Attached files
| file | filename |
|---|---|
| 8-K - 8-K - KINDRED HEALTHCARE, INC | d819568d8k.htm |
| EX-2.1 - EX-2.1 - KINDRED HEALTHCARE, INC | d819568dex21.htm |
| EX-99.1 - EX-99.1 - KINDRED HEALTHCARE, INC | d819568dex991.htm |
 November 2014
Kindred, Centerre and RehabCare
Creating the Nation’s Premier
Inpatient Rehabilitation Provider
Exhibit 99.2 |
 2
Forward Looking Statements
Certain
statements
contained
herein
contain
forward-looking
statements
within
the
meaning
of
Section
27A
of
the
Securities
Act
of
1933,
as
amended,
and
Section
21E
of
the
Securities
Exchange
Act
of
1934,
as
amended
(the
“Exchange
Act”).
These
forward-looking
statements
include,
but
are
not
limited
to,
statements
regarding
the
Company’s
expected
future
financial
position,
results
of
operations,
cash
flows,
dividends,
financing
plans,
business
strategy,
budgets,
capital
expenditures,
competitive
positions,
growth
opportunities,
plans
and
objectives
of
management,
and
statements
containing
the
words
such
as
“anticipate,”
“approximate,”
“believe,”
“plan,”
“estimate,”
“expect,”
“project,”
“could,”
“would,”
“should,”
“will,”
“intend,”
“may,”
“potential,”
“upside,”
and
other
similar
expressions.
Statements
contained
herein
concerning
the
business
outlook
or
future
economic
performance,
anticipated
profitability,
revenues,
expenses,
dividends
or
other
financial
items,
and
product
or
services
line
growth
of
the
Company,
together
with
other
statements
that
are
not
historical
facts,
are
forward-looking
statements
that
are
estimates
reflecting
the
best
judgment
of
the
Company
based
upon
currently
available
information.
Such
forward-looking
statement
are
inherently
uncertain,
and
stockholders
and
other
potential
investors
must
recognize
that
actual
results
may
differ
materially
from
the
Company’s
expectations
as
a
result
of
a
variety
of
factors,
including,
without
limitation,
those
discussed
below.
Such
forward-looking
statements
are
based
upon
management’s
current
expectations
and
include
known
and
unknown
risks,
uncertainties
and
other
factors,
many
of
which
the
Company
is
unable
to
predict
or
control,
that
may
cause
the
Company’s
actual
results,
performance
or
plans
with
respect
to
Centerre
Healthcare
Corporation
(“Centerre”)
to
differ
materially
from
any
future
results,
performance
or
plans
expressed
or
implied
by
such
forward-looking
statements.
These
statements
involve
risks,
uncertainties
and
other
factors
discussed
below
and
detailed
from
time
to
time
in
the
Company’s
filings
with
the
Securities
and
Exchange
Commission.
Risks
and
uncertainties
related
to
the
Company’s
proposed
acquisition
of
Centerre
include,
but
are
not
limited
to,
the
risk
that
Centerre’s
stockholders
do
not
approve
the
acquisition,
potential
adverse
reactions
or
changes
to
business
relationships
resulting
from
the
announcement
or
completion
of
the
acquisition,
expiration
of
the
waiting
period
under
the
Hart-Scott-Rodino
Antitrust
Improvements
Act
of
1976,
as
amended,
uncertainties
as
to
the
timing
of
the
acquisition,
adverse
effects
on
the
Company’s
stock
price
resulting
from
the
announcement
or
completion
of
the
acquisition,
competitive
responses
to
the
announcement
or
completion
of
the
acquisition,
the
risk
that
healthcare
regulatory,
licensure
or
other
approvals
and
financing
required
for
the
consummation
of
the
acquisition
are
not
obtained
or
are
obtained
subject
to
terms
and
conditions
that
are
not
anticipated,
costs
and
difficulties
related
to
the
integration
of
Centerre’s
businesses
and
operations
with
the
Company’s
businesses
and
operations,
the
inability
to
obtain,
or
delays
in
obtaining,
cost
savings
and
synergies
from
the
acquisition,
uncertainties
as
to
whether
the
completion
of
the
acquisition
or
any
transaction
will
have
the
accretive
effect
on
the
Company’s
earnings
or
cash
flows
that
it
expects,
unexpected
costs,
liabilities,
charges
or
expenses
resulting
from
the
acquisition,
litigation
relating
to
the
acquisition,
the
inability
to
retain
key
personnel,
and
any
changes
in
general
economic
and/or
industry-specific
conditions.
