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The Ensign Group, Inc. Reports Second Quarter 2008 Earnings of $.32 per Diluted Share and Raises 2008 Guidance
Date:8/6/2008

ave historically made the second quarter the most challenging of the year for our company, we are pleased to report that Q2 2008 saw Ensign achieving the highest revenue, earnings and skilled mix we've ever posted, making it not only the best second quarter in our history, but our best quarter ever, period." He noted that this record second quarter performance builds on a record first quarter in 2008, adding, "With this strong start, Ensign is off to an outstanding 2008. We are firmly on track not only to achieve, but to exceed, our previously announced financial and operational goals for the year."

Year-to-date EBITDAR improved 18.1% to $35.0 million, compared to $29.6 million in the first six months of 2007, with a same-store improvement of 18.0%. Year-to-date EBITDA improved 27.0% to $27.0 million, compared to $21.3 million in the first six months of 2007, with a same-store improvement of 27.9%. A discussion of the company's use of these 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. Year-to-date consolidated net income was $12.9 million vs. $9.8 million the year before, an overall improvement of 30.7%. Net cash from operations grew by more than 250% year-to-date, to $24.6 million.

Fully diluted net earnings per share was $0.32 for the quarter, compared to $0.34 per share in the prior year. The second quarter 2008 earnings per share figure takes into account the effects of the November 2007 issuance of 4,000,000 additional shares at Ensign's initial public offering. It also reflects the effects of a change in the timing of actuarial adjustments for insurance expense, which resulted in a reduction in favorable actuarial adjustments compared to the prior year quarter.

More complete information is contained in the Company's 10-Q, which was filed with the SEC today and can be viewed on the Company's website at

SOURCE The Ensign Group, Inc.
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