Strong Same Store Discharge Growth and Effective Expense Management
Continued Progress on Debt Reduction
BIRMINGHAM, Ala., May 4 /PRNewswire-FirstCall/ -- HealthSouth Corporation (NYSE: HLS) today reported its results of operations for the first quarter ended March 31, 2009. The results showed consolidated net operating revenues of $475.1 million for the first quarter of 2009 compared to $464.2 million for the first quarter of 2008, or an increase of 2.3%. This increase was driven by a 5.7% quarter-over-quarter increase in patient discharges offset by lower pricing. The first quarter of 2008 contained a Medicare market basket update that became effective October 1, 2007 but was "rolled-back" from our Medicare reimbursement on April 1, 2008, thus lowering our pricing quarter over quarter. On a same store basis, discharges increased 4.8% quarter over quarter. Diluted net income per share was $0.44 per share for the first quarter of 2009 compared to $0.17 per share for the first quarter of 2008. This increase was primarily attributable to revenue growth, lower interest expense, and effective expense management.
On an adjusted basis, income from continuing operations was $0.39 per diluted share for the first quarter of 2009, which represents an 116.7%, or $0.21 per share, improvement over the $0.18 per diluted share for the first quarter of 2008. Adjusted income from continuing operations excludes amounts associated with government, class action, and related settlements, our loss on interest rate swap, and other non-recurring items, as outlined in the attached supplemental information.
"The strategy we put in place in 2007 - focusing on deleveraging, growth, and expense management - yielded solid results in 2008 and continued to generate solid results in the first quarter of 2009," said Jay Grinney, Pr
|SOURCE HealthSouth Corporation|
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