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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

vers the state of Texas, to focus more rigorously on operational excellence and growth in that important market as well." In addition to his regular CEO duties, Mr. Christensen will be temporarily serving as President of Milestone, a role he played for the latter part of 2007 as he oversaw the company's Flagstone subsidiary on an interim basis. Resources will be deployed from other areas of the company to provide support to Milestone as needed during the interim. The company expects to name a permanent leader for Milestone and complete the transition over the next several months.

In May 2008, the Company exercised its option to purchase the underlying assets of a 130-bed skilled nursing facility in Scottsdale, Arizona that it was already operating under a long-term lease arrangement. The facility was purchased for approximately $5.2 million, which was paid in cash from the Company's IPO proceeds. A major renovation of the Scottsdale facility was substantially completed in July 2008.

Also in May 2008, the company closed on a contract to purchase the underlying assets of a 106-bed skilled nursing facility in Draper, Utah that it had been operating since mid-2007 under a long-term lease. The facility was purchased for approximately $3.0 million, which was paid in cash from the company's IPO proceeds. A minor renovation in this facility is underway and is scheduled to be completed in August 2008.

With the Orem, Utah acquisition, the Scottsdale, Arizona purchase option exercise and the Draper, Utah purchase, the Company operates 62 facilities in six Western states, owns 28 of its facilities and operates the other 34 facilities under long-term lease arrangements, with options to purchase eight of those 34 leased facilities.

In April 2008, the Company paid off the existing loan on its facility in Hoquiam, Washington, using approximately $2.0 million of IPO proceeds to deleverage the property. The loan was non-prepayable prior to March, and had b
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SOURCE The Ensign Group, Inc.
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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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