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Select Medical Corporation Announces Results for First Quarter Ended March 31, 2009
Date:5/14/2009
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 sam
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