Kindred posts loss in third quarter on poor hospital results

Share this content:
Kindred Healthcare Inc. widened its loss in the third quarter to $21 million or $0.56 per share, while revenues grew by a slight 1%.

"Our consolidated third quarter results were negatively impacted by weaker than expected hospital operations," said Paul J. Diaz, president and CEO of Kindred, in a statement.

Hospital results were hampered by declines in length of stay, higher costs and the Gulf hurricanes, the company said. During the same quarter last year, Kindred lost slightly more than $9 million, or $0.23 cents per share. For the nine months ended Sept. 30, earnings have risen to $15 million, compared with a loss of $63 million for the same period last year. Revenues have fallen slightly to $3.1 billion.

In company-related news, Kindred's longtime senior vice president and chief financial officer Andy Whitehead died on Oct. 22. Whitehead, 62, had served in that position since 2001.