Skilled Healthcare Completes Restatement

June 30, 2009

June 30, 2009
In what may have been one of the fastest financial restatement's in corporate history, Skilled Healthcare Group released its restated income statements for the first quarter 2009 and the full years 2006 through 2008.

The cumulative charges for the restatement were $8.4 million, which is in the range previously provided by management of $8.0 to $9.0 million. The problem related to a former employee's interpretation of reserves for accounts receivable. While this was much simpler than the accounting restatement by Sunrise Senior Living, it is refreshing that it was done quickly and with little pain.

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