This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Vanguard Health Systems Reports First Quarter Fiscal 2013 Results

(1) We eliminate in consolidation those patient service revenues earned by our health care facilities attributable to services provided to enrollees in our owned health plans and eliminate the corresponding medical claims expenses incurred by our health plans for those services.

(2) Segment EBITDA is defined as income (loss) from continuing operations before income taxes less interest expense (net of interest income), depreciation and amortization, equity method income or loss, stock compensation, gain or loss on disposal of assets, realized gains or losses on investments, monitoring fees and expenses, acquisition related expenses, debt extinguishment costs, impairment and restructuring charges and pension expense (credits). Management uses Segment EBITDA to measure the performance of our segments and develop strategic objectives and operating plans for those segments. Segment EBITDA eliminates the uneven effect of non-cash depreciation of tangible assets and amortization of intangible assets, much of which results from acquisitions accounted for under the purchase method of accounting. Segment EBITDA also eliminates the effects of changes in interest rates, which management believes relate to general trends in global capital markets, but are not necessarily indicative of the operating performance of our segments. Management believes that Segment EBITDA provides useful information to investors, lenders, financial analysts and rating agencies about the financial performance of our segments. Additionally, management believes that investors and lenders view Segment EBITDA as an important factor in making investment decisions concerning us. Segment EBITDA is not a substitute for net income (loss), operating cash flows or other cash flow statement data determined in accordance with accounting principles generally accepted in the United States. Segment EBITDA, as presented, may not be comparable to similar measures of other companies.

 
VANGUARD HEALTH SYSTEMS, INC.
Segment Information (Unaudited) (continued)
(In millions)
 
        Quarter ended September 30, 2012
Acute Care     % of     Health     % of        
Services Revenues Plans Revenues Eliminations Consolidated
Patient service revenues, net (1) $ 1,304.5 100.0 % $ % $ (10.2 ) $ 1,294.3
Premium revenues         176.4   100.0         176.4  
Total revenues 1,304.5 100.0 176.4 100.0 (10.2 ) 1,470.7
 

Salaries and benefits (excludes stock compensation)

669.1 51.3 8.9 5.0 678.0
Health plan claims expense (1) 144.5 81.9 (10.2 ) 134.3
Supplies 226.1 17.3 226.1
Other operating expenses 299.2 22.9 11.2 6.3 310.4

Medicare and Medicaid EHR incentives

  (11.3 ) (0.9 )             (11.3 )
Segment EBITDA (2) 121.4 9.3 11.8 6.7 133.2
Less:
Interest, net 51.3 3.9 (0.5 ) (0.3 ) 50.8
Depreciation and amortization 64.6 5.0 1.0 0.6 65.6
Equity method income (0.6 ) (0.6 )
Stock compensation 2.2 0.2 2.2
Gain on disposal of assets (0.9 ) (0.1 ) (0.9 )
Realized losses on investments 0.2 0.2
Pension credits   (3.8 ) (0.3 )             (3.8 )

Income from continuing operations before income taxes

$ 8.4   0.6 % $ 11.3   6.5 % $   $ 19.7  

____________________

6 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs