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The Ensign Group, Inc. Reports Third Quarter 2007 Earnings
Date:12/21/2007

ebuilding quarter for us, and we are excited about the prospect for organic revenue and earnings growth as we continue to intensify our focus on improved clinical performance, increased occupancy and enhanced patient mix in 2008."

Mr. Christensen added, "The recent completion of our initial public offering adds strength to our already-strong balance sheet, and we believe that, among other things, it enhances our ability to continue executing on our disciplined growth strategy."

Recent Highlights

IPO: On November 8, 2007, Ensign completed its Initial Public Offering (IPO), with net proceeds to the Company of $56.5 million after underwriting fees and offering expenses. The Company sold 4.0 million shares of common stock at $16.00 each. In addition, the entire 600,000 share over-allotment option described in the Company's prospectus was also exercised by the underwriters in November. Concurrent with the close of the IPO, all previously outstanding shares of the Company's preferred stock converted into an aggregate of 2,741,000 shares of common stock.

Recent Acquisitions: On December 11, 2007, Company subsidiaries completed their purchase of two skilled nursing facilities in California and one assisted living facility in Arizona for an aggregate purchase price of approximately $12.8 million. The three facilities include 123 skilled nursing beds, 90 assisted living units and 84 independent living units. The acquisitions were completed by three separate holding affiliates of The Ensign Group, Inc. Prior to the acquisitions, three operating subsidiaries of The Ensign Group, Inc. operated these three facilities under a master lease agreement with the seller, which was terminated upon the closing of the transaction. These three operators will continue to operate their respective facilities under new leases with the acquiring Ensign affiliates.

Proceeds of Ensign's recent IPO were used to fund the transactions. These acquisitions bring the n
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SOURCE The Ensign Group, Inc.
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