LOUISVILLE, Ky.--(BUSINESS WIRE)--Feb. 18, 2016--
Kindred Healthcare, Inc. (“Kindred” or the “Company”) (NYSE:KND) today
announced that it has signed a definitive agreement to sell four of its
transitional care hospitals (licensed as long-term acute care (“LTAC”)
hospitals) and acquire five LTAC hospitals currently operated by Select
Medical Holdings Corporation (“Select”) (NYSE:SEM).
Kindred will acquire leased hospitals in Indianapolis, Indiana (45
licensed beds), San Antonio, Texas (44 licensed beds), Houston, Texas
(86 licensed beds), Denver, Colorado (28 licensed beds) and Colorado
Springs, Colorado (30 licensed beds). Kindred will sell its owned
hospital in Cleveland, Ohio (108 licensed beds) and three leased
hospitals in Cleveland, Ohio (75 licensed beds), Atlanta, Georgia (72
licensed beds) and Northern Indiana (32 licensed beds) to Select. In
connection with these transactions, Kindred will pay approximately
$800,000 in additional cash consideration to Select. These transactions
are subject to customary conditions to closing, including the receipt of
all licensure, regulatory and other approvals. Kindred expects to
complete these transactions during the second or third quarter of 2016.
“These transactions accelerate our efforts to reposition our LTAC
businesses in front of LTAC patient criteria, with the goal of improving
our long-term growth, profitability and financial position and improving
healthcare delivery in our integrated care markets,” said Benjamin A.
Breier, Kindred’s President and Chief Executive Officer. “These
transactions allow us to sharpen our focus and enable us to better
Continue the Care for our patients throughout a post-acute episode.”
This press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements include, but are not limited to, the receipt
of all required regulatory approvals and the satisfaction of the closing
conditions to the transaction discussed above, the Company’s ability to
integrate the operations of the acquired hospitals and realize the
anticipated revenues, economies of scale, cost synergies and
productivity gains, all statements regarding the Company’s expected
future financial position, results of operations, cash flows, dividends,
financing plans, business strategy, budgets, capital expenditures,
competitive positions, growth opportunities, plans and objectives of
management, government investigations, regulatory matters, and
statements containing the words such as “anticipate,” “approximate,”
“believe,” “plan,” “estimate,” “expect,” “project,” “could,” “would,”
“should,” “will,” “intend,” “may,” “potential,” “upside,” and other
similar expressions. Statements in this press release concerning the
Company’s business outlook or future economic performance, anticipated
profitability, revenues, expenses, dividends or other financial items,
product or services line growth, and expected outcome of government
investigations and other regulatory matters, together with other
statements that are not historical facts, are forward-looking statements
that are estimates reflecting the best judgment of the Company based
upon currently available information.
Such forward-looking statements are inherently uncertain, and
stockholders and other potential investors must recognize that actual
results may differ materially from the Company’s expectations as a
result of a variety of factors. Such forward-looking statements are
based upon management’s current expectations and include known and
unknown risks, uncertainties and other factors, many of which the
Company is unable to predict or control, that may cause the Company’s
actual results, performance or plans to differ materially from any
future results, performance or plans expressed or implied by such
forward-looking statements. These statements involve risks,
uncertainties and other factors detailed from time to time in the
Company’s filings with the Securities and Exchange Commission.
Factors that may affect the Company’s plans, results or stock price are
set forth in the Company’s Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K.
Many of these factors are beyond the Company’s control. The Company
cautions investors that any forward-looking statements made by the
Company are not guarantees of future performance. The Company disclaims
any obligation to update any such factors or to announce publicly the
results of any revisions to any of the forward-looking statements to
reflect future events or developments.
About Kindred Healthcare
Kindred Healthcare, Inc., a top-95 private employer in the United
States, is a FORTUNE 500 healthcare services company based in
Louisville, Kentucky with annual revenues of approximately $7.2 billion(1).
At September 30, 2015, Kindred through its subsidiaries had
approximately 102,200 employees providing healthcare services in 2,723
locations in 47 states, including 95 transitional care hospitals, 18
inpatient rehabilitation hospitals, 90 nursing centers, 20 sub-acute
units, 626 Kindred at Home home health, hospice and non-medical home
care sites of service, 101 inpatient rehabilitation units
(hospital-based) and a contract rehabilitation services business,
RehabCare, which served 1,773 non-affiliated sites of service. Ranked as
one of Fortune magazine’s Most Admired Healthcare Companies for six
years, Kindred’s mission is to promote healing, provide hope, preserve
dignity and produce value for each patient, resident, family member,
customer, employee and shareholder we serve. For more information, go to www.kindredhealthcare.com.
You can also follow us on Twitter
Revenues were computed by combining the twelve months ended December
31, 2014 data for Kindred, Gentiva Health Services, Inc., which was
acquired by the Company on February 2, 2015, and Centerre Healthcare
Corporation, which was acquired by the Company on January 1, 2015.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160218006556/en/
Source: Kindred Healthcare, Inc.
Kindred Healthcare, Inc.
Susan E. Moss, 502-596-7296
Vice President, Marketing and Communications