Skilled Healthcare Group, Inc. reported consolidated revenues for the year ended December 31, 2009 of $759.8 million, an increase of 3.6 percent compared to 2008. Consolidated revenues were $189.0 million for the three-month period ended December 31, 2009, compared to $189.8 million for the three-month period ended December 31, 2008.
Prior to the goodwill impairment charge discussed further below, adjusted net income for the fourth quarter and full year of 2009 were $9.3 million and $37.4 million, respectively, or $0.25 per diluted share and $1.01 per diluted share, respectively. This compares to net income for the fourth quarter and full year of 2008 of $9.3 million and $34.1 million, respectively, or $0.25 per diluted share and $0.92 per diluted share, respectively. During the fourth quarter, a non-cash goodwill impairment charge of $170.6 million was recorded. Including this charge, the net loss for the quarter ended December 31, 2009 was $161.3 million, or $4.37 per diluted share. For the full year ended December 31, 2009, the Company reported a net loss of $133.2 million, or $3.61 per diluted share.
“It is important to understand that a write-down of goodwill is a non-cash charge to our consolidated statement of income which does not impact our cash flows,” noted Boyd Hendrickson, Chairman and Chief Executive Officer. “Additionally, the goodwill impairment charge does not affect our operations.”
About Skilled Healthcare Group
Skilled Healthcare Group, Inc. based in Foothill Ranch, California, is a holding company with subsidiary healthcare services companies, which in the aggregate have consolidated annual revenues of over $750 million and approximately 14,000 employees. Skilled Healthcare and its wholly-owned companies, collectively referred to as the “Company,” operate long-term care facilities and provide a wide range of post-acute care services, with a strategic emphasis on sub-acute specialty health care. The Company operates facilities in California, Iowa, Kansas, Missouri, Nevada, New Mexico and Texas, including 78 skilled nursing facilities that offer sub-acute care and rehabilitative and specialty health skilled nursing care, and 22 assisted living facilities that provide room and board and social services. In addition, the Company provides physical, occupational and speech therapy in Company-operated facilities and unaffiliated facilities. Furthermore, the Company provides hospice care in the California and New Mexico markets. References made in this release to Skilled Healthcare, “the Company,” “we,” “us” and “our” refer to Skilled Healthcare Group, Inc. and each of its wholly-owned companies.