LYCOS RETRIEVER 
Select Medical
built 641 days ago
The proposal comes at a time when Select Medical has been busy moving into independent facilities. The company currently leases beds inside UPMC Montefiore, Westmoreland, UPMC McKeesport and Mercy hospitals, where it has access to patients who need such care as long-term ventilator support.
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Select Medical's first major deal came in June 1998 when it acquired American Transitional Hospitals, a subsidiary of Beverly Enterprises Inc., America's largest nursing home operator. At a cost of $62.8 million in cash and the assumption of $15 million in liabilities, Select Medical in one stroke became a significant force in the long-term, acute-care hospital industry. Select Medical picked up 15 long-term acute-care hospitals located in eight states: Arizona, Georgia, Indiana, Mississippi, Ohio, Oklahoma, Tennessee, and Texas. Only two were free-standing facilities, with the rest operating as hospitals within hospitals. They mostly handled complicated treatment programs on both an inpatient and outpatient basis. Long-term acute care was a promising field, filling a void in the hospital industry.
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Select Medical Corp. reported earnings results for the third quarter and nine months ended September 30, 2007. For the quarter, net operating revenues increased 12.7% to $500.4 million compared to $443.9 million for the same quarter, prior year. Net income was $0.7 million compared to net income of $16.1 million for the same quarter, prior year. Adjusted EBITDA decreased 28.1% to $48.6 million compared to $67.7 million for the same quarter, prior year. For the nine months ended September 30, 2007, net operating revenues increased 4.8% to $1,473.7 million compared to $1,405.8 million for the same period, prior year. Net income decreased 48.6% to $43.9 million compared to $85.4 million for the same period, prior year.
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Select Medical was founded by Rocco A. Ortenzio and his son Robert A. Ortenzio. Rocco Ortenzio had previously launched three publicly traded healthcare companies and gained legendary status in the rehabilitation field. Ortenzio, whose father worked in a Bethlehem Steel mill, grew up one of six children in Steelton, Pennsylvania. His first intention was to become a football coach, but he became sidetracked because of his interest in physical therapy. After earning a bachelor's degree from West Chester University, he graduated from the University of Pennsylvania School of Physical Therapy in 1956. He now decided to go on to medical school.
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Select Medical (SEM) was picked on 6/3/03 at $22.10. SEM closed 12/12/03 at $34.27 for a gain of $12.17 or 55.1%. SEM announced a 2:1 stock split in November, and earnings were reported on 10/29/03 for the third quarter ended 9/30/03: Net operating revenues increased 26.7% to $353.5 million compared to $279.0 million last year. Income increased 64.3% to $36.9 million from $22.5 million last year. Net income was up 99% to $18.6 million compared to net income of $9.4 million last year. On a fully-diluted basis, eps was $.35 this year vs. $.19 last year, an increase of 84.2%.
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As of today, Select Medical operates more than 1,110 outpatient centers in 37 states and the District of Columbia. In addition to Select Physical Therapy, these centers operate under several names including NovaCare Rehabilitation.
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