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Community Health Systems, Inc. Announces Fourth Quarter 2013 Results With Net Operating Revenues Of $3.2 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, 2013.

Net operating revenues for the three months ended December 31, 2013, totaled $3.2 billion, a 1.4 percent decrease compared with $3.3 billion for the same period in 2012. Income from continuing operations decreased to $52.3 million for the three months ended December 31, 2013, compared with $85.6 million for the same period in 2012. Both income from continuing operations and net income attributable to Community Health Systems, Inc. common stockholders were $0.30 per share (diluted) for the three months ended December 31, 2013, compared with $0.69 per share (diluted) for the same period in 2012. The results for the three months ended December 31, 2013, include $0.02 per share (diluted) of reserves related to the settlement of claims arising from the government’s investigation into the Company’s short-stay hospital admissions, a $0.12 per share (diluted) loss from the impairment of certain long-lived assets, and $0.05 per share (diluted) of expenses related to the acquisition of Health Management Associates, Inc. (“HMA”). Excluding these items, both income from continuing operations and net income attributable to Community Health Systems, Inc. common stockholders were $0.49 per share (diluted) for the three months ended December 31, 2013. Weighted-average shares outstanding (diluted) were 94.7 million for the three months ended December 31, 2013, and 90.8 million for the three months ended December 31, 2012.

Adjusted EBITDA for the three months ended December 31, 2013, was $441.8 million compared with $481.9 million for the same period in 2012, representing an 8.3 percent decrease. Excluding the $3.5 million of reserves related to certain legal matters and $8.8 million of expenses related to the HMA acquisition, Adjusted EBITDA was $454.1 million for the three months ended December 31, 2013. 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. A reconciliation of Adjusted EBITDA to net cash provided by operating activities is included in the attached footnotes.

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