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LifePoint's CEO Discusses Q4 2011 Results - Earnings Call Transcript

William Carpenter

Thank you. And welcome everyone to LifePoint Hospital’s fourth quarter and full year 2011 earnings call. We hope you’ve had a chance to review the press release we issued earlier this morning. After my initial remarks Jeff Sherman, our Chief Financial Officer will discuss in detail LifePoint’s results for the fourth quarter and the full year, as well as our outlook for 2012. After our prepared remarks, Jeff and I, as well as David Dill, our President and Chief Operating Officer will be here to answer your questions.

Let me begin by summarizing our results for the fourth quarter. Revenues from continuing operations grew to $781million, up 6.6% from the same period last year. As Jeff will discuss in more detail, we adopted an accounting change that directly impacts the classification of bad debt in our revenue line.

Absent this change, we would have recorded revenues from continuing operations of $916 million. EBIDTA for the quarter was $130 million, up 4.6% over last year and EPS for the quarter was $0.78, up 11.4% over last year.

For the year, revenues from continuing operations were up 7.4%, compared to 2010, EBIDTA was up 7.2% over the prior year and EPS was up 10.7% over the same period.

In 2011, our strong balance sheet and cash flows, as well as our ample liquidity allowed us to make strategic investments to grow organically and through acquisitions. In addition, we repurchased $169 million of common stock in the year. We continued to develop significant resources to acquisitions, service line development and position recruiting.

In the fourth quarter, admissions from continuing operations were up 1.4% and adjusted admissions were up 3.4% versus 2010.

In addition to the solid financial results we achieved in 2011, there are other key accomplishments I would like to mention briefly. In 2011, we improved our core measure inpatient satisfaction results. We successfully integrated new acquisitions into the company and we launched the LifePoint Learning Academy, designed to train and develop leaders within our company especially leaders at the hospitals.

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