensation expense, other expense and minority interest (“Adjusted EBITDA”) for the first quarter decreased 0.6% to $72.5 million compared to $73.0 million for the same quarter, prior year. A reconciliation of net income to Adjusted EBITDA is attached to this release.
Specialty Hospitals
At March 31, 2008, Select operated 88 long-term acute care hospitals and four acute medical rehabilitation hospitals. This compares to 89 long-term acute care hospitals and three acute medical rehabilitation hospitals operated at March 31, 2007. For the first quarter of 2008, net operating revenues for all of Select’s hospitals increased 6.9% to $378.6 million compared to $354.2 million for the same quarter, prior year. Total patient days for the first quarter of 2008 were 259,559, admissions were 10,736 and net revenue per patient day was $1,432. This compares to 252,476 days, 10,416 admissions and net revenue per patient day of $1,378 for the same quarter, prior year. For the hospitals opened or acquired as of January 1, 2007 and operated by Select throughout both periods, patient days in the first quarter of 2008 were 252,807 and admissions were 10,388, compared to 239,211 days and 9,892 admissions in the same quarter, prior year. Adjusted EBITDA for the segment decreased 4.2% to $63.2 million compared to $66.0 million for the same quarter, prior year. The Adjusted EBITDA margin for the segment was 16.7% for the first quarter of 2008, compared to 18.6% for the same quarter, prior year. The Adjusted EBITDA margin for the hospitals opened or acquired as of January 1, 2007 and operated by Select throughout both periods was 18.7% for the first quarter of 2008, compared to 19.4% for the same quarter, prior year.
Outpatient Rehabilitation
At March 31, 2008, Select operated 985 outpatient clinics. This compares to 545 outpatient clinics at March 31, 2007. The increase in the number of clinics is primarily due to Select’s acquisition, in the second quarter of 2007, of substantially all of the outpatient rehabilitation division of HealthSouth Corporation. For the first quarter of 2008, net operating revenues increased 50.9% to $169.6 million compared to $112.4 million for the same quarter, prior year. Adjusted EBITDA for the first quarter increased 14.1% to $20.1 million compared to $17.6 million for the same quarter, prior year. The Adjusted EBITDA margin for the quarter was 11.9% compared to 15.7% in the same quarter, prior year. Patient visits for the quarter were 1,155,907 compared to 646,651 for the same quarter, prior year. Net revenue per visit was $103 for the first quarter of 2008 compared to $101 for the same quarter, prior year.
Conference Call
Select will host a conference call regarding its first quarter results on Wednesday, May 21, 2008, at 11:00 am EDT. The domestic dial in number for the call is 1-888-452-0455. The international dial in number is 1-210-839-8503. The passcode for the call is 6165104.
Select Medical Corporation is a leading operator of specialty hospitals in the United States. Select operates 88 long-term acute care hospitals and four acute medical rehabilitation hospitals in 25 states. Select is also a leading operator of outpatient rehabilitation clinics in the United States, with approximately 985 locations in 37 states and the District of Columbia. Select also provides medical rehabilitation services on a contract basis at nursing homes, hospitals, assisted living and senior care centers, schools and worksites. Information about Select is available at http://www.selectmedicalcorp.com/
Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following:
CONTACT: Investor inquiries, Joel Veit of Select Medical Corporation,
+1-717-972-1100
Web site: http://www.selectmedicalcorp.com/
