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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

pool and underwater treadmill for aquatic therapy, is complemented by an outdoor therapy garden that offers a wide variety of activities and exercises for rehabilitation patients.

The new wing opened on July 14th, and beds are filling more rapidly than expected. Ensign won the right to build the additional beds in 2006 after successfully navigating Washington's sometimes-arduous certificate of need process, including several appeals. Ensign subsequently purchased the existing 79-bed skilled nursing facility, which it had operated under lease from a national REIT since 2000, prior to making the capital investment in the addition and accompanying upgrades. Proceeds of Ensign's recent initial public offering were used to complete the construction. Work continues on renovations and other improvements to the existing physical plant, which are expected to be completed shortly.

Other Developments

On May 1, 2008, the Company acquired a 120-bed skilled nursing facility in Orem, Utah, its first new facility acquisition since going public in 2007. The Company used approximately $2.0 million of its initial public offering proceeds to acquire and assume a favorable long-term lease on the facility.

The Orem facility has expanded and enhanced the company's overall presence in the Utah market, and is on track to be mildly accretive to earnings in 2008. More importantly, it has provided Ensign with the critical mass necessary to reorganize its Utah/Idaho market into a fully-functioning, standalone portfolio subsidiary known as Milestone Healthcare, Inc. Ensign CEO Christopher Christensen expressed gratitude to the leaders of Ensign portfolio subsidiary Keystone Care, which has been supporting the Utah/Idaho market since Ensign first entered Utah in July 2006. He added, "The advent of Milestone will not only allow us to focus more closely on the largely untapped potential of our Utah/Idaho market, it will also allow our key leadership in Keystone, which co
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SOURCE The Ensign Group, Inc.
Copyright©2008 PR Newswire.
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Related medicine news :

1. The Ensign Group Schedules 2008 Second Quarter Earnings Call for Thursday, August 7, 2008
2. The Ensign Group to Present at the FBR Capital Markets 12th Annual Spring Investor Conference on May 29th
3. The Ensign Group, Inc. Acquires Utah Skilled Nursing Facility
4. The Ensign Group, Inc. Reports First Quarter 2008 Earnings
5. The Ensign Group Schedules 2008 First Quarter Earnings Call for Thursday, May 8, 2008
6. The Ensign Group, Inc. Reports Fourth Quarter 2007 Earnings
7. The Ensign Groups Year-End Conference Call Scheduled for Friday, March 7, 2008
8. The Ensign Group Establishes $50 Million Credit Facility with GE Healthcare Financial Services
9. The Ensign Group Successfully Graduates Troubled Nursing Home from CMS Special Focus Facility Program
10. The Ensign Group, Inc. Announces the Appointment of Covey C. Christensen as President of Its Flagstone Subsidiary
11. The Ensign Group, Inc. Reports Third Quarter 2007 Earnings
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