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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

, to $17.7 million from last year's $13.7 million. EBITDAR climbed to $21.5 million from $17.7 million in the second quarter of 2008, an increase of $3.8 million.

Fully diluted GAAP earnings per share were $0.39 for the quarter, compared to $0.32 per share in the prior year. Excluding FAS 141R acquisition expenses and amortization of patient bases, adjusted net income was $8.3 million or $0.40 per diluted share. When acquiring existing operations, the acquired patient base is amortized over a period of six to eight months, resulting in a non-cash charge to earnings. During the quarter the company was still amortizing a portion of the acquired patient bases in the 670 operational beds at seven of its recent acquisitions.

A discussion of the company's use of non-GAAP financial measures is set forth below. A reconciliation of net income to EBITDAR and EBITDA, as well as a reconciliation of GAAP earnings per share and net income to adjusted net earnings per share and adjusted net income, appear in the financial data portion of this release.

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 http://www.ensigngroup.net.

2009 EPS Guidance Reaffirmed; Revenue Guidance Revised

In light of recently announced changes in Medicare and Medicaid rates which will not produce the assumed 2.0% rate increase that was used to set the company's previous 2009 revenue guidance, Management revised its 2009 annual revenue guidance by $7 million, to $536 million to $541 million. However, Management reaffirmed its previously-published net income guidance of $1.58 per share to $1.63 per share for the year. The guidance is based on diluted weighted average common shares outstanding of 21.5
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SOURCE The Ensign Group, Inc.
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