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Community Health Systems, Inc. Announces Third Quarter 2012 Results With Net Operating Revenues Of $3.2 Billion

Commenting on the results, Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. said, “Community Health Systems delivered another strong financial and operating performance in the third quarter of 2012. Operating revenue increased nine percent and adjusted EBITDA increased five percent over the prior year period. We continue to demonstrate favorable results on a same-store basis with revenues up four percent and volume trends stabilizing. Our standardized business platform has enabled us to reduce costs, recruit qualified physicians and improve local hospital services.

“We are also pleased that over the last several months we have extended almost all of our long-term debt. We have laddered our maturities to 2017, 2018, 2019 and 2020,” added Smith.

Included on pages 14, 15 and 16 of this press release are tables setting forth the Company’s updated 2012 annual earnings guidance.

Located in the Nashville, Tennessee, suburb of Franklin, Community Health Systems, Inc. is one of the largest publicly-traded hospital companies in the United States and a leading operator of general acute-care hospitals in non-urban and mid-size markets throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 135 hospitals in 29 states with an aggregate of approximately 20,000 licensed beds. Its hospitals offer a broad range of inpatient and surgical services, outpatient treatment and skilled nursing care. In addition, through its subsidiary, Quorum Health Resources, LLC, the Company provides management and consulting services to non-affiliated general acute-care hospitals located throughout the United States. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.”

Community Health Systems, Inc. will hold a conference call on Wednesday, October 31, 2012, at 11:00 a.m. Central, 12:00 p.m. Eastern, to review financial and operating results for the third quarter ended September 30, 2012. Investors will have the opportunity to listen to a live internet broadcast of the conference call by clicking on the Investor Relations link of the Company’s website at www.chs.net, or at www.earnings.com. To listen to the live call, please go to the website at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will continue to be available through November 30, 2012. Copies of the Company’s current report on Form 8-K (including this press release) and conference call slide show will be available on the Company’s website at www.chs.net.

Forward-Looking Statements

Statements contained in this press release regarding expected operating results, acquisition transactions or divestitures and other events are forward-looking statements that involve risk and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, current reports on Form 8-K and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

 
 
 
 
 

COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Financial Highlights (a)(b) (in thousands, except per share amounts) (Unaudited)

 
  Three Months Ended   Nine Months Ended
September 30, September 30,
2012   2011 2012   2011
 
Net operating revenues $ 3,212,030 $ 2,945,477 $ 9,752,039 $ 8,900,387
Adjusted EBITDA (c) 477,254 453,512 1,495,843 1,372,883
Income from continuing operations (d), (e), (f), (g), (h) 58,758 95,800 260,643 280,279
Net income attributable to Community Health Systems, Inc. stockholders 44,233 74,304 203,066 171,017
 

Basic earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (j):

Continuing operations (d), (e), (f), (g), (h) $ 0.50 $ 0.87 $ 2.29 $ 2.51
Discontinued operations   -   (0.04 )   (0.01 )   (0.62 )
Net income $ 0.50 $ 0.83   $ 2.28   $ 1.89  
 

Diluted earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (j):

Continuing operations (d), (e), (f), (g), (h) $ 0.49 $ 0.86 $ 2.27 $ 2.49
Discontinued operations   -   (0.04 )   (0.01 )   (0.61 )
Net income $ 0.49 $ 0.83   $ 2.27   $ 1.87  
 
Weighted-average number of shares outstanding (i):
Basic 89,260 89,412 89,028 90,514
Diluted 90,009 89,858 89,465 91,256
 
Net cash provided by operating activities $ 294,938 $ 235,550 $ 777,865 $ 820,235
 

_____

For footnotes, see pages 12 and 13.

