HealthSouth Corp., Birmingham, Ala., reported earnings of $109.6 million on revenue of $925.2 million for the first three months of 2005, according to a presentation made by company executives at an investor meeting. The company's budget expected earnings of $115.6 million and revenue of $920.8 million. Year-over-year comparisons weren't given because HealthSouth isn't filing complete earnings reports with the Securities and Exchange Commission. The company doesn't expect to file full 2005 earnings reports until the first quarter of 2006 and expects to file 2004 earnings by the end of 2005. Earlier in the week, HealthSouth filed earnings reports for 2002 and 2003 and restated earnings from 2000 and 2001 due to accounting fraud. Jay Grinney, chief executive officer, said the company isn't in the process of restating any other prior earnings, although the SEC could require HealthSouth to restate earnings before 2000. The company also said it has about $3.5 billion in debt and one way of paying that down could be by selling its diagnostic unit, which could yield about $100 million, according to analysts. -- by Joseph Mantone
HealthSouth earnings off, revenue beats expectations
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