Higher sales spur rebound for Kindred Healthcare
An 11% sales increase helped drive up fourth-quarter profits for nursing home operator Kindred Healthcare Inc. That compares to a loss for the same period a year ago.
The company said it earned $19 million for the quarter ended Dec. 31 compared to a loss of $30 million last year. Revenues totaled $903 million compared to $816 million a year ago. About $43 million in losses last year were linked to discontinued businesses.
The company also said its pharmacy subsidiary KPS signed an agreement to acquire the assets of Skilled Care Pharmacy. Terms of the transaction were not disclosed.
For the year, earnings totaled $71 million on sales of $3.5 billion. Last year the company lost $75 million for the year on sales of $3.2 billion. It reiterated that it expects 2005 sales to approximate $3.8 billion. Operating income for 2005 could range from $535 to $545 million.