MISSION VIEJO, Calif., Dec. 5, 2012 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq:ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, hospice care, assisted living and urgent care companies, today announced that its board of directors has authorized the company to renew its stock repurchase plan, which allows the Company to purchase up to $10 million of its common stock over the next 12 months.
"This program reaffirms our continued confidence in the Company's near and long-term financial and operating performance, and our commitment to enhancing shareholder value," said Christopher Christensen, Ensign's President and CEO.
Mr. Christensen confirmed that the Company expects to continue paying quarterly dividends and growing and diversifying its business. Pointing to the Company's strong cash flow and existing credit facilities, Mr. Christensen noted that Ensign's strong balance sheet, significant credit relationships and the untapped equity in our real estate portfolio provide us with the flexibility to opportunistically repurchase Ensign shares while continuing to acquire well-performing and struggling long-term care skilled nursing operations, assisted living operations and start-up or early-stage hospice and home health agencies.
Under the stock repurchase program, the Company is authorized to repurchase its issued and outstanding common shares from time to time in open-market and privately negotiated transactions and block trades in accordance with federal securities laws, including Rule 10b-18 promulgated under the Securities Exchange Act of 1934 as amended.
The number of shares repurchased by the company will depend entirely upon the levels of cash available, the attractiveness of alternate investment and business opportunities either at hand or on the horizon, and Management's perception of value relative to market price, as well as other legal, regulatory and contractual requirements. The repurchase program does not obligate Ensign to repurchase any dollar amount or number of shares of common stock.
Safe Harbor Statement
This press release may include forward-looking statements, including, but not limited to, statements as to our plans, objectives, expectations and business strategy. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding growth prospects, future operating and financial performance. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to materially and adversely differ from those expressed in any forward-looking statement. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings made by Ensign with the Securities and Exchange Commission. Ensign undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services, urgent care services and other rehabilitative and healthcare services at 107 facilities, four hospice companies and six home health businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska and Oregon. More information about Ensign is available at http://www.ensigngroup.net.
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CONTACT: The Ensign Group, Inc., (949) 487-9500, firstname.lastname@example.org
Source:The Ensign Group, Inc.