Net first-quarter operating revenues were up over last year at Lower Allen Township-based Select Medical Holdings Corp., but net income dropped slightly.
For the quarter ending March 31, this year’s net operating revenues and net income, respectively, were $762.57 million and $34.36 million. Last year, they were $749.95 million and $36.80 million.
For the quarter, net operating revenues for the specialty hospital segment increased 1.2 percent to $564.6 million; for the outpatient rehabilitation segment, the increase was 3 percent to $197.9 million.
Select reaffirmed its most recent business outlook, continuing to expect consolidated net operating revenues for the full year 2014 to be in the range of $3.05 billion to $3.15 billion.
The company’s filing also noted that on April 30, 2014, the board authorized a $150 million increase in its common stock repurchase program, to $500 million, and extended the program until Dec. 31, 2016. It also declared a cash dividend of 10 cents per share, payable on or about May 28.
Select said it is funding the stock repurchase program with cash on hand and borrowings under its revolving credit facility; from the inception of the program through March 31, it has repurchased 33,606,080 shares at a cost of approximately $283.1 million, or $8.42 per share, which includes transaction costs.