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MECHANICSBURG, Pa., Nov. 5 /PRNewswire-FirstCall/ -- Select Medical Holdings Corporation ("Select") (NYSE:SEM), the parent of Select Medical Corporation, today announced results for its third quarter ended September 30, 2009.
For the third quarter ended September 30, 2009, net operating revenues increased 5.1% to $545.6 million compared to $519.2 million for the same quarter, prior year. Income from operations decreased 9.0% to $32.9 million compared to $36.2 million for the same quarter, prior year. Income from operations for the third quarter ended September 30, 2009 includes compensation costs of $22.0 million Select incurred associated with its initial public offering of common stock. Net income attributable to Select increased to $0.6 million compared to a loss of $0.8 million for the same quarter, prior year. Additionally, net income before interest, income taxes, depreciation and amortization, gain on early retirement of debt, stock compensation expense, long term incentive compensation and non-controlling interest ("Adjusted EBITDA") for the third quarter increased 34.0% to $73.0 million compared to $54.5 million for the same quarter, prior year. A reconciliation of net income to Adjusted EBITDA is attached to this release. Loss per common share was $0.09 on a fully diluted basis compared to a loss of $0.11 per common share for the same quarter prior year.
For the nine months ended September 30, 2009, net operating revenues increased 3.7% to $1,666.3 million compared to $1,606.3 million for the same period, prior year. Income from operations increased 19.4% to $165.9 million compared to $138.9 million for the same period, prior year. Income from operations for the nine months ended September 30, 2009 includes compensation costs of $22.0 million Select incurred associated with its initial public offering of common stock. Net income attributable to Select increased to $45.4 million compared to $13.6 million for the same period, prior year. Additionally, Adjusted EBITDA for the nine months ended September 30, 2009 increased 25.0% to $242.3 million compared to $193.8 million for the same period, prior year. Earnings per share were $0.37 on a fully diluted basis compared to a loss of $0.07 per common share for the same period, prior year.
On an adjusted basis, income available to common stockholders was $0.09 per diluted share for the third quarter ended September 30, 2009 and $0.42 per diluted share for the nine months ended September 30, 2009. Adjusted income available to common stockholders excludes non-recurring items relating to Select's initial public offering such as long term incentive compensation and stock compensation expense related to the grant of restricted stock; and gains related to the early retirement of debt. A reconciliation of net income per share to adjusted net income per share is attached to this release.
Specialty Hospitals
At September 30, 2009, Select operated 89 long term acute care hospitals and five acute medical rehabilitation hospitals. This compares to 88 long term acute care hospitals and four acute medical rehabilitation hospitals operated at September 30, 2008. For the third quarter of 2009, net operating revenues for all of Select's hospitals increased 5.0% to $376.9 million compared to $358.8 million for the same quarter, prior year. Total patient days for the third quarter of 2009 were 248,504, admissions were 10,466 and net revenue per patient day was $1,489. This compares to 243,807 days, 9,977 admissions and net revenue per patient day of $1,446 for the same quarter, prior year. For the hospitals opened or acquired as of January 1, 2008 and operated by Select throughout both periods, patient days in the third quarter of 2009 were 231,509 and admissions were 9,710, compared to 234,112 days and 9,614 admissions in the same quarter, prior year. Adjusted EBITDA for the segment increased 31.0% to $64.4 million compared to $49.1 million for the same quarter, prior year. The Adjusted EBITDA margin for the segment was 17.1% for the third quarter of 2009, compared to 13.7% for the same quarter, prior year. The Adjusted EBITDA margin for the hospitals opened or acquired as of January 1, 2008 and operated by Select throughout both periods was 18.1% for the third quarter of 2009, compared to 16.0% for the same quarter, prior year.
For the nine months ended September 30, 2009, net operating revenues for all of Select's hospitals increased 4.7% to $1,156.4 million compared to $1,104.7 million for the same period, prior year. Total patient days for the nine months ended September 30, 2009 were 757,487, admissions were 31,775 and net revenue per patient day was $1,500. This compares to 756,093 days, 30,891 admissions and net revenue per patient day of $1,434 for the same period, prior year. For the hospitals opened or acquired as of January 1, 2008 and operated by Select throughout both periods, patient days for the nine months ended September 30, 2009 were 705,692 and admissions were 29,570, compared to 728,733 days and 29,794 admissions in the same period, prior year. Adjusted EBITDA for the segment for the nine months ended September 30, 2009 increased 26.6% to $212.1 million compared to $167.6 million for the same period, prior year. The Adjusted EBITDA margin for the segment for the nine months ended September 30, 2009 was 18.3%, compared to 15.2% for the same period, prior year. The Adjusted EBITDA margin for the hospitals opened or acquired as of January 1, 2008 and operated by Select throughout both periods was 19.8% for the nine months ended September 30, 2009, compared to 17.3% for the same period, prior year.
