Kindred Completes Sale of 12 LTAC Hospitals to Curahealth, Advancing LTAC Portfolio Optimization Strategy
For the full fiscal year 2016, Kindred expects that the Hospitals will
generate combined revenues of approximately $215 million and earnings
before interest, income taxes, depreciation and amortization (“EBITDA”)
at approximately breakeven. The Hospitals have
Kindred realized approximately
“We are excited to complete this transaction with Kindred and look
forward to providing high-quality healthcare to existing and future
patients in the markets these hospitals serve,” said
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, the Company’s ability to realize the anticipated proceeds and benefits from these transactions, all statements regarding the Company’s expected future financial position, results of operations, cash flows, dividends, financing plans, business strategy, budgets, capital expenditures, competitive positions, growth opportunities, plans and objectives of management, government investigations, regulatory matters, and statements containing the words such as “anticipate,” “approximate,” “believe,” “plan,” “estimate,” “expect,” “project,” “could,” “would,” “should,” “will,” “intend,” “may,” “potential,” “upside,” and other similar expressions. Statements in this press release concerning the Company’s business outlook or future economic performance, anticipated profitability, revenues, expenses, dividends or other financial items, product or services line growth, and expected outcome of government investigations and other regulatory matters, together with other statements that are not historical facts, are forward-looking statements that are estimates reflecting the best judgment of the Company based upon currently available information.
Such forward-looking statements are inherently uncertain, and
stockholders and other potential investors must recognize that actual
results may differ materially from the Company’s expectations as a
result of a variety of factors. Such forward-looking statements are
based upon management’s current expectations and include known and
unknown risks, uncertainties and other factors, many of which the
Company is unable to predict or control, that may cause the Company’s
actual results, performance or plans to differ materially from any
future results, performance or plans expressed or implied by such
forward-looking statements. These statements involve risks,
uncertainties and other factors in the Company’s Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K
filed with the
Many of these factors are beyond the Company’s control. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance. The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
EBITDA: The Company defines EBITDA as earnings before interest, income taxes, depreciation and amortization, and believes that the presentation of EBITDA is useful to the investors because creditors, securities analysts and investors use EBITDA as a measure of earnings used to compare the performance of companies in the healthcare and other industries.
EBITDA is a non-GAAP financial measure. Expected full fiscal year 2016 EBITDA for the Hospitals is provided only on a non-GAAP basis, because of the inherent difficulty of forecasting the timing or amount of items that would be included in income from continuing operations, which is the most comparable GAAP financial measure. As a result, a reconciliation of the expected full fiscal year 2016 EBITDA for the Hospitals to income from continuing operations is not available without unreasonable effort and the Company is unable to address the probable significance of the unavailable information.
|(1)||Revenues based upon Kindred consolidated revenues for the twelve months ended June 30, 2016.|
Kindred Healthcare, Inc.
Todd Flowers, 502-596-6569