Delaware
|
1-12040
|
13-4230695
|
(State of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer
Identification No.)
|
18831 Von Karman, Suite 400
Irvine, CA
|
92612
|
(Address of principal executive offices)
|
(Zip Code)
|
99.1
|
Press Release dated July 31, 2012.
|
SUN HEALTHCARE GROUP, INC.
|
/s/ Jeffrey M. Kreger
|
Name: Jeffrey M. Kreger
|
Title: Senior Vice President and Corporate
Controller
|
·
|
consolidated revenues were $457.1 million for the quarter, down 2.9 percent as compared to the same period in 2011;
|
·
|
consolidated normalized adjusted EBITDAR was $56.2 million for the quarter representing a normalized adjusted EBITDAR margin of 12.3 percent; and
|
·
|
normalized earnings per share was $0.15 for the quarter.
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
KEY INCOME STATEMENT FIGURES
|
||||||||
CONSOLIDATED
|
||||||||
(in thousands, except per share data)
|
||||||||
For the
|
For the
|
|||||||
Three Months Ended
|
Three Months Ended
|
|||||||
June 30, 2012
|
June 30, 2011
|
|||||||
Revenue
|
$ | 457,142 | $ | 470,575 | ||||
Center rent expense
|
36,522 | 35,750 | ||||||
Depreciation and amortization
|
8,504 | 7,629 | ||||||
Interest expense, net
|
4,429 | 4,854 | ||||||
Pre-tax income
|
4,874 | 19,339 | ||||||
Income tax expense
|
1,901 | 7,894 | ||||||
Income from continuing operations
|
2,973 | 11,445 | ||||||
Loss from discontinued operations
|
(3,953 | ) | (1,499 | ) | ||||
Net (loss) income
|
$ | (980 | ) | $ | 9,946 | |||
Diluted (loss) income per share
|
$ | (0.04 | ) | $ | 0.38 | |||
Adjusted EBITDAR
|
$ | 54,329 | $ | 67,739 | ||||
Margin - Adjusted EBITDAR
|
11.9 | % | 14.4 | % | ||||
Adjusted EBITDAR normalized
|
$ | 56,167 | $ | 67,739 | ||||
Margin - Adjusted EBITDAR normalized
|
12.3 | % | 14.4 | % | ||||
Adjusted EBITDA
|
$ | 17,807 | $ | 31,989 | ||||
Margin - Adjusted EBITDA
|
3.9 | % | 6.8 | % | ||||
Adjusted EBITDA normalized
|
$ | 19,645 | $ | 31,989 | ||||
Margin - Adjusted EBITDA normalized
|
4.3 | % | 6.8 | % | ||||
Pre-tax income continuing operations - normalized
|
$ | 6,712 | $ | 19,339 | ||||
Income tax expense - normalized
|
$ | 2,618 | $ | 7,894 | ||||
Income from continuing operations - normalized
|
$ | 4,094 | $ | 11,445 | ||||
Diluted earnings per share from continuing operations - normalized
|
$ | 0.15 | $ | 0.44 | ||||
See definitions of Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to | ||||||||
Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||
See normalizing adjustments in the table "Normalizing Adjustments - Quarter Comparison."
|
||||||||
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
KEY INCOME STATEMENT FIGURES
|
||||||||
CONSOLIDATED
|
||||||||
(in thousands, except per share data)
|
||||||||
For the
|
For the
|
|||||||
Six Months Ended
|
Six Months Ended
|
|||||||
June 30, 2012
|
June 30, 2011
|
|||||||
Revenue
|
$ | 915,635 | $ | 936,883 | ||||
Center rent expense
|
72,899 | 71,442 | ||||||
Depreciation and amortization
|
16,934 | 15,077 | ||||||
Interest expense, net
|
8,839 | 9,853 | ||||||
Pre-tax income
|
7,921 | 35,575 | ||||||
Income tax expense
|
3,089 | 14,512 | ||||||
Income from continuing operations
|
4,832 | 21,063 | ||||||
Loss from discontinued operations
|
(5,599 | ) | (3,005 | ) | ||||
Net (loss) income
|
$ | (767 | ) | $ | 18,058 | |||
Diluted (loss) income per share
|
$ | (0.03 | ) | $ | 0.70 | |||
Adjusted EBITDAR
|
$ | 106,593 | $ | 132,250 | ||||
Margin - Adjusted EBITDAR
|
11.6 | % | 14.1 | % | ||||
Adjusted EBITDAR normalized
|
$ | 108,431 | $ | 132,250 | ||||
Margin - Adjusted EBITDAR normalized
|
11.8 | % | 14.1 | % | ||||
Adjusted EBITDA
|
$ | 33,694 | $ | 60,808 | ||||
Margin - Adjusted EBITDA
|
3.7 | % | 6.5 | % | ||||
Adjusted EBITDA normalized
|
$ | 35,532 | $ | 60,808 | ||||
Margin - Adjusted EBITDA normalized
|
3.9 | % | 6.5 | % | ||||
Pre-tax income continuing operations - normalized
|
$ | 9,759 | $ | 35,575 | ||||
Income tax expense - normalized
|
$ | 3,806 | $ | 14,512 | ||||
Income from continuing operations - normalized
|
$ | 5,953 | $ | 21,063 | ||||
Diluted earnings per share from continuing operations - normalized
|
$ | 0.22 | $ | 0.81 | ||||
See definitions of Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to
|
||||||||
Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||
See normalizing adjustments in the table "Normalizing Adjustments - Quarter Comparison."
