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The Ensign Group, Inc. Reports Fourth Quarter 2008 Earnings of $0.38 per Share; Issues 2009 Guidance
Date:2/18/2009

operty and equipment, asset acquisitions and business acquisitions of $50.4 million, and which includes the escrowed $10.1 million mentioned above.

EBITDA grew by $14.0 million in 2008 to $57.7 million, a 32% increase over fiscal 2007. A discussion of the company's use of non-GAAP financial measures is set forth below, and a reconciliation of net income to EBITDAR and EBITDA appears in the financial data portion of this release.

Fully diluted net earnings per share was $0.38 for the quarter, compared to $0.30 per share in the prior year taking into account the effects of the November 2007 issuance of 4,000,000 additional shares at Ensign's initial public offering, and to $0.32 per share for the prior year quarter on a GAAP basis. Fully diluted net earnings per share was $1.33 for the year, compared to $1.15 per share in the prior year taking into account the effects of the initial public offering, and to $1.17 per share for 2007 on a GAAP basis.

More complete information is contained in the Company's 10-K, which was filed with the SEC today and can be viewed on the Company's website at http://www.ensigngroup.net.

2009 Guidance Issued

Management issued 2009 annual guidance, projecting revenues of $543 million to $548 million, and net income of $1.58 per share to $1.63 per share for the year. The guidance is based on diluted weighted average common shares outstanding of 21.5 million and assumes, among other things, no additional acquisitions or dispositions beyond those made to date, and a continued stable reimbursement environment.

Recent Highlights

On December 1, 2008, Ensign completed the acquisition of Alta Care & Rehabilitation Center, an 85-bed skilled nursing facility in Salt Lake City, Utah. The Alta acquisition grew Ensign's footprint in Utah to six long-term care facili
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SOURCE The Ensign Group, Inc.
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