Kindred Healthcare's first-quarter profits surge

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Kindred Healthcare reported a first-quarter profit of $13.8 million, compared with a $13.1 million loss a year ago. First quarter revenues rose 9% to $871 million compared with $802 million a year ago.

Each of the Louisville, KY-based company's four divisions -- hospital, nursing homes, pharmacy and rehab -- posted gains in revenue and operating income.

"We're pleased that the stabilization of our operations has allowed us to return to providing earnings guidance," said Chief Executive Paul Diaz.

The company said it expects its 2004 earnings to hit between $68 and $75 million and its revenues to reach between $3.5 billion and $3.6 billion, up from $3.3. billion last year.