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(in thousands, except per share data)
|
||||||||
June 30, 2012
|
December 31, 2011
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 43,648 | $ | 57,908 | ||||
Restricted cash
|
14,330 | 15,706 | ||||||
Accounts receivable, net
|
212,831 | 202,229 | ||||||
Prepaid expenses and other assets
|
27,093 | 29,075 | ||||||
Assets held for sale
|
4,537 | - | ||||||
Deferred tax assets
|
63,018 | 63,170 | ||||||
Total current assets
|
365,457 | 368,088 | ||||||
Property and equipment, net
|
145,673 | 148,298 | ||||||
Intangible assets, net
|
33,991 | 35,294 | ||||||
Goodwill
|
34,905 | 34,496 | ||||||
Restricted cash, non-current
|
354 | 353 | ||||||
Deferred tax assets
|
124,382 | 123,974 | ||||||
Other assets
|
43,152 | 45,163 | ||||||
|
||||||||
Total assets
|
$ | 747,914 | $ | 755,666 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 44,603 | $ | 55,888 | ||||
Accrued compensation and benefits
|
63,878 | 61,101 | ||||||
Accrued self-insurance obligations, current portion
|
57,628 | 57,810 | ||||||
Other accrued liabilities
|
47,638 | 43,139 | ||||||
Current portion of long-term debt and capital lease obligations
|
967 | 1,017 | ||||||
Total current liabilities
|
214,714 | 218,955 | ||||||
Accrued self-insurance obligations, net of current portion
|
155,048 | 157,267 | ||||||
Long-term debt and capital lease obligations, net of current portion
|
88,242 | 88,768 | ||||||
Unfavorable lease obligations, net
|
5,880 | 7,110 | ||||||
Other long-term liabilities
|
56,107 | 58,110 | ||||||
Total liabilities
|
519,991 | 530,210 | ||||||
Stockholders' equity:
|
||||||||
Preferred stock of $.01 par value, authorized 3,333 shares,
zero shares were issued and outstanding as of June 30, 2012
and December 31, 2011
|
- | - | ||||||
Common stock of $.01 par value, authorized 41,667 shares,
25,535 and 25,146 shares issued and outstanding as of
June 30, 2012 and December 31, 2011, respectively
|
255 | 251 | ||||||
Additional paid-in capital
|
730,242 | 726,861 | ||||||
Accumulated deficit
|
(501,194 | ) | (500,427 | ) | ||||
Accumulated other comprehensive loss, net
|
(1,380 | ) | (1,229 | ) | ||||
227,923 | 225,456 | |||||||
Total liabilities and stockholders' equity
|
$ | 747,914 | $ | 755,666 | ||||
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED INCOME STATEMENTS
|
||||||||
(in thousands, except per share data)
|
||||||||
For the
|
For the
|
|||||||
Three Months Ended
|
Three Months Ended
|
|||||||
June 30, 2012
|
June 30, 2011
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Total net revenues
|
$ | 457,142 | $ | 470,575 | ||||
Costs and expenses:
|
||||||||
Operating salaries and benefits
|
259,506 | 263,461 | ||||||
Self-insurance for workers' compensation and
general and professional liability insurance
|
13,190 | 14,541 | ||||||
Operating administrative costs
|
11,703 | 13,305 | ||||||
Other operating costs
|
95,429 | 92,159 | ||||||
Center rent expense
|
36,522 | 35,750 | ||||||
General and administrative expenses
|
16,048 | 14,952 | ||||||
Depreciation and amortization
|
8,504 | 7,629 | ||||||
Provision for losses on accounts receivable
|
5,099 | 4,418 | ||||||
Interest, net of interest income of $67 and $82, respectively
|
4,429 | 4,854 | ||||||
Transaction costs
|
1,838 | - | ||||||
Restructuring costs
|
- | 167 | ||||||
Total costs and expenses
|
452,268 | 451,236 | ||||||
Income before income taxes and discontinued operations
|
4,874 | 19,339 | ||||||
Income tax expense
|
1,901 | 7,894 | ||||||
Income from continuing operations
|
2,973 | 11,445 | ||||||
Loss from discontinued operations, net
|
(3,953 | ) | (1,499 | ) | ||||
Net (loss) income
|
$ | (980 | ) | $ | 9,946 | |||
Basic loss per common and common equivalent share:
|
||||||||
Income from continuing operations
|
$ | 0.11 | $ | 0.44 | ||||
Loss from discontinued operations, net
|
(0.15 | ) | (0.06 | ) | ||||
Net (loss) income
|
$ | (0.04 | ) | $ | 0.38 | |||
Diluted loss per common and common equivalent share:
|
||||||||
Income from continuing operations
|
$ | 0.11 | $ | 0.44 | ||||
Loss from discontinued operations, net
|
(0.15 | ) | (0.06 | ) | ||||
Net (loss) income
|
$ | (0.04 | ) | $ | 0.38 | |||
Weighted average number of common and
common equivalent shares outstanding:
|
||||||||
Basic
|
27,039 | 26,146 | ||||||
Diluted
|
27,039 | 26,187 |
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED INCOME STATEMENTS
|
||||||||
(in thousands, except per share data)
|
||||||||
For the
|
For the
|
|||||||
Six Months Ended
|
Six Months Ended
|
|||||||
June 30, 2012
|
June 30, 2011
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Total net revenues
|
$ | 915,635 | $ | 936,883 | ||||
Costs and expenses:
|
||||||||
Operating salaries and benefits
|
520,595 | 525,943 | ||||||
Self-insurance for workers' compensation and
general and professional liability insurance
|
28,507 | 29,098 | ||||||
Operating administrative costs
|
24,110 | 26,372 | ||||||
Other operating costs
|
191,995 | 183,294 | ||||||
Center rent expense
|
72,899 | 71,442 | ||||||
General and administrative expenses
|
32,089 | 30,331 | ||||||
Depreciation and amortization
|
16,934 | 15,077 | ||||||
Provision for losses on accounts receivable
|
9,908 | 9,595 | ||||||
Interest, net of interest income of $135 and $140, respectively
|
8,839 | 9,853 | ||||||