Outpatient Rehabilitation
At September 30, 2009, Select operated 947 outpatient clinics. This compares to 965 outpatient clinics at September 30, 2008. For the third quarter of 2009, net operating revenues for the segment increased 5.3% to $168.8 million compared to $160.3 million for the same quarter, prior year. Adjusted EBITDA for the segment for the third quarter increased 27.4% to $20.9 million compared to $16.4 million for the same quarter, prior year. The Adjusted EBITDA margin for the segment for the quarter was 12.4% compared to 10.2% in the same quarter, prior year. Patient visits for the quarter were 1,126,096 compared to 1,106,529 for the same quarter, prior year. Net revenue per visit was $101 for both the quarter ended September 30, 2009 and the same quarter, prior year.
For the nine months ended September 30, 2009, net operating revenues for the segment increased 1.7% to $509.8 million compared to $501.4 million for the same period, prior year. Adjusted EBITDA for the nine months ended September 30, 2009 increased 12.0% to $67.5 million compared to $60.2 million for the same period, prior year. The Adjusted EBITDA margin for the nine months ended September 30, 2009 was 13.2% compared to 12.0% in the same period, prior year. Patient visits for the nine months ended September 30, 2009 were 3,385,733 compared to 3,430,138 for the same period, prior year. Net revenue per visit was $102 for both the nine months ended September 30, 2009 and the same period, prior year.
Initial Public Offering of Common Stock
On September 30, 2009, Select completed its initial public offering of common stock at a price to the public of $10.00 per share. Select sold 30,000,000 shares in the offering. The total net proceeds to Select from the offering after deducting underwriting discounts and commissions and offering expenses were approximately $279.1 million. A portion of the net proceeds from the offering were used to repay indebtedness and to make payments to executive officers under the Long Term Cash Incentive Plan, and any remaining proceeds will be used to repay additional indebtedness or for general corporate purposes. Because the closing and receipt of cash occurred on September 30, 2009, the repayments of indebtedness and payment under the Long Term Cash Incentive Plan were not made until October. As a result, we have reported a significant amount of cash on our September 30, 2009 balance sheet and we have reflected the mandatory repayment due under our credit facility as a current portion of long term debt.
On October 28, 2009, the underwriters purchased an additional 3,602,700 shares pursuant to their over-allotment option at a price to the public of $10.00 per share. The total net proceeds to Select from the exercise of the over-allotment option were approximately $33.9 million. A portion of the net proceeds from the exercise of the over-allotment option were used to repay indebtedness, and any remaining proceeds will be used to repay additional indebtedness or for general corporate purposes.
Conference Call
Select will host a conference call regarding its third quarter results on Friday, November 6, 2009, at 11:00 am EST. The domestic dial in number for the call is 1-866-783-2146. The international dial in number is 1-857-350-1605. The passcode for the call is 78893390. The conference call will be webcast simultaneously and can be accessed at Select Medical Holdings Corporation's website http://www.selectmedicalcorp.com/.
For those unable to participate in the conference call, a replay will be available until 2:00pm EST, November 13, 2009. The replay number is 1-888-286-8010 (domestic) or 1-617-801-6888 (international). The passcode for the replay will be 54139669. The replay can also be accessed at Select Medical Holdings Corporation's website, http://www.selectmedicalcorp.com/.