In
addition
to
the
factors
set
forth
above,
other
factors
that
may
affect
the
Company’s
plans,
results
or
stock
price
are
set
forth
in
the
Company’s
Annual
Report
on
Form
10-K
and
its
reports
on
Forms
10-Q
and
8-K.
Many
of
these
factors
are
beyond
the
Company’s
control.
The
Company
cautions
investors
that
any
forward-looking
statements
made
by
the
Company
are
not
guarantees
of
future
performance.
The
Company
disclaims
any
obligation
to
update
any
such
factors
or
to
announce
publicly
the
results
of
any
revisions
to
any
of
the
forward-looking
statements
to
reflect
future
events
or
developments.
Kindred
has
provided
information
in
this
presentation
to
compute
certain
non-GAAP
measurements
for
specified
periods.
A
reconciliation
of
the
non-GAAP
measurements
to
the
GAAP
measurements
is
included
in
this
presentation
and
on
Kindred’s
website
at
www.kindredhealthcare.com
under
the
heading
“investors.” |
 Kindred Hospital
Rehabilitation Services 3
***
***
***
***
***
***
***
***
***
* |
 •
Expertise in the
management of
Acute
Rehabilitation
Units
(1)
•
Large national
footprint
•
Combination of
experience in
both wholly-
owned
freestanding and
Joint Venture
Rehabilitation
Hospitals
•
Integrated post-
acute experience
•
Strong platform
for Joint Venture
Inpatient
Rehabilitation
partnerships
with large
hospital systems
•
Exceptional
clinical outcomes
•
Alignment and
complement
with Kindred’s
Integrated Care
Markets
4
Kindred Hospital Rehabilitation Services:
Combining our Strengths
(1) An acute rehabilitation unit (“ARU”) is certified as an inpatient rehabilitation
facility (“IRF”) as it provides acute rehabilitation in a hospital-based setting. |
 118
(excludes 2 in development)
103
19
18
14
13
0
20
40
60
80
100
120
140
1
2
3
4
5
6
($ in millions)
RehabCare HRS
Kindred IRFs
Centerre IRFs
Pro Forma
States
36
2
8
36
ARU/IRF Locations
102
5
11
118
Other Locations
(2)
266
-
-
266
Total Locations
368
5
11
384
Employees
3,900
700
1,600
6,200
Revenue
$299
(3)
$80
(3)
$199
(4)
$578
EBITDAR
$78
(3)
$21
(3)
$48
(4)
$147
Benchmarking Peers: Ranks by Sites of Service
(1)
5
Combination of Kindred & Centerre Creates One of the
Nation’s Largest Inpatient Rehabilitation Providers
(1)
Pro Forma
(5)
(1)
MedPar and RehabCare Database; only IRF/ARU sites of service included.
(2)
RehabCare HRS other locations contains LTAC/Outpatient/Medical-Surgical sites of service
combined, affiliated and non-affiliated. (3)
Based on Kindred RehabCare HRS or IRF revenue and earnings before interest, income taxes,
depreciation, amortization and rent (“EBITDAR”) annualized based on the nine months ended September 30, 2014.
(4)
Estimated 2014 revenue and EBITDAR, prior to deducting $14 million of minority interest expense
for interest owned by Centerre’s hospital partners, see GAAP reconciliation in appendix.
(5)
Includes Kindred ARUs, IRFs and Centerre’s 11 operating IRFs at September 30, 2014.