Transaction costs
|
1,838 | - | ||||||
Restructuring costs
|
- | 303 | ||||||
Total costs and expenses
|
907,714 | 901,308 | ||||||
Income before income taxes and discontinued operations
|
7,921 | 35,575 | ||||||
Income tax expense
|
3,089 | 14,512 | ||||||
Income from continuing operations
|
4,832 | 21,063 | ||||||
Loss from discontinued operations, net
|
(5,599 | ) | (3,005 | ) | ||||
Net (loss) income
|
$ | (767 | ) | $ | 18,058 | |||
Basic loss per common and common equivalent share:
|
||||||||
Income from continuing operations
|
$ | 0.18 | $ | 0.81 | ||||
Loss from discontinued operations, net
|
(0.21 | ) | (0.11 | ) | ||||
Net (loss) income
|
$ | (0.03 | ) | $ | 0.70 | |||
Diluted loss per common and common equivalent share:
|
||||||||
Income from continuing operations
|
$ | 0.18 | $ | 0.81 | ||||
Loss from discontinued operations, net
|
(0.21 | ) | (0.11 | ) | ||||
Net (loss) income
|
$ | (0.03 | ) | $ | 0.70 | |||
Weighted average number of common and
common equivalent shares outstanding:
|
||||||||
Basic
|
26,542 | 25,899 | ||||||
Diluted
|
26,542 | 25,967 | ||||||
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(in thousands)
|
||||||||
For the
|
For the
|
|||||||
Three Months Ended
|
Three Months Ended
|
|||||||
June 30, 2012
|
June 30, 2011
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net (loss) income
|
$ | (980 | ) | $ | 9,946 | |||
Adjustments to reconcile net (loss) income to net cash provided by
|
||||||||
operating activities, including discontinued operations:
|
||||||||
Depreciation and amortization
|
8,504 | 7,863 | ||||||
Amortization of favorable and unfavorable lease intangibles
|
(507 | ) | (490 | ) | ||||
Provision for losses on accounts receivable
|
5,341 | 4,860 | ||||||
Loss on sale of assets, including discontinued operations, net
|
69 | - | ||||||
Stock-based compensation expense
|
1,576 | 1,352 | ||||||
Deferred taxes
|
103 | 7,944 | ||||||
Changes in operating assets and liabilities, net of acquisitions:
|
||||||||
Accounts receivable
|
(11,428 | ) | (7,185 | ) | ||||
Restricted cash
|
(6 | ) | 18 | |||||
Prepaid expenses and other assets
|
573 | 439 | ||||||
Accounts payable
|
(4,078 | ) | (1,582 | ) | ||||
Accrued compensation and benefits
|
7,384 | (4,018 | ) | |||||
Accrued self-insurance obligations
|
68 | (2,569 | ) | |||||
Income taxes payable
|
- | (478 | ) | |||||
Other accrued liabilities
|
2,892 | (216 | ) | |||||
Other long-term liabilities
|
(2,481 | ) | (492 | ) | ||||
Net cash provided by operating activities
|
7,030 | 15,392 | ||||||
Cash flows from investing activities:
|
||||||||
Capital expenditures
|
(7,868 | ) | (9,319 | ) | ||||
Acquisitions, net of cash acquired
|
- | (356 | ) | |||||
Net cash used for investing activities
|
(7,868 | ) | (9,675 | ) | ||||
Cash flows from financing activities:
|
||||||||
Principal repayments of long-term debt and capital lease obligations
|
(285 | ) | (2,800 | ) | ||||
Net cash used for financing activities
|
(285 | ) | (2,800 | ) | ||||
Net (decrease) increase in cash and cash equivalents
|
(1,123 | ) | 2,917 | |||||
Cash and cash equivalents at beginning of period
|
44,771 | 85,572 | ||||||
Cash and cash equivalents at end of period
|
$ | 43,648 | $ | 88,489 | ||||
Reconciliation of net cash provided by operating activities to free cash flow:
|
||||||||
Net cash provided by operating activities
|
$ | 7,030 | $ | 15,392 | ||||
Capital expenditures
|
(7,868 | ) | (9,319 | ) | ||||
Free cash flow
|
$ | (838 | ) | $ | 6,073 | |||
Free cash flow is defined as net cash flow provided by operating activities less cash used for capital expenditures.
Free cash flow is used by management to evaluate discretionary cash flow potentially available for principal repayment and other financing activities.
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(in thousands)
|
||||||||
For the
|
For the
|
|||||||
Six Months Ended
|
Six Months Ended
|
|||||||
June 30, 2012
|
June 30, 2011
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net (loss) income
|
$ | (767 | ) | $ | 18,058 | |||
Adjustments to reconcile net (loss) income to net cash provided by
|
||||||||
operating activities, including discontinued operations:
|
||||||||
Depreciation and amortization
|
17,086 | 15,544 | ||||||
Amortization of favorable and unfavorable lease intangibles
|
(1,020 | ) | (974 | ) | ||||
Provision for losses on accounts receivable
|
10,463 | 10,504 | ||||||
Loss on sale of assets, including discontinued operations, net
|
69 | - | ||||||
Stock-based compensation expense
|
3,808 | 2,801 | ||||||
Deferred taxes
|
(157 | ) | 9,976 | |||||
Changes in operating assets and liabilities, net of acquisitions:
|
||||||||
Accounts receivable
|
(21,209 | ) | (12,578 | ) | ||||
Restricted cash
|
1,375 | (1,928 | ) | |||||
Prepaid expenses and other assets
|
2,325 | 190 | ||||||
Accounts payable
|
(10,114 | ) | (3,501 | ) | ||||
Accrued compensation and benefits
|
2,777 | (580 | ) | |||||
Accrued self-insurance obligations
|
(2,401 | ) | (3,912 | ) | ||||
Other accrued liabilities
|
4,423 | (946 | ) | |||||
Other long-term liabilities
|
(2,254 | ) | (1,218 | ) | ||||
Net cash provided by operating activities
|
4,404 | 31,436 | ||||||
Cash flows from investing activities:
|
||||||||
Capital expenditures
|
(17,829 | ) | (18,156 | ) | ||||
Acquisitions, net of cash acquired
|