 
 
 
 
 
 

COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (a)(b) (in thousands, except per share amounts) (Unaudited)

 
  Three Months Ended September 30,
2012   2011
Amount  

% of Net

Operating

Revenues

Amount  

% of Net

Operating

Revenues

Operating revenues (net of contractual allowances and discounts) $ 3,696,661 $ 3,395,773
Provision for bad debts   484,631       450,296    
Net operating revenues   3,212,030   100.0 %   2,945,477   100.0 %
 
Operating costs and expenses:
Salaries and benefits 1,525,111 47.5 % 1,393,151 47.3 %
Supplies 484,212 15.1 % 459,146 15.6 %
Other operating expenses 694,857 21.6 % 623,608 21.2 %
Electronic health records incentive reimbursement (f) (30,622 ) -1.0 % (40,227 ) -1.4 %
Rent 68,637 2.1 % 64,481 2.2 %
Depreciation and amortization   182,207   5.7 %   161,515   5.5 %
Total operating costs and expenses   2,924,402   91.0 %   2,661,674   90.4 %
 
Income from operations (f), (g), (h) 287,628 9.0 % 283,803 9.6 %
Interest expense, net 158,565 5.0 % 159,480 5.4 %
Loss from early extinguishment of debt 52,024 1.6 % - 0.0 %
Equity in earnings of unconsolidated affiliates   (7,419 ) -0.2 %   (8,194 ) -0.3 %

Income from continuing operations before income taxes

84,458 2.6 % 132,517 4.5 %
Provision for income taxes   25,700   0.8 %   36,717   1.2 %
Income from continuing operations (f), (g), (h)   58,758   1.8 %   95,800   3.3 %
 
Discontinued operations, net of taxes:
Loss from operations of entities sold - 0.0 % (3,103 ) -0.2 %
Impairment of hospitals sold - 0.0 % - 0.0 %
Loss on sale, net   -   0.0 %   (66 ) 0.0 %
Loss from discontinued operations, net of taxes   -   0.0 %   (3,169 ) -0.2 %
Net income 58,758 1.8 % 92,631 3.1 %
Less: Net income attributable to noncontrolling interests   14,525   0.4 %   18,327   0.6 %
Net income attributable to Community Health Systems, Inc. stockholders $ 44,233   1.4 % $ 74,304   2.5 %
 

Basic earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (j):

Continuing operations (f), (g), (h) $ 0.50 $ 0.87
Discontinued operations   -     (0.04 )
Net income $ 0.50   $ 0.83  
 

Diluted earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (j):

Continuing operations (f), (g), (h) $ 0.49 $ 0.86
Discontinued operations   -     (0.04 )
Net income $ 0.49   $ 0.83  
 

Weighted-average number of shares outstanding (i):

Basic   89,260     89,412  
Diluted   90,009     89,858  
 

_____

For footnotes, see pages 12 and 13.

 
 
 
 
 
 

COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (a)(b) (in thousands, except per share amounts) (Unaudited)

 
  Nine Months Ended September 30,
2012   2011
Amount  

% of Net

Operating

Revenues

Amount  

% of Net

Operating

Revenues

Operating revenues (net of contractual allowances and discounts) $ 11,226,580 $ 10,183,654
Provision for bad debts   1,474,541       1,283,267    
Net operating revenues   9,752,039   100.0 %   8,900,387   100.0 %
 
Operating costs and expenses:
Salaries and benefits 4,547,532 46.6 % 4,156,614 46.7 %
Supplies 1,472,520 15.1 % 1,366,242 15.4 %
Other operating expenses 2,140,025 22.0 % 1,893,138 21.3 %
Electronic health records incentive reimbursement (f) (73,592 ) -0.8 % (40,227 ) -0.5 %
Rent 202,324 2.1 % 190,082 2.1 %
Depreciation and amortization   536,362   5.5 %   481,046   5.4 %
Total operating costs and expenses   8,825,171   90.5 %   8,046,895   90.4 %
 
Income from operations (d), (e), (f), (g), (h) 926,868 9.5 % 853,492 9.6 %
Interest expense, net 462,347 4.7 % 485,928 5.5 %
Loss from early extinguishment of debt 115,453 1.2 % - 0.0 %
Equity in earnings of unconsolidated affiliates   (32,613 ) -0.3 %   (38,345 ) -0.4 %

Income from continuing operations before income taxes

381,681 3.9 % 405,909 4.5 %
Provision for income taxes   121,038   1.2 %   125,630   1.4 %
Income from continuing operations (d), (e), (f), (g), (h)   260,643   2.7 %   280,279   3.1 %
 
