Health Management Associates, Inc. (NYSE: HMA) announced today its expected, unaudited results of operations for the fourth quarter and year ended December 31, 2012.
From continuing operations for the fourth quarter, Health Management expects to report net revenue of approximately $1.48 billion, Adjusted EBITDA of between $253 and $260 million, and diluted earnings per share (“EPS”) from continuing operations attributable to Health Management Associates, Inc. of between $0.19 and $0.21. Impacting the fourth quarter was approximately $0.04 per diluted share of incremental legal and investigation expense and approximately $0.02 to $0.03 per diluted share related to Mississippi Medicaid payment reductions, which were offset by Medicare and Medicaid Healthcare Information Technology (“HCIT”) incentive payments. Excluding the impact of interest rate swap accounting, including mark-to-market adjustments and Medicare and Medicaid HCIT incentive payments, net of Medicaid rate reductions, diluted EPS from continuing operations is expected to be between $0.12 and $0.13, as shown in the table accompanying this press release. For continuing same hospital operations, compared to the prior year’s fourth quarter, Health Management expects surgeries to increase 0.9%, adjusted admissions to be nearly flat at (0.1)%, and admissions to decline 4.7%. Adjusted EBITDA is not a GAAP measure and footnote 1 to the 2013 Objective Range table below contains disclaimers and other important information regarding how Health Management defines and uses Adjusted EBITDA.
From continuing operations for the year ended December 31, 2012 Health Management expects to report net revenue of $5.87 to $5.88 billion and diluted EPS attributable to Health Management Associates, Inc. of between $0.66 and $0.69. Excluding the impact of interest rate swap accounting, including mark-to-market adjustments and Medicare and Medicaid HCIT incentive payments, net of Medicaid rate reductions, diluted EPS from continuing operations is expected to be between $0.75 and $0.76, as shown in the table accompanying this press release.
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