|
 6
Kindred’s Inpatient Rehabilitation Presence
Centerre Freestanding Inpatient Rehabilitation Hospitals (“IRFs”) –
Open (11)
Centerre Freestanding Inpatient Rehabilitation Hospitals –
In Development (2)
Kindred/Rehabcare Managed Acute Rehabilitation Units (“ARUs”) (102)
Kindred Freestanding Inpatient Rehabilitation Hospitals (5)
Kindred Targeted Integrated Care Markets
As of September 30, 2014 |
 7
Kindred Hospital Rehabilitation Services (“HRS”)
•
Freestanding
Inpatient
Rehabilitation
Hospital
Management:
Both
JV
and
Kindred
owned
models
•
Joint
Venture
Facility
Design
and
Development:
From
market
identification
to
grand
opening
•
Inpatient
Rehabilitation
Unit
Management:
Distinct
Part
Unit
model
with
acute
care
partners
•
Outpatient
Rehabilitation
Management:
Hospital
based
and
“satellite”
clinic
operations
•
Rehabilitation
Department
Management:
Providing
staffing
and
program
management
for
acute
care
hospitals,
LTACs,
and
IRFs
•
Denials
Management:
Managing
insurance
denials
Our Hospital Rehabilitation Services |
 (1)
Estimated 2014 revenue and EBITDAR, prior to deducting $14 million of minority interest
expense for interest owned by Centerre’s hospital partners, see GAAP
reconciliation in appendix. Purchase Price
•
$195 million
Locations
•
11 operating IRF locations with 9 acute care joint venture partners
•
2 locations under development
•
6 operating locations in Kindred Integrated Care Markets
Financial Profile
•
Estimated 2014 revenues of approximately $200 million and
EBITDAR
(1)
of $48 million that enhances Kindred’s Revenue and
Margin Growth Profile
Accretion
•
Accretive to Kindred’s Earnings and Operating Cash Flows exclusive
of transaction costs
Expected Closing
•
Q1 2015; subject to required consents and approvals
8
Acquisition of Centerre Healthcare
Transaction Summary
3 opened in 2014 and 2 opened in 2013 |
 9
25.6
26.0
26.4
26.3
30.6
32.6
32.2
35.2
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
2013
2014
Kindred and Centerre Outperform National Benchmarks
on Quality and Clinical Outcomes
•
FIM
®
Gain measures functional improvement during Inpatient Rehabilitation stay
•
Discharge to Community rate reflects the return to prior level of care at
discharge Functional Improvement Measurement (“FIM®”)
(1)
Gain
Discharge to Community
(1)
FIM®
instrument is a trademark of Uniform Data System for Medical Rehabilitation (UDSMR), a division
of UB Foundation Activities, Inc. (2)
Source: eRehab, an industry reporting agency that gathers data from approximately 200 IRFs/ARUs
nationwide. (3)
Annualized based upon data for the six months ended June 30, 2014.
(3)
(3)
Industry Average
(2)
RehabCare ARUs
Kindred IRFs
Centerre
74.0%
73.0%
75.9%
75.4%
68.5%
67.8%
75.6%
76.1%
0.0%
20.0%
40.0%
60.0%
80.0%
2013
2014 |
 -5%
0%
5%
10%
15%
20%
2013
Q1 2014
Q2 2014
UDS Industry
Centerre
Kindred IRFs
RehabCare ARUs
0
10,000
20,000
30,000
40,000
50,000
60,000
(1)
Data provided by UDSMR, a data gathering and alaysis organization for the rehabilitation
industry; represents approximately 70% of the industry. (2)
Annualized based upon data for the six months ended June 30, 2014.
10
56,276
Kindred and Centerre
Strong Organic Discharge Volume Growth
•
Significantly
outperforming
the
national
average
on
a
same-store
growth
basis
•
Combined
Hospital
Rehabilitation
structure
will
touch
~
56,000
patient
lives
Same-Store Discharge Growth
Total Discharges
50,942
(1)
53,800
42,221
42,712
42,428
3,337
3,866
4,348
5,384
7,222
9,500
2012
2013
2014
(2)
Centerre Kindred
IRFs RehabCare ARUs |
 Total Net
Revenue ($ in millions)
11
Our Combined Track Record:
Combined Revenue and EBITDAR
Since 2012, our combined net revenue and EBITDAR have increased by a compounded
annual growth rate of 12% and 20%, respectively. We anticipate strong future growth due
to a robust pipeline of new development projects.
Kindred -
IRFs
Centerre -
IRFs
Kindred -
HRS
$0
$100
$200
$300
$400
$500
$600
2012
(1)
2013
(1)
2014
(2)
$460
$497
$578
$0
$20
$40
$60
$80
$100
$120
$140
$160
2012
(1)
2013
(1)
2014
(2)
$103
$121
$147
(1)
See reconciliation in the appendix.
