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Select Medical Corp (1035688) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Select Medical Corp

CIK: 1035688

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

4714 Gettysburg Road

 

Mechanicsburg, PA 17055

 

 

 

NYSE Symbol: SEM

 

Select Medical Holdings Corporation Announces Results

For Its First Quarter Ended March 31, 2018

 

MECHANICSBURG, PENNSYLVANIA — May 3, 2018 — Select Medical Holdings Corporation (“Select Medical”) (NYSE: SEM) today announced results for its first quarter ended March 31, 2018.

 

For the first quarter ended March 31, 2018, net operating revenues increased 14.8% to $1,253.0 million, compared to $1,091.5 million for the same quarter, prior year. Income from operations increased 18.3% to $108.6 million for the first quarter ended March 31, 2018, compared to $91.8 million for the same quarter, prior year. Net income increased 87.5% to $44.0 million for the first quarter ended March 31, 2018, compared to $23.5 million for the same quarter, prior year. Net income for the first quarter ended March 31, 2018 included a pre-tax loss on early retirement of debt of $10.3 million. Net income for the first quarter ended March 31, 2017 included a pre-tax loss on early retirement of debt of $19.7 million. Adjusted EBITDA increased 17.5% to $163.2 million for the first quarter ended March 31, 2018, compared to $138.9 million for the same quarter, prior year. Income per common share increased to $0.25 on a fully diluted basis for the first quarter ended March 31, 2018, compared to $0.12 for the same quarter, prior year. Adjusted income per common share was $0.29 per diluted share for the first quarter ended March 31, 2018, compared to $0.21 for the same quarter, prior year. Adjusted income per common share excludes the loss on early retirement of debt and U.S. HealthWorks acquisition costs and their related tax effects for the first quarter ended March 31, 2018. Adjusted income per common share excludes the loss on early retirement of debt and its related tax effects for the first quarter ended March 31, 2017. The definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are presented in table V of this release. A reconciliation of income per common share to adjusted income per common share is presented in table VI of this release.

 

Company Overview

 

Select Medical began operations in 1997 and has grown to be one of the largest operators of long term acute care hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States based on the number of facilities.  As of March 31, 2018, Select Medical operated 99 long term acute care hospitals in 27 states, 24 rehabilitation hospitals in 10 states, and 1,617 outpatient rehabilitation clinics in 37 states and the District of Columbia. Select Medical’s joint venture subsidiary Concentra operated 531 occupational health centers in 41 states. Concentra also provides contract services at employer worksites and Department of Veterans Affairs community-based outpatient clinics. At March 31, 2018, Select Medical had operations in 47 states and the District of Columbia. Information about Select Medical is available at www.selectmedical.com.

 


The following information was filed by Select Medical Corp on Thursday, May 3, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Equity And Income
Condensed Consolidated Statements Of Operations
Accounting Policies
Accounting Policies (details)
Accounting Policies (policies)
Accounting Policies (tables)
Acquisitions
Acquisitions (tables)
Acquisitions - Narrative (details)
Acquisitions - Proforma Results And Other Acquisitions (details)
Basis Of Presentation
Commitments And Contingencies
Commitments And Contingencies - Litigation (details)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (details)
Condensed Consolidating Financial Information (tables)
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (details)
Condensed Consolidating Financial Information - Condensed Consolidating Statement Of Cash Flows (details)
Condensed Consolidating Financial Information - Condensed Consolidating Statement Of Operations (details)
Income Per Common Share
Income Per Common Share (details)
Income Per Common Share (tables)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Intangible Assets
Intangible Assets (tables)
Intangible Assets - Carrying Amount Of Goodwill (details)
Intangible Assets - Carrying Value And Amortization Of Identifiable Intangible Assets And Liabilities (details)
Long-term Debt And Notes Payable
Long-term Debt And Notes Payable (tables)
Long-term Debt And Notes Payable - Components Of Long-term Debt And Notes Payable (details)
Long-term Debt And Notes Payable - Concentra Credit Facilities (details)
Long-term Debt And Notes Payable - Fair Value (details)
Long-term Debt And Notes Payable - Loss On Early Retirement Of Debt (details)
Long-term Debt And Notes Payable - Principal Maturities Of Long-term Debt (details)
Long-term Debt And Notes Payable - Select Credit Facilities (details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (details)
Revenue From Contracts With Customers (tables)
Segment Information
Segment Information (tables)
Segment Information - Reconciliation Of Adjusted Ebitda To Income Before Taxes (details)
Segment Information - Selected Financial Data (details)

Material Contracts, Statements, Certifications & more

Select Medical Corp provided additional information to their SEC Filing as exhibits

CIK: 1035688
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-18-005847
Submitted to the SEC: Thu May 03 2018 4:34:54 PM EST
Accepted by the SEC: Thu May 03 2018
Period: Saturday, March 31, 2018
Industry: Specialty Outpatient Facilities

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