Kindred earnings rise 30% in fourth quarter

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Despite the general economic gloom at the end of 2008, Kindred Healthcare Inc. ended the year strong. Net income rose by 30% in the fourth quarter compared with the same quarter a year earlier.

Profits rose to $21.2 million in the fourth quarter, up from $16.3 million in 2007. Consolidated revenues also increased by 5% to a total of $1.1 billion, according to the company's quarterly report issued Friday. Diluted earnings per share were $0.56, compared with $0.51 the year before.
 
"The quarter was highlighted by a strong rebound in our hospital business and the significant strengthening of our financial position as we move into 2009," Kindred CEO Paul Diaz said in a statement. "Our nursing centers continued to report stable operating results despite some softness in our
Medicare volumes."
 
In light of the good financial news, Kindred Healthcare adjusted its 2009 earnings per share range forecast to $1.35 to $1.45, up from $1.30 to $1.45.