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DALLAS - Enhabit, Inc. (NYSE: EHAB), a prominent provider of home health and hospice services, announced today that its stockholders have preliminarily voted to elect eight of its director nominees for the upcoming year. The preliminary vote count from the 2024 Annual Meeting of Stockholders also includes the election of one nominee from AREX Capital Management, LP.
The elected director nominees for Enhabit are as follows:
- Jeffrey W. Bolton
- Tina L. Brown-Stevenson
- Charles M. Elson
- Erin P. Hoeflinger
- Barbara A. Jacobsmeyer
- Stuart M. McGuigan
- Gregory S. Rush
- Barry P. Schochet
In addition, stockholders voted to elect Mark W. Ohlendorf, who was proposed by AREX Capital Management, LP. These results are subject to final tabulation and certification by an independent Inspector of Elections. Once verified, the directors will serve one-year terms expiring in 2025.
The final voting outcomes will be disclosed in a Form 8-K filing with the Securities and Exchange Commission. This announcement is based on a press release statement from Enhabit, Inc.
Enhabit Home Health & Hospice operates a nationwide network, including 256 home health locations and 112 hospice locations across 34 states. The company employs advanced technology and focuses on providing exceptional patient care in the comfort of the patient's home.
The press release also contains forward-looking statements which are not historical facts but are based on current expectations and projections about future events. These statements are subject to a variety of risks and uncertainties, and actual results may differ materially from those anticipated.
For more information on Enhabit and its services, individuals can visit the company's website. However, readers should be aware that the forward-looking statements in the press release are not guarantees of future performance and are subject to various factors, many of which are beyond the company's control.
In other recent news, Enhabit, Inc. has reported strong Q2 preliminary results, expecting an Adjusted EBITDA of $24.5 million to $25.0 million and announcing a significant $15 million reduction in bank debt. In the midst of these improvements, AREX Capital Management, a major shareholder, has proposed seven new director nominees for Enhabit's board, expressing dissatisfaction with the company's direction.
Still, Enhabit has defended its current board, emphasizing recent improvements and urging shareholders to back its nominees. The company also received support from Institutional Shareholder Services for most of its director nominees. These recent developments reflect the ongoing dynamics within Enhabit as the company navigates financial performance and governance issues.
InvestingPro Insights
In light of the recent board elections at Enhabit, Inc. (NYSE: EHAB), investors may find it interesting to note the company's current financial metrics and analyst expectations. According to InvestingPro data, Enhabit holds a market capitalization of approximately 498.05 million USD. Despite a challenging environment, the company has managed to maintain a Gross Profit Margin of 48.52% over the last twelve months as of Q1 2024.
InvestingPro Tips suggest that Enhabit is expected to see net income growth this year, with analysts predicting the company will turn a profit. This is particularly noteworthy considering the company was not profitable over the last twelve months. Additionally, Enhabit's stock has demonstrated a strong return over the last month, with an 18.07% total price return, which may appeal to investors looking for momentum in their portfolio.
However, the company is currently trading at a high EBIT valuation multiple and does not pay a dividend to shareholders, which may influence investment strategies, particularly for those looking for income-generating investments. For investors interested in a deeper analysis, there are additional InvestingPro Tips available that could provide further insight into Enhabit's financial health and future prospects. Using the coupon code PRONEWS24, readers can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to access these valuable insights.
With the next earnings date scheduled for August 6, 2024, stakeholders and potential investors should keep a close eye on Enhabit's performance and strategic direction under the newly elected board of directors.
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