(2)
Kindred IRF and Rehabcare HRS revenue and EBITDAR annualized based upon the nine months ended
September 30, 2014, see reconciliation in the appendix. Centerre revenue and EBITDAR is
presented on a fully consolidated basis and is an estimate for the full year 2014. Total
EBITDAR ($ in millions) |
 12
Favorable
Market
Dynamics
Clinical
Excellence
Financial
Strength
Industry
Presence
Growth
Opportunities
Combination of Kindred and Centerre Creates a Platform for
Significant Organic and de novo Development Growth
•
Current target demographic is growing
•
Neurorehabilitation population expected to nearly double over next 15 years
(1)
•
Highly fragmented IRF industry
•
#1
(2)
in IRF sites of service with strong same-store and margin growth
•
Broad array of hospital-based rehabilitation services
•
Over 250 distinct acute hospital relationships
•
Continued improvement in patient outcomes outpacing industry average
•
Focus on getting patients home safely and quickly
•
Low hospital readmission rates
•
Diversified revenue mix
•
Attractive operating margins
•
Inpatient
Rehabilitation
segment
offers
high
returns
on
invested
capital
•
Ability to broaden rehabilitation service offerings (including outpatient
services) within current hospital partnerships
•
Provides bridge to other Kindred post-acute offerings to hospital systems
•
Strong pipeline of potential development projects
(1)
Annualized hospitalizations per CMS, MedPar 2012.
(2)
Based on IRF locations as of September 30, 2014. |
 Appendix
- Inpatient Rehabilitation
Industry Overview
13
***
***
***
***
***
***
***
*** |
 Inpatient
Rehabilitation Facility (“IRF ”
) Industry
0
200
400
600
800
1,000
1,200
1,400
Total Inpatient
Rehab Facilities
Free-
Standing
Rehab
Hospitals
Hospital
Rehab
Units
14
•
Average length of stay = 12.9 days
•
Discharge to community = 69.9%
•
All patients must be seen by a
rehabilitation physician at least three
times weekly.
•
Rehab hospitals required to provide 24
hours, 7 days per week nursing care.
•
Each patient must tolerate rehabilitation
3 hours per day or 15 hours per week (7
consecutive days).
•
Inpatient Rehabilitation Facilities must
follow strict admission/coverage policies
set forth by CMS.
Inpatient Rehabilitation Features
(2)
:
(n = 1,142 IRFs)
245
897
(1)
(1)
United States Government Federal Register as of August 6, 2014.
(2)
MedPAC, report to Congress: Medicare Payment Policy, March 2014.
|
 15
Stroke
Brain Injury
Amputation
Spinal Cord
Hip Fracture (Fracture of the femur)
Neurological Disorder
Multiple Trauma
Congenital Deformity
Burns
Osteoarthritis
Rheumatoid Arthritis
Systemic Vasculidities with Joint Inflammation
Joint Replacement
•
Bilateral
•
Age >
85
•
Body mass index > 50
Qualifying IRF Conditions: “CMS 13”
1
IRFs must adhere to strict
admission/coverage policies set
forth by CMS:
•
Facility must exceed 60% of patients
classified under the 13 qualifying
conditions in a cost report year
(“60% rule”)
•
All patients must be admitted by a
rehabilitation physician
•
Rehab physician must re-confirm
each admission within 24 hours of
admit
•
Physician must carefully document
medical necessity for each patient
2
3
4
5
6
7
8
9
10
11
12
13 |
 16
Inpatient Rehabilitation as Part of Overall
Medicare Spending
Medicare Part C
Medicare Part D
Medicare Parts A&B
Medicare Part B
Medicare Part A
Sources: Center of Medicare & Medicaid Services, Medicare
Trustee’s Report July 2014; MedPAC Databook to Congress, Medicare Program, June 2014
Medicare spending
for Inpatient
Rehabilitation
Hospitals amounted
to $7 billion, or
roughly 1% of the
$580 billion
of total
spending in 2013
($ in billions) |
 17
60% Rule Overview
1983
2002
2004
2007
1983:
Rule established,
Requires at least 75% of
patients have one of 10
qualifying conditions to be
recognized and receive
reimbursement above the
inpatient prospective
payment system.
2002:
IRF reimbursement
transitions to the inpatient
prospective payment
system;
CMS places moratorium on
enforcement of 75% Rule.
2004:
75% Rule
moratorium ended,
changed list to 13 more
narrow qualifying
conditions, phase in of
revised 75% Rule.
2007:
75% Rule reduced to
60% Rule through
Medicare, Medicaid &
SCHIP Extension Act of
2007. Requires at least
60% of patients have one
of 13 possible qualifying
conditions.