Discontinued operations, net of taxes:
Loss from operations of entities sold (466 ) 0.0 % (4,546 ) -0.1 %
Impairment of hospitals sold - 0.0 % (47,930 ) -0.5 %
Loss on sale, net   -   0.0 %   (3,300 ) 0.0 %
Loss from discontinued operations, net of taxes   (466 ) 0.0 %   (55,776 ) -0.6 %
Net income 260,177 2.7 % 224,503 2.5 %
Less: Net income attributable to noncontrolling interests   57,111   0.6 %   53,486   0.6 %
Net income attributable to Community Health Systems, Inc. stockholders $ 203,066   2.1 % $ 171,017   1.9 %
 

Basic earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (j):

Continuing operations (d), (e), (f), (g), (h) $ 2.29 $ 2.51
Discontinued operations   (0.01 )   (0.62 )
Net income $ 2.28   $ 1.89  
 

Diluted earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (j):

Continuing operations (d), (e), (f), (g), (h) $ 2.27 $ 2.49
Discontinued operations   (0.01 )   (0.61 )
Net income $ 2.27   $ 1.87  
 

Weighted-average number of shares outstanding (i):

Basic   89,028     90,514  
Diluted   89,465     91,256  
 

____

For footnotes, see pages 12 and 13.

 
 
 
 
 
 

COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Income (in thousands) (Unaudited)

 
        Three Months Ended September 30,   Nine Months Ended September 30,
2012   2011 2012   2011
 
Net income $ 58,758 $ 92,631 $ 260,177 $ 224,503
Other comprehensive income (loss), net of income taxes:
Net change in fair value of interest rate swaps 8,254 2,722 28,766 30,199
Net change in fair value of available-for-sale securities 1,370 (4,029 ) 3,509 (2,692 )
Amortization and recognition of unrecognized pension cost components   1,202   790     3,483   2,369  
Other comprehensive income (loss)   10,826   (517 )   35,758   29,876  
Comprehensive income 69,584 92,114 295,935 254,379
Less: Comprehensive income attributable to noncontrolling interests   14,525   18,327     57,111   53,486  

Comprehensive income attributable to Community Health Systems, Inc. stockholders

$ 55,059 $ 73,787   $ 238,824 $ 200,893  
 

_____

For footnotes, see pages 12 and 13.

 
 
 
 
 
 

COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Selected Operating Data (b) ($ In thousands) (Unaudited)

 
  For the Three Months Ended September 30,
Consolidated   Same-Store
2012   2011   % Change 2012   2011   % Change
Number of hospitals (at end of period) 135 130 130 130
Licensed beds (at end of period) 20,357 19,358 19,327 19,358
Beds in service (at end of period) 17,274 16,542 16,464 16,542
Admissions 173,108 164,842 5.0 % 164,336 164,842 -0.3 %
Adjusted admissions 355,672 334,644 6.3 % 337,252 334,644 0.8 %
Patient days 747,616 717,951 707,598 717,951
Average length of stay (days) 4.3 4.4 4.3 4.4
Occupancy rate (average beds in service) 47.1 % 47.1 % 46.7 % 47.1 %
Net operating revenues $ 3,212,030 $ 2,945,477 9.0 % $ 3,063,944 $ 2,946,032 4.0 %
Net inpatient revenues as a % of total net
operating revenues before provision for bad debts 43.6 % 44.5 % 43.4 % 44.5 %
Net outpatient revenues as a % of total net
operating revenues before provision for bad debts 54.6 % 53.9 % 54.8 % 53.9 %
Income from operations $ 287,628 $ 283,803 1.3 % $ 297,361 $ 293,049 1.5 %

Income from operations as a % of net operating revenues

9.0 % 9.6 % 9.7 % 9.9 %
Depreciation and amortization $ 182,207 $ 161,515 $ 175,921 $ 161,515
Equity in earnings of unconsolidated affiliates $ (7,419 ) $ (8,194 ) $ (7,491 ) $ (8,194 )
Liquidity Data:
Adjusted EBITDA (c) $ 477,254 $ 453,512 5.2 %

Adjusted EBITDA as a % of net operating revenues

14.9 % 15.4 %
Net cash provided by operating activities $ 294,938 $ 235,550

Net cash provided by operating activities as a % of net operating revenues

9.2 % 8.0 %
 

_____

For footnotes, see pages 12 and 13.

