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Community Health Systems, Inc. Announces First Quarter 2014 Results With Net Operating Revenues Of $4.2 Billion

Stocks in this article: CYH

Community Health Systems, Inc. (NYSE: CYH) (the “Company”) today announced financial and operating results for the three months ended March 31, 2014.

As previously announced, on January 27, 2014, the Company completed its acquisition of Health Management Associates, Inc. (“HMA”). Financial and statistical data reported in this earnings release includes HMA’s operating results from January 27, 2014, the date of completion of the HMA acquisition. Prior period consolidated results and statistical data reflect only Community Health Systems, Inc. and its subsidiaries for the period prior to the HMA acquisition. Same-store operating results and statistical data includes comparable information for hospitals acquired as a result of the HMA acquisition for the months of February and March 2014 and 2013.

Net operating revenues for the three months ended March 31, 2014, totaled $4.195 billion, a 28.1 percent increase compared with $3.274 billion for the same period in 2013. Income from continuing operations decreased to a loss of $78 million, or $(0.86) per share (diluted), for the three months ended March 31, 2014, compared with income of $98 million, or $0.88 per share (diluted), for the same period in 2013. The results for the three months ended March 31, 2014, include $0.30 per share (diluted) of expenses related to acquisition and integration expenses from the acquisition of HMA; $0.02 per share (diluted) of legal expenses related to HMA legal proceedings underlying the contingent value rights (“CVR”) agreement; $0.42 per share (diluted) of expenses related to the loss from early extinguishment of debt; $0.14 per share (diluted) of expenses related to the impairment of software costs taken out of service; and $0.24 per share (diluted) of expenses related to accelerating amortization on software to be abandoned. Excluding these expenses, income from continuing operations was $0.27 per share (diluted). Net loss attributable to Community Health Systems, Inc. common stockholders was $(1.04) per share (diluted) for the three months ended March 31, 2014, compared with net income of $0.86 per share (diluted) for the same period in 2013. Discontinued operations consisted of $0.02 per share (diluted) of losses from operations of entities held for sale and $0.17 per share (diluted) of expenses related to the impairment of long-lived assets held for sale for a total after-tax loss of approximately $20 million, or $(0.19) per share (diluted). Weighted-average shares outstanding (diluted) were 107 million for the three months ended March 31, 2014, and 92 million for the three months ended March 31, 2013.

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