Kindred Healthcare, Inc. (KND)

[ScovilleUnits]

First Quarter Results Exceed Company's Guidance

Monday , May 04, 2009 18:08ET

LOUISVILLE, Ky., May 04, 2009 (BUSINESS WIRE) -- --First Quarter EPS Guidance Range was $0.40 to $0.50

--Company Maintains 2009 EPS Range of $1.35 to $1.45

--Company Provides Second Quarter 2009 EPS Guidance of $0.28 to $0.38

Kindred Healthcare, Inc. (the "Company") (NYSE:KND) today announced its operating results for the first quarter ended March 31, 2009. All financial and statistical information included in this press release reflects the continuing operations of the Company's businesses for all periods presented unless otherwise indicated.

First Quarter Highlights:

-- Consolidated revenues rose 3% to $1.1 billion

-- Each operating division reported revenue growth compared to last year

-- Diluted earnings per share grew 36% to $0.57 compared to last year's $0.42

-- Earnings growth was driven by operating income growth in all three divisions and lower corporate overhead

-- Consolidated operating income grew 7% to $157 million

-- First quarter capital-related costs were flat with the first quarter of 2008

-- Hospital operating margins improved

-- Reported admissions declined 2% from last year partly resulting from leap year in 2008

-- Same-store aggregate admissions declined 1%

-- Same-store non-government admissions grew 12%

-- Nursing center results were in line with expectations despite softer volumes

-- Revenue mix and overall occupancy were relatively unchanged from last year

-- Annualized employee turnover declined to 38% from 48% in the first quarter of 2008

-- Peoplefirst operating income grew 35% in the quarter

-- Revenue growth and productivity improvements drove $4 million increase in operating income

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