(260 | ) | (356 | ) | ||||
Net cash used for investing activities
|
(18,089 | ) | (18,512 | ) | ||||
Cash flows from financing activities:
|
||||||||
Borrowings of long-term debt
|
||||||||
Principal repayments of long-term debt and capital lease obligations
|
(575 | ) | (5,598 | ) | ||||
Net cash used for financing activities
|
(575 | ) | (5,598 | ) | ||||
Net decrease in cash and cash equivalents
|
(14,260 | ) | 7,326 | |||||
Cash and cash equivalents at beginning of period
|
57,908 | 81,163 | ||||||
Cash and cash equivalents at end of period
|
$ | 43,648 | $ | 88,489 | ||||
Reconciliation of net cash provided by operating activities to free cash flow:
|
||||||||
Net cash provided by operating activities
|
$ | 4,404 | $ | 31,436 | ||||
Capital expenditures
|
(17,829 | ) | (18,156 | ) | ||||
Free cash flow
|
$ | (13,425 | ) | $ | 13,280 | |||
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA and ADJUSTED EBITDAR
|
||||||||
(in thousands)
|
||||||||
For the
|
For the
|
|||||||
Three Months Ended
|
Three Months Ended
|
|||||||
June 30, 2012
|
June 30, 2011
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Total net revenues
|
$ | 457,142 | $ | 470,575 | ||||
Net (loss) income
|
$ | (980 | ) | $ | 9,946 | |||
Income from continuing operations
|
2,973 | 11,445 | ||||||
Income tax expense
|
1,901 | 7,894 | ||||||
Interest, net
|
4,429 | 4,854 | ||||||
Depreciation and amortization
|
8,504 | 7,629 | ||||||
EBITDA
|
$ | 17,807 | $ | 31,822 | ||||
Restructuring costs
|
- | 167 | ||||||
Adjusted EBITDA
|
$ | 17,807 | $ | 31,989 | ||||
Center rent expense
|
36,522 | 35,750 | ||||||
Adjusted EBITDAR
|
$ | 54,329 | $ | 67,739 | ||||
EBITDA is defined as earnings before loss on discontinued operations, income taxes, interest, net, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before restructuring costs. Adjusted EBITDAR is defined as Adjusted EBITDA before center rent expense. Adjusted EBITDA and Adjusted EBITDAR are used by management to evaluate financial performance and resource allocation for each entity within the operating units and for the Company as a whole. Adjusted EBITDA and Adjusted EBITDAR are commonly used as analytical indicators within the healthcare industry and also serve as measures of leverage capacity and debt service ability. Adjusted EBITDA and Adjusted EBITDAR should not be considered as measures of financial performance under generally accepted accounting principles. As the items excluded from Adjusted EBITDA and Adjusted EBITDAR are significant components in understanding and assessing finance performance, Adjusted EBITDA and Adjusted EBITDAR should not be considered in isolation or as alternatives to net income, cash flows generated by or used in operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because Adjusted EBITDA and Adjusted EBITDAR are not measurements determined in accordance with U.S. generally accepted accounting principles and are thus susceptible to varying calculations. Adjusted EBITDA and Adjusted EBITDAR as presented may not be comparable to other similarly titled measures of other companies.
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA and ADJUSTED EBITDAR
|
||||||||
(in thousands)
|
||||||||
For the
|
For the
|
|||||||
Six Months Ended
|
Six Months Ended
|
|||||||
June 30, 2012
|
June 30, 2011
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Total net revenues
|
$ | 915,635 | $ | 936,883 | ||||
Net (loss) income
|
$ | (767 | ) | $ | 18,058 | |||
Income from continuing operations
|
4,832 | 21,063 | ||||||
Income tax expense
|
3,089 | 14,512 | ||||||
Interest, net
|
8,839 | 9,853 | ||||||
Depreciation and amortization
|
16,934 | 15,077 | ||||||
EBITDA
|
$ | 33,694 | $ | 60,505 | ||||
Restructuring costs
|
- | 303 | ||||||
Adjusted EBITDA
|
$ | 33,694 | $ | 60,808 | ||||
Center rent expense
|
72,899 | 71,442 | ||||||
Adjusted EBITDAR
|
$ | 106,593 | $ | 132,250 | ||||
EBITDA is defined as earnings before loss on discontinued operations, income taxes, interest, net, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before restructuring costs. Adjusted EBITDAR is defined as Adjusted EBITDA before center rent expense. Adjusted EBITDA and Adjusted EBITDAR are used by management to evaluate financial performance and resource allocation for each entity within the operating units and for the Company as a whole. Adjusted EBITDA and Adjusted EBITDAR are commonly used as analytical indicators within the healthcare industry and also serve as measures of leverage capacity and debt service ability. Adjusted EBITDA and Adjusted EBITDAR should not be considered as measures of financial performance under generally accepted accounting principles. As the items excluded from Adjusted EBITDA and Adjusted EBITDAR are significant components in understanding and assessing finance performance, Adjusted EBITDA and Adjusted EBITDAR should not be considered in isolation or as alternatives to net income, cash flows generated by or used in operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Adjusted EBITDA and Adjusted EBITDAR are not measurements determined in accordance with U.S. generally accepted accounting principles and are thus susceptible to varying calculations. Adjusted EBITDA and Adjusted EBITDAR as presented may not be comparable to other similarly titled measures of other companies.