 
 
 
 
 
 

COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Selected Operating Data (b) ($ In thousands) (Unaudited)

 
  For the Nine Months Ended September 30,
Consolidated   Same-Store
2012   2011   % Change 2012   2011   % Change
Number of hospitals (at end of period) 135 130 130 130
Licensed beds (at end of period) 20,357 19,358 19,327 19,358
Beds in service (at end of period) 17,274 16,542 16,464 16,542
Admissions 528,445 509,508 3.7 % 501,562 509,508 -1.6 %
Adjusted admissions 1,065,547 998,959 6.7 % 1,011,565 998,959 1.3 %
Patient days 2,302,714 2,237,614 2,172,575 2,237,614
Average length of stay (days) 4.4 4.4 4.3 4.4
Occupancy rate (average beds in service) 48.9 % 49.7 % 48.6 % 49.7 %
Net operating revenues $ 9,752,039 $ 8,900,387 9.6 % $ 9,266,128 $ 8,887,439 4.3 %
Net inpatient revenues as a % of total net
operating revenues before provision for bad debts 45.1 % 46.6 % 44.4 % 46.7 %

Net outpatient revenues as a % of total net operating revenues before provision for bad debts

53.1 % 51.4 % 53.8 % 51.4 %
Income from operations $ 926,868 $ 853,492 8.6 % $ 896,540 $ 875,652 2.4 %

Income from operations as a % of net operating revenues

9.5 % 9.6 % 9.7 % 9.9 %
Depreciation and amortization $ 536,362 $ 481,046 $ 518,057 $ 481,046
Equity in earnings of unconsolidated affiliates $ (32,613 ) $ (38,345 ) $ (32,791 ) $ (38,345 )
Liquidity Data:
Adjusted EBITDA (c) $ 1,495,843 $ 1,372,883 9.0 %

Adjusted EBITDA as a % of net operating revenues

15.3 % 15.4 %
Net cash provided by operating activities $ 777,865 $ 820,235

Net cash provided by operating activities as a % of net operating revenues

8.0 % 9.2 %
 

_____

For footnotes, see pages 12 and 13.

 
 
 
 
 
 

COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share data) (Unaudited)

 
    September 30,   December 31,
2012 2011
ASSETS
Current assets
Cash and cash equivalents $ 240,650 $ 129,865

Patient accounts receivable, net of allowance for doubtful accounts of $2,199,088 and $1,891,334 at September 30, 2012 and December 31, 2011, respectively

2,091,217 1,834,167
Supplies 364,972 346,611
Prepaid income taxes 20,233 101,389
Deferred income taxes 89,797 89,797
Prepaid expenses and taxes 132,807 112,613
Other current assets   267,735     231,647  
Total current assets   3,207,411     2,846,089  
Property and equipment 9,981,776 9,369,528
Less accumulated depreciation and amortization   (2,875,982 )   (2,513,552 )
Property and equipment, net   7,105,794     6,855,976  
Goodwill   4,397,473     4,264,845  
Other assets, net   1,530,477     1,241,930  
Total assets $ 16,241,155   $ 15,208,840  
 
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt $ 99,194 $ 63,706
Accounts payable 809,255 748,997
Accrued interest 110,864 110,121
Accrued liabilities   961,910     988,315  
Total current liabilities   1,981,223     1,911,139  
Long-term debt   9,472,869     8,782,798  
Deferred income taxes   704,725     704,725  
Other long-term liabilities   999,080     949,990  
Total liabilities   13,157,897     12,348,652  
Redeemable noncontrolling interests in equity of consolidated subsidiaries   370,514     395,743  
 
EQUITY
Community Health Systems, Inc. stockholders' equity
Preferred stock, $.01 par value per share, 100,000,000 shares authorized; none issued - -

Common stock, $.01 par value per share, 300,000,000 shares authorized; 92,161,852 shares issued and 91,186,303 shares outstanding at September 30, 2012 and 91,547,079 shares issued and 90,571,530 shares outstanding at December 31, 2011

922 915
Additional paid-in capital 1,104,570 1,086,008
Treasury stock, at cost, 975,549 shares at September 30, 2012 and December 31, 2011 (6,678 ) (6,678 )
Accumulated other comprehensive loss (148,721 ) (184,479 )
Retained earnings   1,704,396     1,501,330  
Total Community Health Systems, Inc. stockholders' equity 2,654,489 2,397,096
Noncontrolling interests in equity of consolidated subsidiaries   58,255     67,349  
Total equity   2,712,744     2,464,445  
Total liabilities and equity $ 16,241,155   $ 15,208,840  
 

_____

For footnotes, see pages 12 and 13.

