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Community Health Systems, Inc. Announces Fourth Quarter 2012 Results With Net Operating Revenues Of $3.3 Billion

Stocks in this article: CYH

Community Health Systems, Inc. (NYSE: CYH) (the “Company”) today announced financial and operating results for the three months and year ended December 31, 2012.

Net operating revenues for the three months ended December 31, 2012, totaled $3.3 billion, a 9.0 percent increase compared with $3.0 billion for the same period in 2011. Income from continuing operations increased to $85.6 million, or $0.69 per share (diluted), for the three months ended December 31, 2012, compared with $55.6 million, or $0.38 per share (diluted), for the same period in 2011. Net income attributable to Community Health Systems, Inc. common stockholders was $0.69 per share (diluted) for the three months ended December 31, 2012, compared with $0.35 per share (diluted) for the same period in 2011. The results for the three months ended December 31, 2012, include a $0.07 per share (diluted) loss from the impairment of certain long-lived assets and $0.09 per share (diluted) of expenses related primarily to the settlement of certain legal matters. Excluding these items, both income from continuing operations and net income attributable to Community Health Systems, Inc. common stockholders were $0.85 per share (diluted) for the three months ended December 31, 2012. For the three months ended December 31, 2011, excluding the loss from early extinguishment of debt of $0.47 per share (diluted), income from continuing operations was $0.85 per share (diluted) and net income was $0.82 per share (diluted). Weighted-average shares outstanding (diluted) were 90.8 million for the three months ended December 31, 2012, and 88.9 million for the three months ended December 31, 2011.

Adjusted EBITDA for the three months ended December 31, 2012, was $481.9 million compared with $463.8 million for the same period in 2011, representing a 3.9 percent increase. Excluding the legal matters referenced above, adjusted EBITDA was $495.3 million for the three months ended December 31, 2012. Adjusted EBITDA is EBITDA adjusted to exclude discontinued operations, loss from early extinguishment of debt, impairment of long-lived assets, and net income attributable to non-controlling interests. The Company uses adjusted EBITDA as a measure of liquidity. Net cash provided by operating activities for the three months ended December 31, 2012, was $502.3 million compared with $441.7 million for the same period in 2011.

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