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA
and ADJUSTED EBITDAR |
||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
For the Three Months Ended June 30, 2012
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Inpatient
Services |
Rehabilitation
Therapy Services |
Medical
Staffing Services |
Other &
Corp Seg |
Elimination
of Affiliated Revenue |
Consolidated
|
|||||||||||||||||||
Nonaffiliated revenue
|
$ | 405,135 | $ | 29,197 | $ | 22,804 | $ | 6 | $ | - | $ | 457,142 | ||||||||||||
Affiliated revenue
|
- | 32,804 | 719 | - | (33,523 | ) | - | |||||||||||||||||
Total revenue
|
$ | 405,135 | $ | 62,001 | $ | 23,523 | $ | 6 | $ | (33,523 | ) | $ | 457,142 | |||||||||||
Income (loss) from continuing operations
|
$ | 22,975 | $ | 3,551 | $ | 1,676 | $ | (25,229 | ) | $ | - | $ | 2,973 | |||||||||||
Income tax expense
|
- | - | - | 1,901 | - | 1,901 | ||||||||||||||||||
Interest, net
|
(8 | ) | - | (3 | ) | 4,440 | - | 4,429 | ||||||||||||||||
Depreciation and amortization
|
7,115 | 260 | 187 | 942 | - | 8,504 | ||||||||||||||||||
EBITDA
|
$ | 30,082 | $ | 3,811 | $ | 1,860 | $ | (17,946 | ) | $ | - | $ | 17,807 | |||||||||||
Restructuring costs
|
- | - | - | - | - | - | ||||||||||||||||||
Adjusted EBITDA
|
$ | 30,082 | $ | 3,811 | $ | 1,860 | $ | (17,946 | ) | $ | - | $ | 17,807 | |||||||||||
Center rent expense
|
36,207 | 145 | 170 | - | - | 36,522 | ||||||||||||||||||
Adjusted EBITDAR
|
$ | 66,289 | $ | 3,956 | $ | 2,030 | $ | (17,946 | ) | $ | - | $ | 54,329 | |||||||||||
Normalized Adjusted EBITDA
|
$ | 30,082 | $ | 3,811 | $ | 1,860 | $ | (16,108 | ) | $ | - | $ | 19,645 | |||||||||||
Normalized Adjusted EBITDAR
|
$ | 66,289 | $ | 3,956 | $ | 2,030 | $ | (16,108 | ) | $ | - | $ | 56,167 | |||||||||||
Adjusted EBITDA margin
|
7.4 | % | 6.1 | % | 7.9 | % | 3.9 | % | ||||||||||||||||
Adjusted EBITDAR margin
|
16.4 | % | 6.4 | % | 8.6 | % | 11.9 | % | ||||||||||||||||
Normalized Adjusted EBITDA margin
|
7.4 | % | 6.1 | % | 7.9 | % | 4.3 | % | ||||||||||||||||
Normalized Adjusted EBITDAR margin
|
16.4 | % | 6.4 | % | 8.6 | % | 12.3 | % | ||||||||||||||||
See definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to
|
||||||||||||||||||||||||
Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||||||||||||||||||
See normalizing adjustments in the table "Normalizing Adjustments - Quarter Comparison."
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA
and ADJUSTED EBITDAR |
||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
For the Six Months Ended June 30, 2012
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Inpatient
Services |
Rehabilitation
Therapy Services |
Medical
Staffing Services |
Other &
Corp Seg |
Elimination
of Affiliated Revenue |
Consolidated
|
|||||||||||||||||||
Nonaffiliated revenue
|
$ | 810,923 | $ | 59,826 | $ | 44,873 | $ | 13 | $ | - | $ | 915,635 | ||||||||||||
Affiliated revenue
|
- | 66,267 | 1,550 | - | (67,817 | ) | - | |||||||||||||||||
Total revenue
|
$ | 810,923 | $ | 126,093 | $ | 46,423 | $ | 13 | $ | (67,817 | ) | $ | 915,635 | |||||||||||
Income (loss) from continuing operations
|
$ | 42,323 | $ | 7,313 | $ | 3,108 | $ | (47,912 | ) | $ | - | $ | 4,832 | |||||||||||
Income tax expense
|
- | - | - | 3,089 | - | 3,089 | ||||||||||||||||||
Interest, net
|
(28 | ) | - | (3 | ) | 8,870 | - | 8,839 | ||||||||||||||||
Depreciation and amortization
|
14,144 | 511 | 371 | 1,908 | - | 16,934 | ||||||||||||||||||
EBITDA
|
$ | 56,439 | $ | 7,824 | $ | 3,476 | $ | (34,045 | ) | $ | - | $ | 33,694 | |||||||||||
Restructuring costs
|
- | - | - | - | - | - | ||||||||||||||||||
Adjusted EBITDA
|
$ | 56,439 | $ | 7,824 | $ | 3,476 | $ | (34,045 | ) | $ | - | $ | 33,694 | |||||||||||
Center rent expense
|
72,282 | 279 | 338 | - | - | 72,899 | ||||||||||||||||||
Adjusted EBITDAR
|
$ | 128,721 | $ | 8,103 | $ | 3,814 | $ | (34,045 | ) | $ | - | $ | 106,593 | |||||||||||
Normalized Adjusted EBITDA
|
$ | 56,439 | $ | 7,824 | $ | 3,476 | $ | (32,207 | ) | $ | - | $ | 35,532 | |||||||||||
Normalized Adjusted EBITDAR
|
$ | 128,721 | $ | 8,103 | $ | 3,814 | $ | (32,207 | ) | $ | - | $ | 108,431 | |||||||||||
Adjusted EBITDA margin
|
7.0 | % | 6.2 | % | 7.5 | % | 3.7 | % | ||||||||||||||||
Adjusted EBITDAR margin
|
15.9 | % | 6.4 | % | 8.2 | % | 11.6 | % | ||||||||||||||||
Normalized Adjusted EBITDA margin
|
7.0 | % | 6.2 | % | 7.5 | % | 3.9 | % | ||||||||||||||||
Normalized Adjusted EBITDAR margin
|
15.9 | % | 6.4 | % | 8.2 | % | 11.8 | % | ||||||||||||||||
See definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to
|
||||||||||||||||||||||||
Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||||||||||||||||||
See normalizing adjustments in the table "Normalizing Adjustments - Year to Date Comparison."
