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Biotech / Medical : HCSG HealthCare Services Group

HCSG 17.87

-2.4%

Oct 31 9:30 AM EDT

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From: Savant	4/5/2012 10:22:51 AM
	of 2

Healthcare Services Says Start-Up Costs To Hurt 1Q Results, Unveils Exec Changes Last Update: 4/4/2012 4:56:01 PM DOW JONES NEWSWIRES Healthcare Services Group Inc. (HCSG) said higher start-up expenditures will hurt the company's first quarter results as the company also unveiled several executive appointments. The nursing-home, housekeeping and food-service provider said it incurred higher start-up and management costs in January and February related to its expansion efforts and said these costs will reduce first-quarter earnings by about 3 cents to 4 cents a share. Among the new appointments, Healthcare Services named John Briggs as its lead director. Briggs had served on the company's board since 1993. Healthcare Services also said chief operating officer Theodore Wahl will take on the added title of president. He previously held the title of executive vice president. John Shea was promoted to chief financial officer and secretary, after previously serving as vice president of finance and chief accounting officer. Former CFO Richard Hudson will continue to serve in his role as chief compliance officer. The company has reported top- and bottom-line growth for nearly two years. Nursing homes were generally resilient during the recession, though they trimmed costs by cutting payrolls. In February, Healthcare Services reported its fourth-quarter earnings rose 16% on better-than-expected revenue growth. Shares closed at $21.39 Wednesday and were unchanged after hours. The stock is up 21% so far this year. *lower Thursday, to $20.49

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