PR Newswire
MECHANICSBURG, Pa., Feb. 17, 2016
MECHANICSBURG, Pa., Feb. 17, 2016 /PRNewswire/ -- In connection with discussions with its senior lenders regarding a proposed senior secured incremental term facility under its existing credit facility, Select Medical Holdings Corporation ("Select Medical") (NYSE: SEM), today announced an estimate of certain results for its fourth quarter and year ended December 31, 2015 in advance of the announcement of actual results, which is expected to occur after market close on February 25, 2016.
Select Medical expects its net operating revenue for the fourth quarter to be approximately $1,039 million. Select Medical expects its net income before interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, Concentra acquisition costs, equity in earnings (losses) of unconsolidated subsidiaries, and gain on sale of equity investment ("Adjusted EBITDA") for the fourth quarter to be approximately $101 million. Select Medical expects its income per common share for the fourth quarter to be approximately $0.22 on a fully diluted basis. Select Medical expects its net operating revenue for the full year to be approximately $3,743 million. Select Medical expects its Adjusted EBITDA for the full year be approximately $399 million. Select Medical expects its income per common share for the full year to be approximately $0.99 on a fully diluted basis. As of December 31, 2015, Select Medical expects approximately $14.4 million of cash and $2,424 million of indebtedness on its Balance Sheet. The above expectations regarding Select Medical's results for the fourth quarter and full year are preliminary management estimates and projections based on currently available information, and are subject to change upon completion of Select Medical's financial statement closing process and audit of full year results.
Business Outlook
Select Medical reaffirms the guidance it provided in its January 11, 2016 press release. Select Medical expects consolidated net operating revenues for the full year 2016 to be in the range of $4.0 billion to $4.2 billion. Select Medical expects Adjusted EBITDA for the full year 2016 to be in the range of $470 million to $510 million. Select Medical expects fully diluted income per common share for the full year 2016 to be in the range of $0.72 to $0.91. Select Medical assumed a 40.0% effective tax rate when preparing the above business outlook for 2016. The business outlook does not take into consideration the pending acquisition of Physiotherapy Associates Holdings, Inc. previously announced on January 25, 2016.
Conference Call
Select Medical will host a conference call regarding its fourth quarter and full year results and its business outlook on Friday, February 26, 2016, at 9:00am EST. The domestic dial-in number for the call is 1-877-703-6105. The international dial-in number is 1-857-244-7304. The passcode for the call is 67220955. The conference call will be webcast simultaneously and can be accessed at Select Medical Holdings Corporation's website, www.selectmedicalholdings.com.
For those unable to participate in the conference call, a replay will be available until 11:59pm EST, March 4, 2016. The replay number is 1-888-286-8010 (domestic) or 1-617-801-6888 (international). The passcode for the replay will be 63449153. The replay can also be accessed at Select Medical Holdings Corporation's website, www.selectmedicalholdings.com.
Select Medical began operations in 1997 and has grown to be one of the largest operators of specialty hospitals and outpatient rehabilitation clinics in the United States based on number of facilities. As of December 31, 2015, Select Medical operated 109 long term acute care hospitals and 18 acute medical rehabilitation hospitals in 28 states, and 1,038 outpatient rehabilitation clinics in 31 states and the District of Columbia. Select Medical's subsidiary, Concentra, provides occupational health, consumer health, physical therapy, and veteran's healthcare services throughout the United States. As of December 31, 2015, Concentra operated 300 centers in 38 states. Concentra also provides contract services at employer worksites and Department of Veterans Affairs community-based outpatient clinics. Select's contract therapy business provides medical rehabilitation services on a contracted basis to nursing homes, hospitals, assisted living and senior care centers, schools, and work sites. As of December 31, 2015, Select Medical had operations in 46 states and the District of Columbia. Information about Select Medical is available at www.selectmedical.com.
Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following:
Investor inquiries:
Joel T. Veit
Senior Vice President and Treasurer
717-972-1100
[email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/select-medical-holdings-corporation-announces-estimate-of-results-for-fourth-quarter-and-year-ended-december-31-2015-in-connection-with-financing-discussions-300221716.html
SOURCE Select Medical Holdings Corporation
We use cookies to tailor your experience, measure site performance and present relevant offers and advertisements. By clicking ‘Accept’ or any content on this site, you agree that cookies can be placed on your browser. You can view our privacy policy to learn more.
If you would like to get more data, alerts and access to Real Vision videos, join us as an Insider Tracking Advantage Ultra member