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA
and ADJUSTED EBITDAR |
||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
For the Three Months Ended June 30, 2011
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Inpatient
Services |
Rehabilitation
Therapy Services |
Medical
Staffing Services |
Other &
Corp Seg |
Elimination
of Affiliated Revenue |
Consolidated
|
|||||||||||||||||||
Nonaffiliated revenue
|
$ | 418,584 | $ | 29,979 | $ | 21,998 | $ | 14 | $ | - | $ | 470,575 | ||||||||||||
Affiliated revenue
|
- | 33,225 | 699 | - | (33,924 | ) | - | |||||||||||||||||
Total revenue
|
$ | 418,584 | $ | 63,204 | $ | 22,697 | $ | 14 | $ | (33,924 | ) | $ | 470,575 | |||||||||||
Income (loss) from continuing operations
|
$ | 35,202 | $ | 3,427 | $ | 1,462 | $ | (28,646 | ) | $ | - | $ | 11,445 | |||||||||||
Income tax expense
|
- | - | - | 7,894 | - | 7,894 | ||||||||||||||||||
Interest, net
|
(31 | ) | - | - | 4,885 | - | 4,854 | |||||||||||||||||
Depreciation and amortization
|
6,354 | 227 | 187 | 861 | - | 7,629 | ||||||||||||||||||
EBITDA
|
$ | 41,525 | $ | 3,654 | $ | 1,649 | $ | (15,006 | ) | $ | - | $ | 31,822 | |||||||||||
Restructuring costs
|
167 | - | - | - | - | 167 | ||||||||||||||||||
Adjusted EBITDA
|
$ | 41,692 | $ | 3,654 | $ | 1,649 | $ | (15,006 | ) | $ | - | $ | 31,989 | |||||||||||
Center rent expense
|
35,453 | 127 | 170 | - | - | 35,750 | ||||||||||||||||||
Adjusted EBITDAR
|
$ | 77,145 | $ | 3,781 | $ | 1,819 | $ | (15,006 | ) | $ | - | $ | 67,739 | |||||||||||
Adjusted EBITDA margin
|
10.0 | % | 5.8 | % | 7.3 | % | 6.8 | % | ||||||||||||||||
Adjusted EBITDAR margin
|
18.4 | % | 6.0 | % | 8.0 | % | 14.4 | % | ||||||||||||||||
See definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to
|
||||||||||||||||||||||||
Adjusted EBITDA and Adjusted EBITDAR."
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA
and ADJUSTED EBITDAR |
||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
For the Six Months Ended June 30, 2011
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Inpatient
Services |
Rehabilitation
Therapy Services |
Medical
Staffing Services |
Other &
Corp Seg |
Elimination
of Affiliated Revenue |
Consolidated
|
|||||||||||||||||||
Nonaffiliated revenue
|
$ | 832,471 | $ | 60,077 | $ | 44,314 | $ | 21 | $ | - | $ | 936,883 | ||||||||||||
Affiliated revenue
|
- | 65,920 | 1,321 | - | (67,241 | ) | - | |||||||||||||||||
Total revenue
|
$ | 832,471 | $ | 125,997 | $ | 45,635 | $ | 21 | $ | (67,241 | ) | $ | 936,883 | |||||||||||
Income (loss) from continuing operations
|
$ | 68,541 | $ | 6,199 | $ | 2,861 | $ | (56,538 | ) | $ | - | $ | 21,063 | |||||||||||
Income tax expense
|
- | - | - | 14,512 | - | 14,512 | ||||||||||||||||||
Interest, net
|
(37 | ) | - | 1 | 9,889 | - | 9,853 | |||||||||||||||||
Depreciation and amortization
|
12,560 | 453 | 374 | 1,690 | - | 15,077 | ||||||||||||||||||
EBITDA
|
$ | 81,064 | $ | 6,652 | $ | 3,236 | $ | (30,447 | ) | $ | - | $ | 60,505 | |||||||||||
Restructuring costs
|
303 | - | - | - | - | 303 | ||||||||||||||||||
Adjusted EBITDA
|
$ | 81,367 | $ | 6,652 | $ | 3,236 | $ | (30,447 | ) | $ | - | $ | 60,808 | |||||||||||
Center rent expense
|
70,845 | 254 | 343 | - | - | 71,442 | ||||||||||||||||||
Adjusted EBITDAR
|
$ | 152,212 | $ | 6,906 | $ | 3,579 | $ | (30,447 | ) | $ | - | $ | 132,250 | |||||||||||
Adjusted EBITDA margin
|
9.8 | % | 5.3 | % | 7.1 | % | 6.5 | % | ||||||||||||||||
Adjusted EBITDAR margin
|
18.3 | % | 5.5 | % | 7.8 | % | 14.1 | % | ||||||||||||||||
See definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to
|
||||||||||||||||||||||||
Adjusted EBITDA and Adjusted EBITDAR."
