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The Ensign Group Reports Second Quarter 2009 Earnings of $0.39 per Share; Reaffirms 2009 EPS Guidance
Date:8/6/2009

s to unique changes in their individual markets.

He also commented on the national debate over healthcare, the recently-announced reductions in Medicare payments to skilled nursing facilities, and recent declines in state Medicaid rates affecting several of the Company's facilities. "Our operators have proven again this quarter that our unique operating model is well suited to, and even thrives in, uncertain operating environments," he observed. He added that company leaders "expect, based on our history and experience, to continue delivering solid returns and superior patient outcomes regardless of changes in reimbursement or regulation."

Revenue and earnings growth occurred in the quarter despite same-store occupancy that remained relatively flat at 81%, and an overall census decline of 1.6%. This decline was largely the result of lower census in newly acquired facilities, whose average occupancy for the quarter was 66%. It was also affected by the temporary unavailability of beds at the company's Upland Rehabilitation & Healthcare Center in Southern California, which renovated a wing and reopened it as a new 34-bed subacute unit on June 4, 2009, and which is now in fill-up, as well as the continued build in occupancy at Park Manor Heath and Rehabilitation Center, the company's recently-expanded Walla Walla, Washington facility.

The company generated net cash from operations of $18.7 million in the six months ended June 30, 2009. Net operating assets and liabilities grew by $5.6 million in the first half of 2009, which was primarily attributable to the growth in accounts receivable as revenues grew, particularly in recently added facilities. Net cash used in investing activities during the first six months was $24.1 million, which was primarily related to business acquisitions and purchases of property and equipment.

Consolidated EBITDA grew by 28.9% for the quarter, or $4.0 million
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SOURCE The Ensign Group, Inc.
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