Business
The Ensign Group Reports First Quarter Results
Maintains 2020 Guidance and Addresses COVID-19 Conference Call and Webcast scheduled for tomorrow, May 12, 2020 at 10:00 am PT SAN JUAN CAPISTRANO, Calif.,
About this update from The Ensign Group, Inc.
[{"type":"text","content":"Maintains 2020 Guidance and Addresses COVID-19\n Conference Call and Webcast scheduled for tomorrow, May 12, 2020 at 10:00 am PT SAN JUAN CAPISTRANO, Calif., May 11, 2020 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign(TM) group of companies, which provide skilled nursing services, senior living services, rehabilitative care services and other healthcare services, announced record operating results for the first quarter of 2020, reporting a GAAP diluted earnings per share of $0.73(1) for the quarter with adjusted earnings per share of $0.77 for the quarter(2). The company also announced that it has implemented a number of actions to respond to the impact and uncertainty caused by the COVID-19 pandemic. These measures are highlighted later in the release. Highlights Include: GAAP diluted earnings per share for the quarter was $0.73, representing an increase of 87.2%(1) over the prior year quarter. Adjusted diluted earnings per share for the quarter was $0.77, an increase of 92.5%(2) over the prior year quarter and an increase of 28.3% sequentially over the fourth quarter.Consolidated GAAP revenues for the quarter were $589.6 million, an increase of 25.1% (1) over the prior year quarter.Total skilled services revenue was $558.4 million for the quarter, an increase of 24.3% over the prior year quarter and 5.3% sequentially over the fourth quarter(3).Same store occupancy for the quarter was 80.1%, an increase of 28 basis points over the prior year; and same store skilled managed care and Medicare revenue was up 11.0% and 13.4%, respectively.Transitioning occupancy for the quarter was 82.7%, an increase of 496 basis points over the prior year; and transitioning skilled managed care and Medicare revenue was up 32.1% and 13.7%, respectively.Same store skilled days increased by 4.0% and transitioning skilled days increased by 13.8%, both over the prior year.GAAP net income was $40.8 million, an increase of 90.2%(1) over the prior year, and adjusted net income for the year was $43.0 million(2), an increase of 93.3%(2) over the prior year. (1) Represents GAAP continued operations which excludes operating results for the recently spun-out The Pennant Group, Inc. in accordance with discontinued operation guidance in GAAP.(2)See \"Reconciliation of GAAP to Non-GAAP Financial Information\". All Non-...