|
Sun Healthcare Group, Inc. and Subsidiaries
|
||||||||||||||||||||||||||||||||
Selected Operating Statistics
|
||||||||||||||||||||||||||||||||
Continuing Operations
|
||||||||||||||||||||||||||||||||
For the
|
For the
|
|||||||||||||||||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||||||||||
Consolidated Company
|
||||||||||||||||||||||||||||||||
Revenues - Non-affiliated (in thousands) | ||||||||||||||||||||||||||||||||
Skilled Nursing and similar facilities
|
$ | 388,810 | $ | 403,221 | $ | 779,244 | $ | 802,775 | ||||||||||||||||||||||||
Hospice
|
15,869 | 14,907 | 30,771 | 28,762 | ||||||||||||||||||||||||||||
Other - Inpatient Services
|
456 | 456 | 908 | 934 | ||||||||||||||||||||||||||||
Inpatient Services
|
405,135 | 418,584 | 810,923 | 832,471 | ||||||||||||||||||||||||||||
Rehabilitation Therapy Services
|
29,197 | 29,979 | 59,826 | 60,077 | ||||||||||||||||||||||||||||
Medical Staffing Services
|
22,804 | 21,998 | 44,873 | 44,314 | ||||||||||||||||||||||||||||
Other - non-core businesses
|
6 | 14 | 13 | 21 | ||||||||||||||||||||||||||||
Total
|
$ | 457,142 | $ | 470,575 | $ | 915,635 | $ | 936,883 | ||||||||||||||||||||||||
Revenue Mix - Non-affiliated (in thousands)
|
||||||||||||||||||||||||||||||||
Medicare
|
$ | 133,399 | 29 | % | $ | 154,193 | 33 | % | $ | 269,688 | 29 | % | $ | 305,443 | 33 | % | ||||||||||||||||
Medicaid
|
188,851 | 41 | % | 179,578 | 38 | % | 375,293 | 41 | % | 357,223 | 38 | % | ||||||||||||||||||||
Private and Other
|
106,376 | 24 | % | 108,343 | 23 | % | 213,636 | 24 | % | 217,629 | 23 | % | ||||||||||||||||||||
Managed Care / Insurance
|
23,405 | 5 | % | 23,347 | 5 | % | 46,743 | 5 | % | 46,356 | 5 | % | ||||||||||||||||||||
Veterans
|
5,111 | 1 | % | 5,114 | 1 | % | 10,275 | 1 | % | 10,232 | 1 | % | ||||||||||||||||||||
Total
|
$ | 457,142 | 100 | % | $ | 470,575 | 100 | % | $ | 915,635 | 100 | % | $ | 936,883 | 100 | % | ||||||||||||||||
Inpatient Services Stats
|
||||||||||||||||||||||||||||||||
Number of centers:
|
190 | 190 | 190 | 190 | ||||||||||||||||||||||||||||
Number of available beds:
|
20,756 | 20,820 | 20,756 | 20,820 | ||||||||||||||||||||||||||||
Occupancy %:
|
87.2 | % | 87.2 | % | 87.2 | % | 87.4 | % | ||||||||||||||||||||||||
Payor Mix % based on patient days:
|
||||||||||||||||||||||||||||||||
Medicare - SNF Beds
|
14.8 | % | 15.9 | % | 15.0 | % | 15.9 | % | ||||||||||||||||||||||||
Managed care / Ins. - SNF Beds
|
4.1 | % | 4.0 | % | 4.0 | % | 4.1 | % | ||||||||||||||||||||||||
Total SNF skilled mix
|
18.9 | % | 19.9 | % | 19.0 | % | 20.0 | % | ||||||||||||||||||||||||
Medicare
|
13.5 | % | 14.6 | % | 13.7 | % | 14.5 | % | ||||||||||||||||||||||||
Medicaid
|
63.7 | % | 62.0 | % | 63.5 | % | 62.1 | % | ||||||||||||||||||||||||
Private and Other
|
17.7 | % | 18.4 | % | 17.8 | % | 18.4 | % | ||||||||||||||||||||||||
Managed Care / Insurance
|
3.8 | % | 3.7 | % | 3.7 | % | 3.7 | % | ||||||||||||||||||||||||
Veterans
|
1.3 | % | 1.3 | % | 1.3 | % | 1.3 | % | ||||||||||||||||||||||||
Revenue Mix % of revenues:
|
||||||||||||||||||||||||||||||||
Medicare - SNF Beds
|
30.8 | % | 35.2 | % | 31.2 | % | 35.1 | % | ||||||||||||||||||||||||
Managed care / Ins. - SNF Beds
|
6.1 | % | 5.9 | % | 6.1 | % | 5.9 | % | ||||||||||||||||||||||||
Total SNF skilled mix
|
36.9 | % | 41.1 | % | 37.3 | % | 41.0 | % | ||||||||||||||||||||||||
Medicare
|
31.8 | % | 35.8 | % | 32.1 | % | 35.6 | % | ||||||||||||||||||||||||
Medicaid
|
46.6 | % | 42.9 | % | 46.3 | % | 42.9 | % | ||||||||||||||||||||||||
Private and Other
|
14.6 | % | 14.6 | % | 14.6 | % | 14.8 | % | ||||||||||||||||||||||||
Managed Care / Insurance
|
5.7 | % | 5.5 | % | 5.7 | % | 5.5 | % | ||||||||||||||||||||||||
Veterans
|
1.3 | % | 1.2 | % | 1.3 | % | 1.2 | % | ||||||||||||||||||||||||
Revenues PPD:
|
||||||||||||||||||||||||||||||||
Medicare (Part A)
|
$ | 461.80 | $ | 520.51 | $ | 462.46 | $ | 521.31 | ||||||||||||||||||||||||
Medicare Blended Rate (Part A & B)
|
$ | 508.06 | $ | 557.95 | $ | 507.02 | $ | 558.11 | ||||||||||||||||||||||||
Medicaid
|
$ | 180.08 | $ | 175.49 | $ | 179.36 | $ | 174.59 | ||||||||||||||||||||||||
Medicaid, net of provider taxes
|
$ | 162.91 | $ | 160.19 | $ | 162.26 | $ | 159.41 | ||||||||||||||||||||||||
Private and Other
|
$ | 190.00 | $ | 188.15 | $ | 190.09 | $ | 192.13 | ||||||||||||||||||||||||
Managed Care / Insurance
|
$ | 371.57 | $ | 380.42 | $ | 376.47 | $ | 374.50 | ||||||||||||||||||||||||
Veterans
|
$ | 245.54 | $ | 246.89 | $ | 248.31 | $ | 246.20 | ||||||||||||||||||||||||
Rehab contracts
|
||||||||||||||||||||||||||||||||
Affiliated
|
178 | 179 | 178 | 179 | ||||||||||||||||||||||||||||
Non-affiliated
|
332 | 342 | 332 | 342 | ||||||||||||||||||||||||||||
Average Qtrly Revenue per Contract
(in thousands)
|
$ | 122 | $ | 121 | $ | 124 | $ | 121 | ||||||||||||||||||||||||
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||
NORMALIZING ADJUSTMENTS - QUARTER COMPARISON
|
||||||||||||||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||||||||||
AS REPORTED - 2nd QUARTER 2012
|
||||||||||||||||||||||||||||
Revenue
