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
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