Kindred's profits fall in the 2010 first quarter
Kindred Healthcare Inc.'s earnings fell by 35% in the first quarter of 2010 to about $15 million, the long-term care company reported this week.
“Our hospital and nursing center admissions growth was solid and we generally did a good job of controlling our costs,” Kindred President and CEO Paul Diaz said in a statement. “However, the softness in reimbursement rates in both of these businesses presents a challenging environment.”
Lower income from continuing operations contributed to the lower earnings. Meanwhile, revenues rose slightly compared to last year, climbing to $1.09 billion in 2010 from $1.07 billion in 2009. Nursing and rehabilitation center admissions increased by 5% in the first quarter compared to last year, according to the report. Hospital admissions climbed by 3%.