Two nursing home operators based in the Nashville area on Thursday afternoon reported fourth-quarter results, with both saying their numbers were worse than in late 2010.
Brookdale Senior Living said its Q4 loss came in at $14.9 million, worse than the $8.1 million loss in 2010. Revenues rose 16 percent at the Brentwood-based company, helped by a 30-basis point rise in occupancy rates, pushing operating income up 11 percent to almost $20 million. But higher amortization costs and the lack of 2010's big tax credit hurt the bottom line.
CEO Bill Sheriff said independent living sales climbed during the quarter and that prices held their ground.
"Our outlook for 2012 is one of very slow, steady economic improvement during the course of the year," said Mark Ohlendorf, co-president and CFO. "We have initiated our CFFO guidance for 2012 in the range of $2.10 to $2.20 per share. We expect that increased occupancy, modest pricing increases, the accretion from the Horizon Bay acquisition and returns from capital re-invested in our portfolio will offset an estimated $25 million aggregate of Medicare-related reimbursement rate reductions and service delivery changes."
Shares of Brookdale (Ticker: BKD) fell more than 4 percent to $18.22 in after-hours trading Thursday. They've risen about 25 percent in the past three months.
Murfreesboro-based NHC said it earned $12.4 million in the fourth quarter, down from $13.2 million the year before. Per diluted share, profits came in at 88 cents, well above analysts' estimates.
Revenues were up slightly to $193 million — a 2 percent gain in patient days offset lower per diems — and operating costs also were level from late 2010. The bottom-line difference came from a smaller non-operating profit.
Shares of NHC (Ticker: NHC) climbed more than 3 percent in regular trading Thursday to $46.61. They're up 12 percent in the past three months.