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EXHIBIT 99
LIFEPOINT HOSPITALS REPORTS RECORD RESULTS FOR FIRST QUARTER 2001
BRENTWOOD, Tenn.--(BW HealthWire)--April 23, 2001--LifePoint Hospitals, Inc.
(NASDAQ: LPNT)
First Quarter Highlights:
- Continuing strong financial performance
- Quarterly EPS of $0.24 (excluding non-recurring gain) compared with
$0.13 in the prior year
- EBITDA margin increased to 22.0%, a 400bp increase over prior year
- Increase in admissions of 9.9%
- Increase in equivalent admissions of 8.4%
- Recruited 202 physicians since Company's formation
- Completed secondary equity offering of common stock
LifePoint Hospitals, Inc. (NASDAQ: LPNT) today announced results for the
first quarter ended March 31, 2001.
For the quarter ended March 31, 2001, net revenues were $154.3 million, up
13.4% from $136.0 million a year ago. Net earnings for the quarter totaled
$8.6 million, or $0.25 per diluted share on 34.1 million average shares
outstanding, versus $4.0 million, or $0.13 per diluted share on 32.0
million average shares outstanding in the prior-year period, representing
increases of 114.1% and 92.3%, respectively. The first quarter results
include a $0.5 million pre-tax gain ($0.01 per diluted share) related to
cash received from a previously impaired asset. Earnings before interest,
income taxes, depreciation, amortization, ESOP expense and minority interest
(EBITDA) increased 38.9% to $34.0 million from $24.5 million in the same
period last year.
On March 22, 2001, LifePoint successfully completed a public offering of
3,680,000 shares of common stock at a price of $29 per share. The net
proceeds of approximately $100 million, along with existing cash, will be
used to fully repay the Company's outstanding bank indebtedness. The
offering helps deleverage the Company, strengthen its balance sheet, and
better position LifePoint to execute its strategy in the future.
In commenting on the first quarter results, James M. Fleetwood, Jr.,
LifePoint's chairman and chief executive officer, said, "The momentum that
we achieved during calendar year 2000 continued in the first quarter of
2001, resulting in record results and performance. We are pleased that,
through the execution of our strategic plan, we have been able to provide
benefits to our patients and communities, while adding to the Company's
bottom line. We continue to believe there is additional value to be achieved
through our continued focus on recruiting physicians, expanding services,
controlling costs, and selective acquisitions."
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A listen-only simulcast and replay of LifePoint Hospitals' first quarter
conference call will be available on-line at www.lifepointhospitals.com and
www.streetevents.com on April 24, 2001, beginning at 10:00 a.m. Eastern
Time.
LifePoint's annual meeting of stockholders will be held on May 14, 2001,
at 10:00 a.m. Central time in Nashville, Tennessee, for stockholders of
record on March 23, 2001.
LifePoint Hospitals, Inc. operates 21 hospitals in non-urban areas. In
most cases, the LifePoint facility is the only hospital in its community.
LifePoint's non-urban operating strategy offers continued operational
improvement by focusing on its five core values: delivering high quality
patient care, supporting physicians, creating excellent workplaces for its
employees, providing community value, and ensuring fiscal responsibility.
Headquartered in Brentwood, Tennessee, LifePoint Hospitals is affiliated
with over 6,000 employees.
The above statements include forward-looking statements based on current
management expectations. Numerous factors exist which may cause results to
differ from these expectations. Many of the factors that will determine
the Company's future results are beyond the ability of the Company to
control or predict. These statements are subject to risks and uncertainties
relating to the Company, including without limitation, (i) possible changes
in reimbursement to healthcare providers and insurers that may reduce
payments; (ii) its ability to attract and retain qualified management and
personnel, including physicians; (iii) the geographic concentration of the
Company's operations; (iv) risks associated with the Company's acquisition
and disposition strategies; (v) the regulated nature of the healthcare
industry; (vi) the highly competitive nature of the healthcare business;
(vii) the potential adverse impact of government investigations and
litigation involving the business practices of HCA (to the extent relating
to periods prior to the Company's formation); and (viii) those risks and
uncertainties detailed from time to time in the Company's filings with the
Securities and Exchange Commission. Therefore, the Company's actual results
may differ materially. The Company undertakes no obligation to update any
forward-looking statements, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.
