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RehabCare Reports Second Quarter 2004 Diluted EPS of $0.34, Operating Revenues of $90.9 Million.

Article Excerpt
ST. LOUIS -- RehabCare Group, Inc. (NYSE:RHB) today reported financial results for the quarter and six months ended June 30, 2004. Comparative results for the quarter and six months follow.



Quarter Ended Six Months Ended Amounts in millions, June 30, June 30, except per share data 2004 2003 2004 2003 Consolidated Operating Revenues $90.9 $136.0 $195.4 $274.9 Consolidated Net Earnings 5.7 4.5 10.8(a) 8.5 Consolidated Diluted Earnings Per Share 0.34 0.27 0.64(a) 0.52 HRS Inpatient Operating Revenues 37.1 33.8 72.5 67.9 HRS Outpatient Operating Revenues 11.4 12.5 23.1 24.6 HRS Operating Revenues 48.5 46.3 95.6 92.5 HRS Operating Earnings 8.1 7.9 16.9 15.0 Contract Therapy Operating Revenues 41.0 32.9 81.8 63.8 Contract Therapy Operating Earnings 2.0 1.8 4.4 3.6 Other Revenues 1.4 - 1.4 - Other Operating Earnings 0.1 - 0.1 - Staffing Operating Revenues - 57.2(b) 16.7(b) 119.3(b) Staffing Operating Loss - (2.1) (0.1) (4.1) Equity in Net Loss of Affiliate (0.1) - (0.5) -

(a) Includes an after tax restructuring charge of $0.9 million, or $0.06 per diluted share and an after tax gain on sale of business of $0.3 million, or $0.02 per diluted share.

(b) Includes intercompany sales of $0.4 million for the three months ended June 30, 2003 and $0.1 million and $0.7 million for the six months ended June 30, 2004 and June 30, 2003, respectively, that Staffing sold to Hospital Rehabilitation Services and Contract Therapy at market rates.

John H. Short, Ph.D., president and chief executive officer, commented, "We had solid results in our second quarter 2004. We continue to see positive contributions from our new sales initiatives in both divisions; from the focus of our management team on our target markets; as well as the benefit from the sale of our staffing division. Additionally, our human resource initiatives are progressing quite well and our client retention is ahead of our expectations year-to-date."

Dr. Short continued, "During the quarter we absorbed the acquisitions completed...