November 7, 2016 / 10:22 PM / 9 months ago

BRIEF-Kindred Healthcare says plan to exit skilled nursing facility business

Nov 7 (Reuters) - Kindred Healthcare Inc

* Kindred Healthcare Inc - announces plan to exit skilled nursing facility business

* Kindred Healthcare Inc - announces associated $70 million to $100 million cost realignment initiative

* Kindred Healthcare Inc qtrly results reflect after-tax costs of $690 million primarily including non-cash impairments of $266 million

* Kindred Healthcare Inc sees FY 2016 annual revenues of approximately $7.2 billion

* Kindred Healthcare - plan to exit nursing facility business to reduce annual rent obligations by about $90 million

* Kindred Healthcare Inc sees fy 2016 core diluted eps from continuing operations of $0.70 to $0.80 per share

* Kindred Healthcare - plan to exit nursing facility business to reduce annual capital expenditures by approximately $30 million

* Kindred Healthcare Inc sees fy 2016 core ebitdar of $950 million to $970 million

* Kindred Healthcare - will optimize overhead structure by eliminating about $70 million to $100 million of divisional and corporate overhead above facility level

* Kindred Healthcare - "change in expectations is impacted by significant headwinds facing skilled nursing facility business, labor cost challenges"

* FY 2016 earnings per share view $0.90 -- Thomson Reuters I/B/E/S

* FY 2016 revenue view $7.22 billion -- Thomson Reuters I/B/E/S

* Kindred Healthcare updates strategy and reports third quarter 2016 results

* Q3 core earnings per share $0.05 from continuing operations

* Q3 GAAP loss per share $7.89 from continuing operations

* Q3 revenue $1.8 billion versus I/B/E/S view $1.77 billion

* Q3 earnings per share view $0.06 -- Thomson Reuters I/B/E/S Source text for Eikon: Further company coverage:

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