Established
Implementd
Updated
60%
Rule:
At
least
60%
of
all
patients
admitted
to
an
Inpatient
Rehabilitation
Facility
must
have
1+
medical
diagnoses
/
functional
impairments
from
a
list
of
13
possible
compliant
conditions
from
the
Centers
for
Medicare
&
Medicaid
Services
(“CMS-13”). |
 18
Post-Acute Lines of Business: Comparison
Post Acute Line of Business
% of Acute Care
Discharges
% of Patients
Expired
% Rehospitalized to
Acute Care
Inpatient Rehabilitation
3%
< 1%
9%
Skilled Nursing
17%
5%
22%
Home Health
16%
1%
18%
Long Term Acute Care
1%
16%
10%
Hospice
2%
82%
5%
Source:
MedPAC Data Book, Healthcare Spending and the Medicare program, June 2008
1
Excluding hospice
Inpatient
Rehabilitation
has
the
lowest
percentage
of
patients
re-admitted
to
acute
care
1
,
as
well
as
the
lowest
percentage
of
patient
mortality |
 Appendix
Reconciliation
19
*
*
*
*
*
*
*
* |
 Explanation of
Non-GAAP Measures 20
In
addition
to
the
results
provided
in
accordance
with
GAAP,
Kindred
Healthcare,
Inc.
(the
"Company")
has
provided
information
in
this
presentation
to
compute
certain
non-GAAP
measurements
for
the
nine
months
ended
September
30,
2014
and
the
twelve
months
ended
December
31,
2013
and
2012.
A
reconciliation
of
the
non-GAAP
measurements
to
the
GAAP
measurements
is
included
in
this
presentation.
The
Company's
earnings
presentation
also
includes
financial
measures
referred
to
as
operating
income,
or
EBITDAR,
and
earnings
before
interest,
income
taxes,
depreciation
and
amortization
("EBITDA").
The
Company's
management
uses
EBITDAR
or
EBITDA
as
meaningful
measures
of
operational
performance
in
addition
to
other
measures.
The
Company
uses
EBITDAR
or
EBITDA
to
assess
the
relative
performance
of
its
operating
divisions
as
well
as
the
employees
that
operate
these
businesses.
In
addition,
the
Company
believes
these
measurements
are
important
because
securities
analysts
and
investors
use
these
measurements
to
compare
the
Company's
performance
to
other
companies
in
the
healthcare
industry.
The
Company
believes
that
income
(loss)
from
continuing
operations
is
the
most
comparable
GAAP
measure.
Readers
of
the
Company's
financial
information
should
consider
income
(loss)
from
continuing
operations
as
an
important
measure
of
the
Company's
financial
performance
because
it
provides
the
most
complete
measure
of
its
performance.
EBITDAR
or
EBITDA
should
be
considered
in
addition
to,
not
as
a
substitute
for,
or
superior
to,
financial
measures
based
upon
GAAP
as
an
indicator
of
operating
performance.
A
reconciliation
of
EBITDAR
or
EBITDA
to
income
(loss)
from
continuing
operations
is
included
in
this
presentation.
