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FOOTHILL RANCH, Calif. - Assisted living facility operator Skilled Healthcare Group Inc. said Tuesday it swung to a first-quarter profit due to contributions from acquisitions and lower interest costs due to debt repayment.
| SKH | 15.96 |  -0.36 |
Skilled Healthcare's profit after paying preferred dividends totaled $8.4 million, or 23 cents per share, compared with a year-ago loss of $100,000, or a penny per share.
Revenue soared 25 percent to $180.7 million from $144.7 million in the first quarter of 2007.
Analysts polled by Thomson Financial expected a profit of 23 cents per share on $180.2 million in revenue.
The company said its earnings boost was due to internal growth and acquiring new facilities as well as paying off debt using funds from its May 2007 initial public offering.
Skilled Healthcare maintained its 2008 earnings forecast for profit of 95 cents per share on revenue of $730 million to $740 million. Analysts surveyed by Thomson are expecting a full-year profit of 97 cents per share on revenue of $739.1 million
Shares of Skilled Healthcare fell 13 cents, or 1 percent, to $12.61 in morning trading.
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