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Vanguard Health Systems Reports First Quarter Fiscal 2013 Results

Our forward-looking statements speak only as of the date made. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to rely on such forward-looking statements when evaluating the information contained in this press release. In light of significant uncertainties inherent in the forward-looking statements included in this press release, you should not regard the inclusion of such information as a representation by us that the objectives and plans anticipated by the forward-looking statements will occur or be achieved or, if any of them do, what impact they will have on our financial condition, results of operations or cash flows.

We use our company website to provide important information to investors about the company, including the posting of important announcements regarding financial performance and corporate developments.
 
VANGUARD HEALTH SYSTEMS, INC.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except share and per share amounts)
 
        Quarter ended September 30,
2011     2012
Patient service revenues $ 1,351.5     94.1 % $ 1,463.9     99.5 %
Less: Provision for doubtful accounts   (126.2 ) (8.8 )   (169.6 ) (11.5 )
Patient service revenues, net 1,225.3 85.3 1,294.3 88.0
Premium revenues   211.0   14.7     176.4   12.0  
Total revenues 1,436.3 100.0 1,470.7 100.0
Costs and expenses:
Salaries and benefits (includes stock compensation) 665.0 46.3 680.2 46.3
Health plan claims expense 164.7 11.5 134.3 9.1
Supplies 213.6 14.9 226.1 15.4
Purchased services 127.0 8.8 147.2 10.0
Non-income taxes 34.5 2.4 34.9 2.4
Rents and leases 18.0 1.3 19.0 1.3
Other operating expenses 98.6 6.9 109.3 7.4
Medicare and Medicaid EHR incentives (3.1 ) (0.2 ) (11.3 ) (0.8 )
Depreciation and amortization 62.6 4.4 65.6 4.5
Interest, net 45.8 3.2 50.8 3.5
Debt extinguishment costs 38.9 2.7
Acquisition related expenses 12.2 0.8
Other   (2.4 ) (0.2 )   (5.1 ) (0.3 )
Total costs and expenses 1,475.4 102.7 1,451.0 98.7

Income (loss) from continuing operations before income taxes
(39.1 ) (2.7 ) 19.7 1.3
Income tax benefit (expense)   15.2   1.1     (4.9 ) (0.3 )
Income (loss) from continuing operations (23.9 ) (1.7 ) 14.8 1.0
Income (loss) from discontinued operations, net of taxes   (0.1 )     0.1    
Net income (loss) (24.0 ) (1.7 ) 14.9 1.0
Net loss (income) attributable to non-controlling interests   2.3   0.2     (1.0 ) (0.1 )

Net income (loss) attributable to Vanguard Health Systems, Inc. stockholders
$ (21.7 ) (1.5 )% $ 13.9   0.9 %
 
Earnings (loss) per share attributable to Vanguard Health Systems, Inc. stockholders
Basic earnings (loss) per share $ (0.29 ) $ 0.18  
Diluted earnings (loss) per share $ (0.29 ) $ 0.17  
 
Weighted average shares outstanding (in thousands):
Basic   74,854     75,697  
Diluted   74,854     78,813  
 
 
VANGUARD HEALTH SYSTEMS, INC.
Supplemental Financial Information (Unaudited)
Reconciliation of Adjusted EBITDA to Net Income (Loss)
Attributable to Vanguard Health Systems, Inc. Stockholders
(In millions)
 
        Quarter ended
September 30,
2011     2012

Net income (loss) attributable to Vanguard Health Systems, Inc. stockholders
$ (21.7 ) $ 13.9
Interest, net 45.8 50.8
Income tax expense (benefit) (15.2 ) 4.9
Depreciation and amortization 62.6 65.6
Non-controlling interests (2.3 ) 1.0
Gain on disposal of assets (1.2 ) (0.9 )
Equity method income (0.1 ) (0.6 )
Stock compensation 0.7 2.2
Realized losses on investments 0.2
Acquisition related expenses 12.2
Debt extinguishment costs 38.9
Impairment and restructuring charges (0.1 )
Pension credits (1.0 ) (3.8 )
Discontinued operations, net of taxes   0.1     (0.1 )
Adjusted EBITDA (1) $ 118.7   $ 133.2  

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