The
pro
forma
EBITDAR
total
of
$147
million
included
in
this
presentation
was
computed
by
combining
Kindred’s
HRS
and
inpatient
rehabilitation
hospital
results
for
the
nine
months
ended
September
30,
2014
on
an
annualized
basis
and
the
2014
EBITDAR
estimate
of
$48
million
for
Centerre,
which
is
based
upon
Centerre’s
2014
estimated
operating
results. |
 21
Reconciliation of Non-GAAP Measures
($ in Thousands)
2014 Quarters
Nine months ended
Annualized
2012
2013
First
Second
Third
Sept. 30, 2014
Sept. 30, 2014
Revenues:
Transitional care hospitals
2,486,625
$
2,396,382
$
626,294
$
611,458
$
590,132
$
1,827,884
$
2,437,179
$
Inpatient rehabilitation hosptials
57,204
69,178
20,164
20,698
19,320
60,182
80,243
Hospital division
2,543,829
2,465,560
646,458
632,156
609,452
1,888,066
2,517,421
Nursing center division
1,071,512
1,070,828
277,902
280,255
279,561
837,718
1,116,957
Rehabilitation division:
Skilled nursing rehabilitation services
1,007,335
997,007
254,255
253,989
247,042
755,286
1,007,048
Hospital rehabilitation services
293,580
286,613
73,964
75,324
74,808
224,096
298,795
1,300,915
1,283,620
328,219
329,313
321,850
979,382
1,305,843
Care management division
143,340
224,927
87,704
87,986
86,186
261,876
349,168
5,059,596
5,044,935
1,340,283
1,329,710
1,297,049
3,967,042
5,289,389
Eliminations:
Skilled nursing rehabilitation services
(106,020)
(113,625)
(29,646)
(30,031)
(30,788)
(90,465)
(120,620)
Hospital rehabilitation services
(94,056)
(91,475)
(23,233)
(22,855)
(22,172)
(68,260)
(91,013)
Nursing centers
(3,378)
(4,250)
(662)
(860)
(776)
(2,298)
(3,064)
(203,454)
(209,350)
(53,541)
(53,746)
(53,736)
(161,023)
(214,697)
4,856,142
$
4,835,585
$
1,286,742
$
1,275,964
$
1,243,313
$
3,806,019
$
5,074,692
$
-
-
-
Income (loss) from continuing operations:
Operating income (loss):
Transitional care hospitals
546,967
$
500,872
$
139,505
$
127,391
$
116,986
$
383,882
$
511,843
$
Inpatient rehabilitation hosptials
8,366
15,258
5,890
5,487
4,758
16,135
21,513
Hospital division
555,333
516,130
145,395
132,878
121,744
400,017
533,356
Nursing center division
136,923
132,253
38,471
36,880
36,179
111,530
148,707
Rehabilitation division:
Skilled nursing rehabilitation services
72,293
41,913
18,328
19,982
17,552
55,862
74,483
Hospital rehabilitation
services 69,745
73,925
19,820
20,084
18,273
58,177
77,569
142,038
115,838
38,148
40,066
35,825
114,039
152,052
Care management division
13,708
9,963
4,697
7,065
6,789
18,551
24,735
Corporate:
Overhead
(179,063)
(176,495)
(44,050)
(48,365)
(45,173)
(137,588)
(183,451)
Insurance subsidiary
(2,127)
(1,914)
(406)
(443)
(637)
(1,486)
(1,981)
(181,190)
(178,409)
(44,456)
(48,808)
(45,810)
(139,074)
(185,432)
Impairment charges
(108,953)
(77,193)
-
-
-
Transaction costs
(2,231)
(2,112)
(683)
(4,496)
(4,114)
(9,293)
(12,391)
Operating income (EBITDAR)
555,628
516,470
181,572
163,585
150,613
495,770
661,027
Rent
(303,564)
(311,526)
(81,048)
(80,209)
(80,192)
(241,449)
(321,932)
EBITDA
252,064
204,944
100,524
83,376
70,421
254,321
339,095
Depreciation and amortization
(160,066)
(154,206)
(39,337)
(39,442)
(39,023)
(117,802)
(157,069)
Interest, net
(106,839)
(103,963)
(25,616)
(78,081)
(22,173)
(125,870)
(167,827)
Income (loss) from continuing operations
before income taxes
(14,841)
(53,225)
35,571
(34,147)
9,225
10,649
14,199
Provision (benefit) for
income taxes 30,642
(11,319)
13,585
(13,082)
3,079
3,582
4,776
Income
(loss) from continuing operations (45,483)
$
(41,906)
$
21,986
$
(21,065)
$
6,146
$
7,067
$
9,423
$
Year ended December 31,
|
 22
Centerre Non-GAAP Reconciliation
($ In Thousands)
2012
2013
2014
Revenues
$109,205
$140,974
$198,513
Operating income (EBITDAR)
$25,190
$31,922
$48,337
Rent
10,514
15,239
20,199
EBITDA
14,676
16,683
28,138
Depreciation and amortization
1,728
2,711
3,060
Interest, net
398
490
500
Income from continuing operations before income taxes
12,550
13,482
24,578
Provision for income taxes
1,561
1,706
4,300
Income from continuing operations
10,989
11,776
20,278
Earnings attributable to noncontrolling interests
(8,517)
(9,027)
(13,871)
Income from continuing operations attributable to Centerre
$2,472
$2,749
$6,407
Year ended December 31, |
 November 2014
Kindred, Centerre and RehabCare
Creating the Nation’s Premier
Inpatient Rehabilitation Provider |