Select Medical Holdings Corporation is a leading operator of specialty hospitals in the United States. As of September 30, 2009, Select operated 89 long term acute care hospitals and five acute medical rehabilitation hospitals in 25 states. Select is also a leading operator of outpatient rehabilitation clinics in the United States, with approximately 947 locations in 37 states and the District of Columbia. Select also provides medical rehabilitation services on a contract basis at nursing homes, hospitals, assisted living and senior care centers, schools and worksites. Information about Select is available at http://www.selectmedicalcorp.com/
Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following:
-- additional changes in government reimbursement for our services may
result in a reduction in net operating revenues, an increase in costs
and a reduction in profitability;
-- the failure of our long term acute care hospitals, or LTCHs, to
maintain their status as such may cause our net operating revenues and
profitability to decline;
-- the failure of our facilities operated as "hospitals within
hospitals," or HIHs, to qualify as hospitals separate from their host
hospitals may cause our net operating revenues and profitability to
decline;
-- implementation of modifications to the admissions policies for our
inpatient rehabilitation facilities, as required to achieve compliance
with Medicare guidelines, may result in a loss of patient volume at
these hospitals and, as a result, may reduce our future net operating
revenues and profitability;
-- a government investigation or assertion that we have violated
applicable regulations may result in sanctions or reputational harm
and increased costs;
-- future acquisitions or joint ventures may prove difficult or
unsuccessful, use significant resources or expose us to unforeseen
liabilities;
-- private third-party payors for our services may undertake future cost
containment initiatives that limit our future net operating revenues
and profitability;
-- the failure to maintain established relationships with the physicians
in our markets could reduce our net operating revenues and
profitability;
-- shortages in qualified nurses or therapists could increase our
operating costs significantly;
-- competition may limit our ability to grow and result in a decrease in
our net operating revenues and profitability;
-- the loss of key members of our management team could significantly
disrupt our operations;
-- the effect of claims asserted against us or lack of adequate available
insurance could subject us to substantial uninsured liabilities;
-- the ability to obtain any necessary or desired waiver or amendment
from our existing lenders may be difficult due to the current
uncertainty in the credit markets; and
-- the inability to draw funds under our senior secured credit facility
because of lender defaults.
I. Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
For the Three Months Ended September 30, 2008 and 2009
%
2008 2009 Change
---- ---- ------
Net operating revenues $519,179 $545,621 5.1%
Costs and expenses:
Cost of services 441,395 448,702 1.7%
General and administrative (a) 11,538 34,618 200.0%
Bad debt expense 12,240 11,720 (4.2)%
Depreciation and amortization 17,848 17,676 (1.0)%
------ ------ -----
Income from operations 36,158 32,905 (9.0)%
Gain on early retirement of debt - 1,129 N/M
Interest income 93 2 (97.8)%
Interest expense (36,153) (33,451) (7.5)%
------- -------- -----
Income from operations before
income taxes 98 585 496.9%
Income tax benefit (111) (804) 624.3%
---- ---- -----
Net income 209 1,389 564.6%
Less: Net income attributable to
non-controlling interests 1,032 806 (21.9)%
----- --- ------
Net income (loss) attributable to
Select Medical Holdings Corporation (823) 583 N/M
Less: Preferred dividends 6,290 6,667 6.0%
----- ----- ---
Net loss available to
common stockholders $(7,113) $(6,084) 14.5%
======= ======== ====
Loss per common share:
Basic ($0.11) ($0.09) 18.2%
Diluted ($0.11) ($0.09) 18.2%
N/M = Not Meaningful
(a) Includes non-recurring charges related to Select's initial public
offering of $18.3 million in long term incentive compensation and
$3.7 million in stock compensation expense related to the grant of
restricted stock that vested in connection with the Company's
initial public offering.
II. Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
For the Nine Months Ended September 30, 2008 and 2009
%
2008 2009 Change
---- ---- ------
Net operating revenues $1,606,263 $1,666,328 3.7%
Costs and expenses:
Cost of services 1,343,022 1,353,107 0.8%
General and administrative (a) 35,843 60,278 68.2%
Bad debt expense 35,300 33,678 (4.6)%
Depreciation and amortization 53,175 53,346 0.3%
------ ------ ---
Income from operations 138,923 165,919 19.4%
Gain on early retirement of debt - 16,445 N/M
Interest income 275 82 (70.2)%
Interest expense (109,603) (101,781) (7.1)%
--------- -------- -----
Income from operations before
income taxes 29,595 80,665 172.6%
Income tax expense 13,862 33,076 138.6%
------ ------ -----
Net income 15,733 47,589 202.5%
Less: Net income attributable to
non-controlling interests 2,103 2,218 5.5%
----- ----- ---
Net income attributable to
Select Medical Holdings Corporation 13,630 45,371 232.9%
Less: Preferred dividends 18,569 19,537 5.2%
------ ------ ---
Net income (loss) available to
common stockholders $(4,939) $25,834 N/M
======= ======= ===
Income (loss) per common share:
Basic ($0.07) $0.38 N/M
Diluted ($0.07) $0.37 N/M
N/M = Not Meaningful
(a) Includes non-recurring charges related to Select's initial public
offering of $18.3 million in long term incentive compensation and
$3.7 million in stock compensation expense related to the grant of
restricted stock that vested in connection with the Company's
initial public offering.
III. Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
December 31, September 30,
2008 2009
---- ----
ASSETS
Cash $64,260 $280,492
Accounts receivable, net 312,418 310,855
Current deferred tax asset 61,925 51,426
Prepaid income taxes 7,362 13,338
Other current assets 20,897 22,152
------ ------
Total Current Assets 466,862 678,263
Property and equipment, net 471,065 458,897
Goodwill 1,506,661 1,507,223
Other identifiable intangibles 74,078 67,473
Assets held for sale 12,542 11,342
Other assets 48,261 41,544
------ ------
Total Assets $2,579,469 $2,764,742
========== ==========
LIABILITIES AND EQUITY
Payables and accruals $339,446 $305,234
Current portion of long-term debt 9,046 141,667
----- -------
Total Current Liabilities 348,492 446,901
Long-term debt, net of current portion 1,770,879 1,521,394
Non-current deferred tax liability 42,918 54,733
Other non-current liabilities 67,709 60,648
Preferred stock 515,872 -
Total equity (166,401) 681,066
--------- -------
Total Liabilities and Equity $2,579,469 $2,764,742
========== ==========
IV. Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
For the Nine Months Ended September 30, 2008 and 2009
2008 2009
---- ----
Operating activities
Net income $15,733 $47,589
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 53,175 53,346
Provision for bad debts 35,300 33,678
Gain on early retirement of debt - (16,445)
Loss (gain) from disposal of assets (316) 550
Non-cash stock compensation expense 1,697 4,795
Amortization of debt discount 1,101 1,239
Changes in operating assets and
liabilities, net of
effects from acquisition of businesses:
Accounts receivable (74,975) (32,033)
Other current assets 5,465 (982)
Other assets 11,375 4,018
Accounts payable (4,917) (8,366)
Due to third-party payors (9,328) (3,530)
Accrued expenses (9,541) (1,024)
Income and deferred taxes 9,204 10,612
----- ------
Net cash provided by operating activities 33,973 93,447
------ ------
Investing activities
Purchases of property and equipment (35,770) (35,250)
Proceeds from sale of business units 1,851 -
Proceeds from sale of property 743 1,341
Acquisition of businesses, net of cash
acquired (7,402) (381)
------ ----
Net cash used in investing activities (40,578) (34,290)
------- -------
Financing activities
Proceeds from initial public offering,
net of fees - 282,000
Payment of initial public offering costs - (584)
Borrowings on revolving credit facility 387,000 193,000
Payments on revolving credit facility (357,000) (253,000)
Payment on credit facility term loan (5,100) (5,033)
Repurchase of 7 5/8% senior subordinated
notes - (30,114)
Repurchase of senior floating rate notes - (6,468)
Borrowings of other debt - 5,184
Principal payments on seller and other
debt (4,015) (5,738)
Repurchase of common and preferred stock (612) (80)
Exercise of stock options 90 24
Repayment of bank overdrafts (7,217) (21,130)
Equity contribution and loans from
non-controlling interests - 1,500
Distributions to non-controlling
interests (1,703) (2,486)
------ ------
Net cash provided by financing activities 11,443 157,075
------ -------
Net increase in cash and cash equivalents 4,838 216,232
Cash and cash equivalents at beginning of
period 4,529 64,260
----- ------
Cash and cash equivalents at end of
period $9,367 $280,492
====== ========
Supplemental Cash Flow Information
Cash paid for interest $123,285 $115,901
Cash paid for taxes $4,704 $22,441
V. Key Statistics
(unaudited)
For the Three Months Ended September 30, 2008 and 2009
%
2008 2009 Change
---- ---- ------
Specialty Hospitals (a)
Number of hospitals - end of period 92 94 2.2%
Net operating revenues (,000) $358,838 $376,859 5.0%
Number of patient days 243,807 248,504 1.9%
Number of admissions 9,977 10,466 4.9%
Net revenue per patient day (b) $1,446 $1,489 3.0%
Adjusted EBITDA (,000) $49,137 $64,381 31.0%
Adjusted EBITDA margin - all hospitals 13.7% 17.1% 24.8%
Adjusted EBITDA margin - same store
hospitals (c) 16.0% 18.1% 13.1%
Outpatient Rehabilitation
Number of clinics - end of period 965 947 (1.9)%
Net operating revenues (,000) $160,303 $168,751 5.3%
Number of visits 1,106,529 1,126,096 1.8%
Revenue per visit (d) $101 $101 0.0%
Adjusted EBITDA (,000) $16,405 $20,898 27.4%
Adjusted EBITDA margin 10.2% 12.4% 21.6%
(a) Specialty hospitals consist of long term acute care hospitals and
acute medical rehabilitation hospitals.
