Same-facility aggregate admissions grew 3 percent; and same-facility commercial admissions grew 12 percent. This growth in volume was partially offset by softer Medicare and commercial pricing.
The hospital and nursing home operator reported net income of $14.9 million, compared with $22.8 million in the same period the year before, and $1.09 billion in revenue for the three months ended March 31, 2010, compared with $1.07 billion in the first quarter of 2009. The company took a $2.3 million charge for severance, retirement and transaction costs.
Salaries, wages and benefits rose to $627 million from $615 million the year before, while other operating expenses rose to $234 million from $220 million.
Net cash provided by and used in operating activities fell to negative $13.9 million from a positive $1.9 million the year before. The biggest deficit in this category was $59 million in accounts receivable, but A/R fell from $86,415 the year before, due to special focus on this area, the company said. Meanwhile, deficits in deferred income taxes and other accrued liabilities rose in that period.
Read the release on Kindred’s first-quarter earnings.