 
 
 
 
 
 

COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited)

 
    Nine Months Ended
September 30,
2012   2011
Cash flows from operating activities
Net income $ 260,177 $ 224,503

Adjustments to reconcile net income to net cash provided by operating activities:

536,362
Depreciation and amortization 485,917
Stock-based compensation expense 30,708 31,588
Loss on sale, net - 3,300
Impairment of hospitals sold - 47,930
Loss from early extinguishment of debt 115,453 -
Excess tax benefit relating to stock-based compensation (1,545 ) (4,616 )
Other non-cash expenses, net 22,482 14,279

Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:

Patient accounts receivable (227,814 ) (90,805 )
Supplies, prepaid expenses and other current assets (68,247 ) (31,455 )
Accounts payable, accrued liabilities and income taxes 103,156 146,166
Other   7,133     (6,572 )
Net cash provided by operating activities   777,865     820,235  
 
Cash flows from investing activities
Acquisitions of facilities and other related equipment (312,927 ) (209,451 )
Purchases of property and equipment (557,469 ) (532,845 )
Proceeds from disposition of hospitals and other ancillary operations - 172,578
Proceeds from sale of property and equipment 4,808 9,251
Increase in other investments   (222,164 )   (130,980 )
Net cash used in investing activities   (1,087,752 )   (691,447 )
 
Cash flows from financing activities
Proceeds from exercise of stock options 5,750 18,880
Repurchase of restricted stock shares for payroll tax withholding requirements (9,165 ) -
Deferred financing costs (135,647 ) (100 )
Excess tax benefit relating to stock-based compensation 1,545 4,616
Stock buy-back - (85,790 )
Proceeds from noncontrolling investors in joint ventures 535 1,229
Redemption of noncontrolling investments in joint ventures (39,709 ) (4,784 )
Distributions to noncontrolling investors in joint ventures (60,676 ) (49,928 )
Borrowings under credit agreements 5,924,377 83,000
Issuance of long-term debt 3,825,000 -
Proceeds from receivables facility 300,000 -
Repayments of long-term indebtedness   (9,391,338 )   (128,768 )
Net cash provided by (used in) financing activities   420,672     (161,645 )
 
Net change in cash and cash equivalents 110,785 (32,857 )
Cash and cash equivalents at beginning of period   129,865     299,169  
Cash and cash equivalents at end of period $ 240,650   $ 266,312  
 

_____

For footnotes, see pages 12 and 13.

 
 
 
 
 

Footnotes to Financial Highlights, Financial Statements and Selected Operating Data

(a) The following table provides information needed to calculate income per share, which is adjusted for income attributable to noncontrolling interests (in thousands):

  Three Months Ended   Nine Months Ended
September 30, September 30,
2012   2011 2012   2011

Income from continuing operations attributable to Community Health Systems, Inc. common stockholders:

Income from continuing operations, net of taxes $ 58,758 $ 95,800 $ 260,643 $ 280,279

Less: Income from continuing operations attributable to noncontrolling interests, net of taxes

  14,525   18,327     57,111     53,486  

Income from continuing operations attributable to Community Health Systems, Inc. common stockholders - basic and diluted

$ 44,233 $ 77,473   $ 203,532   $ 226,793  
 

Loss from discontinued operations attributable to Community Health Systems, Inc. common stockholders:

Loss from discontinued operations, net of taxes $ - $ (3,169 ) $ (466 ) $ (55,776 )

Less: Loss from discontinued operations attributable to noncontrolling interests, net of taxes

  -   -     -     -  

Loss from discontinued operations attributable to Community Health Systems, Inc. common stockholders - basic and diluted

$ - $ (3,169 ) $ (466 ) $ (55,776 )
 

(b) Continuing operating results exclude discontinued operations for the three and nine months ended September 30, 2012 and 2011. Both financial and statistical results exclude entities in discontinued operations for all periods presented.

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