The Ensign Group Reports Second Quarter Results

About this update from The Ensign Group, Inc.

[{"type":"text","content":"Raises Annual Guidance\n Conference Call and Webcast scheduled for tomorrow, August 6, 2020 at 10:00 am PT SAN JUAN CAPISTRANO, Calif., Aug. 05, 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 second quarter of 2020, reporting GAAP diluted earnings per share of $0.73 for the quarter with adjusted earnings per share of $0.78 for the quarter(2). The company also announced that it has returned all of the Provider Relief Funds it received, directly and indirectly, through the Coronavirus Aid, Relief and Economic Security Act (CARES Act), representing approximately $110.0 million. Highlights Include: GAAP diluted earnings per share for the quarter was $0.73, representing an increase of 97.3%(1) over the prior year quarter. Adjusted diluted earnings per share for the quarter was $0.78, an increase of 100.0%(1)(2) over the prior year quarter. Consolidated GAAP revenues for the quarter were $584.7 million, an increase of 18.6%(1) over the prior year quarter and adjusted revenues for the quarter were $584.2 million, an increase of $93.1 million or 19.0%(1)(2) over the prior year quarter. Same store skilled revenue improved by 8.7% with an increase in Medicare days of 16.2%, both over the prior year quarter. Transitioning skilled revenue improved by 25.7% over the prior year quarter, which includes an increase in transitioning managed care revenue of 12.2%, and transitioning skilled days were up 11.4% from the prior year quarter. Same store occupancy for the quarter was 73.7%, which is down 5.9% from the prior year quarter, and transitioning occupancy for the quarter was 76.1%, which is down 3.8% from the prior year quarter. GAAP net income was $40.2 million for the current quarter, an increase of 94.7% (1) over the prior year quarter. Adjusted net income for the current quarter was $43.1 million, an increase of 99.0%(1)(2) over the prior year quarter.(1) Represents GAAP continued operations which excludes operating results for the October 1, 2019 spin-out of The Pennant Group, Inc. in accordance with discontinued operation guidance in GAAP.(2) See \"Reconciliation of GAAP to Non-GAAP Financial Informat...

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