(b) Net revenue per patient day is calculated by dividing specialty
hospital patient service revenue by the total number of patient days.
(c) Adjusted EBITDA margin - same store hospitals represents the Adjusted
EBITDA margin for those hospitals opened or acquired before January
1, 2008 and operated throughout both periods.
(d) Net revenue per visit is calculated by dividing outpatient
rehabilitation clinic revenue by the total number of visits. For
purposes of this computation, outpatient rehabilitation clinic
revenue does not include managed clinics or contract services
revenue.
VI. Key Statistics
(unaudited)
For the Nine Months Ended September 30, 2008 and 2009
%
2008 2009 Change
---- ---- ------
Specialty Hospitals (a)
Number of hospitals - end of period 92 94 2.2%
Net operating revenues (,000) $1,104,731 $1,156,422 4.7%
Number of patient days 756,093 757,487 0.2%
Number of admissions 30,891 31,775 2.9%
Net revenue per patient day (b) $1,434 $1,500 4.6%
Adjusted EBITDA (,000) $167,617 $212,122 26.6%
Adjusted EBITDA margin - all hospitals 15.2% 18.3% 20.4%
Adjusted EBITDA margin - same
store hospitals (c) 17.3% 19.8% 14.5%
Outpatient Rehabilitation
Number of clinics - end of period 965 947 (1.9)%
Net operating revenues (,000) $501,375 $509,760 1.7%
Number of visits 3,430,138 3,385,733 (1.3)%
Revenue per visit (d) $102 $102 0.0%
Adjusted EBITDA (,000) $60,248 $67,476 12.0%
Adjusted EBITDA margin 12.0% 13.2% 10.0%
(a) Specialty hospitals consist of long term acute care hospitals and
acute medical rehabilitation hospitals.
(b) Net revenue per patient day is calculated by dividing specialty
hospital patient service revenue by the total number of patient
days.
(c) Adjusted EBITDA margin - same store hospitals represents the
Adjusted EBITDA margin for those hospitals opened or acquired before
January 1, 2008 and operated throughout both periods.
(d) Net revenue per visit is calculated by dividing outpatient
rehabilitation clinic revenue by the total number of visits. For
purposes of this computation, outpatient rehabilitation clinic
revenue does not include managed clinics or contract services
revenue.
VII. Net Income to Adjusted EBITDA Reconciliation
(In thousands)
(unaudited)
For the Three and Nine Months Ended September 30, 2008 and 2009
The following table reconciles net income to Adjusted EBITDA for Select.
Adjusted EBITDA is used by Select to report its segment performance.
Adjusted EBITDA is defined as net income before interest, income taxes,
depreciation and amortization, stock compensation expense, long term
incentive compensation, gain on early retirement of debt and
non-controlling interest. We believe that the presentation of Adjusted
EBITDA is important to investors because Adjusted EBITDA is used by
management to evaluate financial performance and determine resource
allocation for each of our operating units.
Adjusted EBITDA is not a measure of financial performance under
generally accepted accounting principles. Items excluded from
Adjusted EBITDA are significant components in understanding and assessing
Financial performance. Adjusted EBITDA should not be considered in
isolation or as an alternative to, or substitute for, net income, cash
flows generated by operations, 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 is not a measurement determined in accordance with
generally accepted accounting principles and is thus susceptible to
varying calculations, Adjusted EBITDA as presented may not be comparable
to other similarly titled measures of other companies.
