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» LifePoint Hospitals, Inc. Q4 2008 Earnings Call Transcript
William CarpenterThank you. Welcome, everyone, to LifePoint Hospital’s First Quarter 2012 Earnings Call. We hope you’ve had a chance to review the press release we issued earlier this morning. After my initial remarks Jeff Sherman, our Chief Financial Officer, will discuss in detail LifePoint’s results for the quarter. After our prepared remarks Jeff and I as well as David Dill, our President and Chief Operating Officer, will be available to answer your questions. Let me begin by summarizing our results for the first quarter. Revenues from continuing operations grew to $851 million, up 12.2% from the same period last year. EBITDA for the quarter was $165 million, up 14.6% over last year. And EPS for the quarter was $1.16, up 30% over last year. After taking into account the items noted in our earnings release, adjusted EPS was $0.94 for the quarter. Jeff will discuss this in more detail later. LifePoint delivered a solid first quarter and we continue to stay focused on executing our strategic plan. We’ve benefited from the continued success of our organic investments and recent acquisitions as well as our efforts to provide quality care, improve operational efficiency and develop high-performing talent. This positions us well for the future. Although overall volumes were down impacted by a significant decline in flu during the quarter, we’re pleased by the improvement in surgical volumes, growth in our cardiology program and positive results in other outpatient service lines. We also experienced an increase in intensity during the quarter. Acquisitions continue to play an important role for our company, with opportunities being fueled by the pressures facing the industry as a whole. These pressures are causing more community hospitals to look for opportunities to join strong systems like LifePoint that can help physicians plan for the future. We have the financial, operational and quality resources to help them survive in these challenging times. Our pipeline remains very active. We will continue our disciplined approach to acquisitions.
In late March we formally opened the new Clark Regional Medical Center in Winchester, Kentucky. We’re very excited about Clark’s prospects and we’re confident that it will allow us to grow in that marketplace. In July we’ll open the new mobile office building on the Clark campus, allowing key members of our medical staff to relocate to the new facility.After just over a year the Duke LifePoint component of our acquisition strategy has been very successful with four acquisitions completed totaling approximately $200 million in revenue. On April 3 Duke LifePoint finalized a joint venture with Twin County Regional Healthcare, the third hospital to join the partnership and the first Virginia hospital in the network. Duke LifePoint is pleased to partner with Twin County, which complements LifePoint’s existing network in the Southern Virginia area and adds to our presence in this state. In early March Duke LifePoint signed a memorandum of understanding with Marquette General Health System. Marquette is a tertiary care provider serving 300,000 residents in the Upper Peninsula of Michigan and has leading programs in cardiology and oncology. This will be Duke LifePoint’s largest acquisition to date and the first to be considered outside of North Carolina and Virginia. We’ll continue to move forward with due diligence and anticipate that this acquisition will close in 2012. Duke LifePoint has great potential and the response it has received proves its scope extends beyond our initially targeted region. As you know, providing patients with quality care in the right setting is one of our top priorities at LifePoint. In this quarter we began our hospital engagement network contract with CMS. This is yet another way LifePoint has been able to differentiate itself as a provider of quality healthcare and as a preferred partner to other community hospitals. Through this engagement LifePoint is working with our physicians to customize best practices and to improve patient safety and clinical outcomes. We’re committed to equipping our hospitals and hospital support center leaders with the tools and training they need to execute our strategic plan and drive meaningful quality improvements. Read the rest of this transcript for free on seekingalpha.com