Kindred posts loss in third quarter on poor hospital results
"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.