All references to "Company" and "LifePoint" as used throughout this
document refer to LifePoint Hospitals, Inc. and its affiliates.
LIFEPOINT HOSPITALS, INC.
CONSOLIDATED BALANCE SHEETS
Dollars in millions
(Unaudited)
March 31, December 31,
2001 2000
---- ----
ASSETS
Current assets:
Cash and cash equivalents $ 146.6 $ 39.7
Accounts receivable, net 40.9 41.7
Inventories 14.0 13.9
Deferred taxes and other current assets 20.8 22.2
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222.3 117.5
Property and equipment:
Land 8.7 8.7
Buildings and improvements 240.4 236.9
Equipment 248.3 244.9
Construction in progress 11.6 9.4
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509.0 499.9
Accumulated depreciation (190.8) (183.4)
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318.2 316.5
Intangible assets, net 53.0 53.8
Other 0.2 0.2
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$ 593.7 $ 488.0
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LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 16.4 $ 16.1
Accrued salaries 14.1 13.8
Other current liabilities 23.3 11.1
Current maturities of long-term debt 12.2 11.1
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66.0 52.1
Long-term debt 255.0 278.3
Deferred income taxes 16.8 15.2
Professional liability risks and other liabilities 10.7 9.4
Minority interests in equity of consolidated
entities 4.7 4.6
Stockholders' equity:
Common stock 0.4 0.3
Capital in excess of par value 259.1 156.5
Unearned ESOP compensation (24.9) (25.7)
Notes receivable for shares sold to employees (7.2) (7.2)
Retained earnings 13.1 4.5
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240.5 128.4
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$ 593.7 $ 488.0
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Current ratio 3.37 2.26
Ratio of debt to debt plus common and minority
equity 52.1% 68.5%
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LIFEPOINT HOSPITALS, INC.
CONSOLIDATED INCOME STATEMENTS
Dollars in millions, except per share amounts
(Unaudited)
For the Three Months Ended
March 31,
2001 2000
---------------------- --------------------
Amount Ratio Amount Ratio
------ ----- ------ -----
Revenues $ 154.3 100.0% $ 136.0 100.0%
---------- ------ -------- ------
Salaries and benefits 60.3 39.1% 55.7 41.0%
Supplies 19.6 12.7% 17.0 12.5%
Other operating expenses 28.4 18.4% 29.7 21.8%
Provision for doubtful accounts 12.0 7.8% 9.1 6.7%
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120.3 78.0% 111.5 82.0%
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EBITDA 34.0 22.0% 24.5 18.0%
Depreciation and amortization 8.1 5.3% 8.4 6.1%
Interest expense 6.5 4.2% 7.2 5.3%
ESOP expense 2.6 1.7% 1.1 0.8%
Gain on previously impaired asset (0.5) (0.4)% -- --
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Income before minority interest and income taxes 17.3 11.2% 7.8 5.8%
Minority interest 0.6 0.4% 0.6 0.5%
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Income before income taxes 16.7 10.8% 7.2 5.3%
Provision for income taxes 8.1 5.2% 3.2 2.3%
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Net income $ 8.6 5.6% $ 4.0 3.0%
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Shares used in diluted EPS (000's) 34,069 32,022
Diluted earnings per share:
Net income, excluding gain on previously
impaired asset $ 0.24 $ 0.13
Gain on previously impaired asset 0.01 --
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Net income $ 0.25 $ 0.13
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LIFEPOINT HOSPITALS, INC.
STATISTICS
Three Months Ended
March 31,
%
2001 2000 Change
---- ---- ------
Number of hospitals at end of period 21 22 (4.5)%
Licensed beds at end of period 1,988 2,129 (6.6)%
Admissions 18,900 17,195 9.9%
Equivalent admissions 33,075 30,521 8.4%
Revenues per equivalent admission $ 4,664 $ 4,456 4.7%
Net outpatient revenues as a percentage of
net patient revenues 45.5% 47.1%
Average daily census 855 801 6.7%
Average length of stay 4.1 4.2 (2.4)%
- --30--as/na*
CONTACT: LifePoint Hospitals, Inc., Brentwood
James M. Fleetwood Jr., 615/372-8512
Kenneth C. Donahey, 615/372-8533