$KND (Kindred Healthcare Inc.)

$KND {{ '2016-04-04T12:30:25+0000' | timeago}} • Announcement

Healthcare services company $KND said that it has agreed to sell 12 long-term acute care hospitals to Curahealth, LLC for $27.5MM. The company expects to close the transaction in 3Q16, subject to customary closing conditions. $KND expects to realize cash proceeds upon closing the transaction with Curahealth of approx. $21MM.

$KND {{ '2017-10-02T12:58:22+0000' | timeago}} • Announcement

$KND completed an additional transaction closing related to its previously announced agreement with BM Eagle Holdings, a joint venture led by affiliates of BlueMountain Capital Management, to sell the company’s skilled nursing facility business for $700MM in cash. Sale proceeds from the closing were about $108MM.

$KND {{ '2017-09-20T20:58:31+0000' | timeago}} • Announcement

$KND expects a one-time pretax earnings impact from Hurricanes Irma and Harvey of approx. $20MM in aggregate for 3Q17. The company does not expect any significant impact on its financial results in 4Q17 or beyond. In total, the businesses in the storm-affected areas represent approx. 16% of aggregated consolidated revenues.

$KND {{ '2017-08-01T21:14:25+0000' | timeago}} • Announcement

$KND announced plans to convert Kindred Hospital Indianapolis South, an existing 60-bed long-term acute care hospital, into a 40-bed inpatient rehabilitation hospital in partnership with Community Health Network. The inpatient rehabilitation hospital is expected to open in 1Q18, subject to approvals.

$GEN {{ '2017-02-01T14:20:11+0000' | timeago}} • Announcement

$GEN and $KND announced a strategic clinical collaboration to improve quality, outcomes and care transitions across the post-acute continuum. Both companies will look to leverage the others’ capabilities as needed.

$KND {{ '2017-01-10T12:11:48+0000' | timeago}} • Announcement

$KND, which entered with four new partnerships with leading health systems in the U.S., said that three (Iowa, New Jersey and Washington) of the four partnership hospitals are scheduled to open in 2018. The California facility is expected to open in 2019.

$KND {{ '2016-12-19T13:44:09+0000' | timeago}} • Announcement

Healthcare services company $KND and Atlantic Health System agreed on a joint venture to construct and operate a 38-bed inpatient rehabilitation hospital in northern New Jersey. Both companies expect the rehabilitation facility to open by 4Q18.

$KND {{ '2016-11-14T13:26:28+0000' | timeago}} • Announcement

$KND said it will continue to operate $VTR properties as it works to sell them to new owners/operators and they will remain leased under current master lease agreements until $KND exercises its purchase option or April 30, 2018, whichever comes first. The lease for any remaining $VTR properties will be automatically renewed through April 30, 2025.

$KND {{ '2016-11-14T13:23:05+0000' | timeago}} • Announcement

$KND entered into agreements with $VTR to facilitate the company's previously announced plan to exit the skilled nursing facility business. $KND has initiated a process to sell all of its owned and leased nursing centers, which includes all 36 skilled nursing facilities currently leased from $VTR.

$KND {{ '2016-11-08T19:04:54+0000' | timeago}} • Webcast

$KND expects its current composition of businesses to generate about $300MM of annual operating cash flow and roughly half that amount in free cash flow. The company expects cash taxes to be less than 10% of book taxes well into 2018 and beyond, providing significant incremental cash flow each year until the net operating losses are fully utilized.

$KND {{ '2016-11-08T18:56:49+0000' | timeago}} • Webcast

$KND's GAAP cash flow from operations for 3Q16 was $36MM, down from $132MM in the prior year. Core operating cash flow was $30MM, down from $128MM last year. Routine CapEx in 3Q16 was $22MM. For full year 2016, the company now expects CapEx outflows to approximate $90-100MM, up $15MM at the midpoint from an estimate earlier this year of $100-120MM.

$KND {{ '2016-11-08T18:49:53+0000' | timeago}} • Webcast

For 3Q16, $KND's rent was $98MM, down from $100MM sequentially. For the full year 2016, rents should be roughly $390MM or about $94MM for 4Q16, which is a bit better than prior expectations and reflects the impact of all the recent changes to the long-term acute care hospital portfolio.

$KND {{ '2016-11-08T18:38:19+0000' | timeago}} • Webcast

$KND's exposure to the challenges facing the skilled nursing center industry are expected to amount to $40-50MM worse than its initial 2016 guidance. The company's decision to reduce guidance for the rest of 2016, exit the nursing center facility business in its entirety and substantially reduce overhead are directly related to these challenges.

$KND {{ '2016-11-08T11:56:06+0000' | timeago}} • Announcement

For 2016, $KND expects annual revenues of about $7.2Bil, below its prior outlook of $7.2-7.3Bil. The company also cut its expectations for core EPS from continuing operations to a range of $0.70-0.80 from the prior estimate of $0.80-1.00.

$KND {{ '2016-11-08T11:53:00+0000' | timeago}} • Announcement

$KND, which is in a restructuring mode, said it plans to exit its Skilled Nursing Facility Business. This decision will reduce annual rent obligations by approx. $90MM and annual capital expenditures by about $30MM. The company will also optimize its overhead structure by eliminating approx. $70-$100MM of divisional and corporate overhead.

$KND {{ '2016-11-08T11:49:38+0000' | timeago}} • Announcement

Healthcare company $KND reported a wider quarterly loss, hurt by charges. The company posted 3Q16 loss from continuing operations of $7.89 per share as compared to loss per share of $0.17 a year ago, hurt by after-tax costs of $689.9MM or $7.94 per diluted share of charges related to impairments and restructuring.

$KND {{ '2016-11-04T15:10:51+0000' | timeago}} • Announcement

$KND appointed Lynn Simon to its BoD, effective immediately. Simon is responsible for all aspects of clinical operations, including patient safety and quality, clinical service lines, nursing and case management.

$KND {{ '2016-10-03T22:32:53+0000' | timeago}} • Announcement

$KND expects to report pretax charges of about $54MM related to the Ventas lease amendments and about $45-55MM related to the Curahealth transaction within FY16, of which approx. $8MM was recorded during the six months ended June 30, 2016.

$KND {{ '2016-10-03T22:32:19+0000' | timeago}} • Announcement

$KND amended various master lease agreements with Ventas, Inc. in April 2016 in connection with the Curahealth transaction. The deals with Curahealth and Ventas are expected to generate future cash income tax benefits of approx. $37MM for $KND.

$KND {{ '2016-10-03T22:31:44+0000' | timeago}} • Announcement

For FY16, $KND expects the long term acute care hospitals sold to Curahealth will generate combined revenues of approx. $215MM and EBITDA at approx. breakeven. The hospitals have $14MM of annual aggregate rent expense.

$KND {{ '2016-10-03T22:30:58+0000' | timeago}} • Announcement

$KND sold 12 long-term acute care hospitals for $27.5MM to a group of entities operating under the name Curahealth, which are affiliates of a private investment fund sponsored by Nautic Partners, LLC. $KND realized about $21MM of cash proceeds from this sale with the remainder of the purchase price to be paid upon satisfaction of other conditions.

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