Community Health Systems, Inc. (NYSE: CYH) (the “Company”) today announced financial and operating results for the three and six months ended June 30, 2014.
Financial and statistical data reported in this earnings release includes Health Management Associates, Inc.’s (“HMA”) operating results from January 27, 2014, the date the Company completed its acquisition of HMA. Prior period consolidated results and statistical data reflect only the Company 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 through June 2014 and 2013.
Net operating revenues for the three months ended June 30, 2014, totaled $4.779 billion, a 49.8 percent increase compared with $3.191 billion for the same period in 2013. Income from continuing operations increased to $75 million, or $0.42 per share (diluted), for the three months ended June 30, 2014, compared with income from continuing operations of $53 million, or $0.38 per share (diluted), for the same period in 2013. The results for the three months ended June 30, 2014, include $0.07 per share (diluted) of expenses related to acquisition and integration expenses from the acquisition of HMA; $0.06 per share (diluted) of legal expenses related to HMA legal proceedings underlying the contingent value rights (“CVR”) agreement; and $0.19 per share (diluted) of expenses related to accelerating amortization on software to be abandoned. Excluding these expenses, income from continuing operations was $0.74 per share (diluted). Net income attributable to Community Health Systems, Inc. common stockholders was $0.37 per share (diluted) for the three months ended June 30, 2014, compared with net income of $0.32 per share (diluted) for the same period in 2013. Discontinued operations for the three months ended June 30, 2014, consisted of a loss of $(0.04) per share (diluted). Weighted-average shares outstanding (diluted) were 113 million for the three months ended June 30, 2014, and 94 million for the three months ended June 30, 2013.
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