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2009 2008 2009
---- ---- ---- ----
Net income (loss) $(823) $583 $13,630 $45,371
Non-controlling interest 1,032 806 2,103 2,218
Income tax expense
(benefit) (111) (804) 13,862 33,076
Interest expense, net 36,060 33,449 109,328 101,699
Gain on early retirement
of debt - (1,129) - (16,445)
Long term incentive
compensation - 18,261 - 18,261
Stock compensation expense
Included in general and
administrative 469 4,111 1,616 4,594
Included in cost
of services 36 90 81 201
Depreciation and
amortization 17,848 17,676 53,175 53,346
------ ------ ------ ------
Adjusted EBITDA $54,511 $73,043 $193,795 $242,321
======= ======= ======== ========
Specialty hospitals $49,137 $64,381 $167,617 $212,122
Outpatient
rehabilitation 16,405 20,898 60,248 67,476
Other (1) (11,031) (12,236) (34,070) (37,277)
------- ------- ------- -------
Adjusted EBITDA $54,511 $73,043 $193,795 $242,321
======= ======= ======== ========
(1) Other primarily includes general and administrative costs.
The following tables reconcile specialty hospital same store information.
Three Months Ended
------------------
September 30, September 30,
2008 2009
------------- -------------
Specialty hospitals net operating
revenue $358,838 $376,859
Less: Specialty hospitals in
development, opened or closed after
1/1/08 13,386 27,995
------ ------
Specialty hospitals same store net
operating revenue $345,452 $348,864
======== ========
Specialty hospitals Adjusted EBITDA $49,137 $64,381
Less: Specialty hospitals in
development, opened or closed after
1/1/08 (6,161) 1,265
------ -----
Specialty hospitals same store
Adjusted EBITDA $55,298 $63,116
======= =======
All specialty hospitals Adjusted
EBITDA margin 13.7% 17.1%
Specialty hospitals same store
Adjusted EBITDA margin 16.0% 18.1%
Nine Months Ended
-----------------
September 30, September 30,
2008 2009
------------- -------------
Specialty hospitals net operating
revenue $1,104,731 $1,156,422
Less: Specialty hospitals in
development, opened or closed after
1/1/08 36,456 79,885
------ ------
Specialty hospitals same store net
operating revenue $1,068,275 $1,076,537
========== ==========
Specialty hospitals Adjusted EBITDA $167,617 $212,122
Less: Specialty hospitals in
development, opened or closed after
1/1/08 (17,587) (992)
------- ----
Specialty hospitals same store
Adjusted EBITDA $185,204 $213,114
======== ========
All specialty hospitals Adjusted
EBITDA margin 15.2% 18.3%
Specialty hospitals same store
Adjusted EBITDA margin 17.3% 19.8%
VIII. Reconciliation of Net Income Per Share to Adjusted Net Income
Per Share
(In thousands, except share and per share amounts)
(unaudited)
For the Three and Nine Months Ended September 30, 2008 and 2009
Three Months Ended Nine Months Ended
September 30, September 30,
2009 Per Share (a) 2009 Per Share (a)
---- --------- ---- ---------
Net income $1,389 $0.02 $47,589 $0.78
Net income attributable to
non-controlling interests 806 0.01 2,218 0.04
--- ---- ----- ----
Net income attributable to
Select Medical
Holdings Corporation 583 0.01 45,371 0.74
Less: Preferred dividends 6,667 0.11 19,537 0.32
----- ---- ------ ----
Net income (loss)
available to common
stockholders (6,084) (0.10) 25,834 0.42
Long term incentive
compensation related
to initial public
offering 18,261 0.29 18,261 0.30
Stock compensation
related to initial
public offering 3,689 0.06 3,689 0.06
Gain on early
retirement of debt (1,129) (0.02) (16,445) (0.27)
Estimated income tax
expense (8,778) (0.14) (2,321) (0.03)
------ ----- ------ -----
5,959 0.09 29,018 0.48
Less: Earnings allocated to
preferred stockholders 566 0.00 2,815 0.05
Less: Earnings allocated to
unvested restricted
stockholders 51 0.00 254 0.00
-- ---- --- ----
Adjusted net income
available to common
stockholders $5,342 $0.09 $25,949 $0.43
====== =======
Adjustment for dilution 0.00 (0.01)
---- -----
Adjusted net income
available to common
stockholders -
diluted shares $0.09 $0.42
===== =====
Weighted average
common shares outstanding:
Basic 62,078 61,030
Diluted 62,547 61,500
(a) Per share amounts for each period presented are based on basic
weighted average common shares outstanding for all amounts except
adjusted income from continuing operations per diluted share, which
is based on diluted shares outstanding.
DATASOURCE: Select Medical Holdings Corporation
CONTACT: Investor inquiries, Joel Veit of Select Medical Holdings
Corporation, +1-717-972-1100