|
Adjusted
EBITDAR |
Adjusted
EBITDA |
Pre-tax
|
Income from
Continuing Operations |
Disc Ops
|
Net (Loss)
Income |
||||||||||||||||||||||
As Reported 2nd QUARTER 2012
|
$ | 457,142 | $ | 54,329 | $ | 17,807 | $ | 4,874 | $ | 2,973 | $ | (3,953 | ) | $ | (980 | ) | ||||||||||||
Percent of Revenue
|
11.9 | % | 3.9 | % | 1.1 | % | 0.7 | % | -0.9 | % | -0.2 | % | ||||||||||||||||
Normalizing Adjustments:
|
||||||||||||||||||||||||||||
Transaction costs
|
- | 1,838 | 1,838 | 1,838 | 1,121 | - | 1,121 | |||||||||||||||||||||
Normalized As Reported-2nd QUARTER 2012
|
$ | 457,142 | $ | 56,167 | $ | 19,645 | $ | 6,712 | $ | 4,094 | $ | (3,953 | ) | $ | 141 | |||||||||||||
Percent of Revenue
|
12.3 | % | 4.3 | % | 1.5 | % | 0.9 | % | -0.9 | % | 0.0 | % | ||||||||||||||||
As Reported
|
$ | 0.11 | $ | (0.15 | ) | $ | (0.04 | ) | ||||||||||||||||||||
Diluted EPS: As Normalized
|
$ | 0.15 | $ | (0.14 | ) | $ | 0.01 | |||||||||||||||||||||
AS REPORTED - 2nd QUARTER 2011
|
||||||||||||||||||||||||||||
Revenue
|
Adjusted EBITDAR
|
Adjusted EBITDA
|
Pre-tax
|
Income from Continuing Operations
|
Disc Ops
|
Net Income
|
||||||||||||||||||||||
As Reported - 2nd QUARTER 2011
|
$ | 470,575 | $ | 67,739 | $ | 31,989 | $ | 19,339 | $ | 11,445 | $ | (1,499 | ) | $ | 9,946 | |||||||||||||
Percent of Revenue
|
14.4 | % | 6.8 | % | 4.1 | % | 2.4 | % | -0.3 | % | 2.1 | % | ||||||||||||||||
Normalizing Adjustments:
|
||||||||||||||||||||||||||||
None
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Normalized As Reported-2nd QUARTER 2011
|
$ | 470,575 | $ | 67,739 | $ | 31,989 | $ | 19,339 | $ | 11,445 | $ | (1,499 | ) | $ | 9,946 | |||||||||||||
Percent of Revenue
|
14.4 | % | 6.8 | % | 4.1 | % | 2.4 | % | -0.3 | % | 2.1 | % | ||||||||||||||||
As Reported
|
$ | 0.44 | $ | (0.06 | ) | $ | 0.38 | |||||||||||||||||||||
Diluted EPS: As Normalized
|
$ | 0.44 | $ | (0.06 | ) | $ | 0.38 | |||||||||||||||||||||
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
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NORMALIZING ADJUSTMENTS - YEAR TO DATE COMPARISON
|
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(in thousands, except per share data)
|
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AS REPORTED - SIX MONTHS 2012
|
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Revenue
|
Adjusted
EBITDAR |
Adjusted
EBITDA |
Pre-tax
|
Income from
Continuing Operations |
Disc Ops
|
Net (Loss)
Income |
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As Reported - Six Months 2012
|
$ | 915,635 | $ | 106,593 | $ | 33,694 | $ | 7,921 | $ | 4,832 | $ | (5,599 | ) | $ | (767 | ) | ||||||||||||
Percent of Revenue
|
11.6 | % | 3.7 | % | 0.9 | % | 0.5 | % | -0.6 | % | -0.1 | % | ||||||||||||||||
Normalizing Adjustments:
|
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Transaction costs
|
- | 1,838 | 1,838 | 1,838 | 1,121 | - | 1,121 | |||||||||||||||||||||
Normalized As Reported-Six Months 2012
|
$ | 915,635 | $ | 108,431 | $ | 35,532 | $ | 9,759 | $ | 5,953 | $ | (5,599 | ) | $ | 354 | |||||||||||||
Percent of Revenue
|
11.8 | % | 3.9 | % | 1.1 | % | 0.7 | % | -0.6 | % | 0.0 | % | ||||||||||||||||
As Reported
|
$ | 0.18 | $ | (0.21 | ) | $ | (0.03 | ) | ||||||||||||||||||||
Diluted EPS: As Normalized
|
$ | 0.22 | $ | (0.21 | ) | $ | 0.01 | |||||||||||||||||||||
AS REPORTED - SIX MONTHS 2011
|
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Revenue
|
Adjusted
EBITDAR |
Adjusted
EBITDA |
Pre-tax
|
Income from
Continuing Operations |
Disc Ops
|
Net Income
|
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As Reported - Six Months 2011
|
$ | 936,883 | $ | 132,250 | $ | 60,808 | $ | 35,575 | $ | 21,063 | $ | (3,005 | ) | $ | 18,058 | |||||||||||||
Percent of Revenue
|
14.1 | % | 6.5 | % | 3.8 | % | 2.2 | % | -0.3 | % | 1.9 | % | ||||||||||||||||
Normalizing Adjustments:
|
||||||||||||||||||||||||||||
None
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Normalized As Reported-Six Months 2011
|
$ | 936,883 | $ | 132,250 | $ | 60,808 | $ | 35,575 | $ | 21,063 | $ | (3,005 | ) | $ | 18,058 | |||||||||||||
Percent of Revenue
|
14.1 | % | 6.5 | % | 3.8 | % | 2.2 | % | -0.3 | % | 1.9 | % | ||||||||||||||||
As Reported
|
$ | 0.81 | $ | (0.11 | ) | $ | 0.70 | |||||||||||||||||||||
Diluted EPS: As Normalized
|
$ | 0.81 | $ | (0.11 | ) | $ | 0.70 | |||||||||||||||||||||
See definitions of Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDAR."
|
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Normalizing adjustments are transactions or adjustments not related to ongoing operations and consist of transaction costs associated with the Company's sale to Genesis Healthcare.
|
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Since normalizing adjustments are not measurements determined in accordance with U.S. generally accepted accounting principles and are thus susceptible to varying calculations and interpretations, the information presented herein may not be comparable to other similarly described information of other companies.
|
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