MECHANICSBURG, Pa., May 14 /PRNewswire/ -- Select Medical Corporation ("Select") today announced results for its first quarter ended March 31, 2009.
For the first quarter ended March 31, 2009, net operating revenues increased 2.4% to $561.2 million compared to $548.3 million for the same quarter, prior year. Income from operations increased 24.4% to $67.6 million compared to $54.3 million for the same quarter, prior year. Net income attributable to Select Medical Corporation increased to $31.7 million compared to $11.6 million for the same quarter, prior year. Additionally, net income before interest, income taxes, depreciation and amortization, gain on early retirement of debt, stock compensation expense, other income, other expense and non-controlling interest ("Adjusted EBITDA") for the first quarter increased 18.1% to $85.7 million compared to $72.5 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, 2009, Select operated 87 long term acute care hospitals and five acute medical rehabilitation hospitals. This compares to 88 long term acute care hospitals and four acute medical rehabilitation hospitals operated at March 31, 2008. For the first quarter of 2009, net operating revenues for all of Select's hospitals increased 3.9% to $393.2 million compared to $378.6 million for the same quarter, prior year. Total patient days for the first quarter of 2009 were 256,273, admissions were 10,805 and net revenue per patient day was $1,508. This compares to 259,559 days, 10,736 admissions and net revenue per patient day of $1,432 for the same quarter, prior year. For the hospitals opened or acquired as of January 1, 2008 and operated by Select throughout both periods, patient days in the first quarter of 2009 were 238,535 and admissions were 10,049, compared to 251,287 days and 10,391 admissions in the same quarter, prior year. Adjusted EBITDA for the segment increased 21.4% to $76.8 million compared to $63.2 million for the same quarter, prior year. The Adjusted EBITDA margin for the segment was 19.5% for the first quarter of 2009, compared to 16.7% for the same quarter, prior year. The Adjusted EBITDA margin for the hospitals opened or acquired as of January 1, 2008 and operated by Select throughout both periods was 21.1% for the first quarter of 2009, compared to 19.0% for the same quarter, prior year.
Outpatient Rehabilitation
At March 31, 2009, Select operated 948 outpatient clinics. This compares to 985 outpatient clinics at March 31, 2008. For the first quarter of 2009, net operating revenues for the segment decreased 1.0% to $167.8 million compared to $169.6 million for the same quarter, prior year. Adjusted EBITDA for the segment for the first quarter increased 5.9% to $21.3 million compared to $20.1 million for the same quarter, prior year. The Adjusted EBITDA margin for the segment for the quarter was 12.7% compared to 11.9% in the same quarter, prior year. Patient visits for the quarter were 1,096,296 compared to 1,155,907 for the same quarter, prior year. Net revenue per visit was $103 for both the first quarter of 2009 and for the same quarter, prior year.
Conference Call
Select Medical Holdings Corporation ("Holdings"), the Parent of Select, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") in connection with the proposed initial public offering of its common stock. Based on advice of counsel, Select's regular quarterly earnings conference calls will be suspended while Holdings' registration statement is under review by the SEC.
Select Medical Corporation is a leading operator of specialty hospitals in the United States. Select operates 87 long term acute care hospitals and five acute medical rehabilitation hospitals in 25 states. Select is also a leading operator of outpatient rehabilitation clinics in the United States, with approximately 948 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/
