Province Healthcare Reports First Quarter 2001 Results

Apr 25, 2001, 01:00 ET from Province Healthcare Company

    BRENTWOOD, Tenn., April 25 /PRNewswire/ --
     Province Healthcare Company (Nasdaq:   PRHC) today announced results for its
 first quarter ended March 31, 2001.
     Net operating revenues for the first quarter of 2001 increased 12% to
 $122,436,000, compared with $109,102,000 in the same quarter of last year.
 Earnings before interest, income taxes, depreciation, amortization, loss on
 sale of assets and minority interest (EBITDA) rose 17% to $24,101,000,
 compared with $20,671,000 in last year's first quarter.  Net income to common
 shareholders for the quarter was $8,508,000 or $0.26 per diluted share, a 24%
 increase over last year's $0.21 per diluted share on net income to common
 shareholders of $5,226,000.  There were 32% more diluted shares outstanding in
 the first quarter of 2001 compared with the first quarter of 2000, primarily
 as a result of the common stock offering in April 2000.
     Province ended the first quarter of 2001 with 14 owned or leased
 hospitals, of which 12 are same-store hospitals.  Excluded from same-store
 results are Ennis Regional Medical Center, acquired on February 15, 2000 and
 Bolivar Medical Center, acquired on April 15, 2000.
     For the 12 same-store hospitals, net patient service revenue increased
 15.9% over the first quarter of last year.  Contributing to this year's same-
 store revenue growth was an increase of 16.7% in same-store admissions and an
 increase of 13.7% in same-store outpatient revenue.
     Martin S. Rash, President and Chief Executive Officer of Province
 Healthcare, commented, "Once again, our Company has delivered exceptional
 operating results, with same-store volumes exceeding all expectations.  These
 results extend our record of reporting 13 consecutive quarters that meet or
 exceed the consensus estimate for the Company.  The acquisition pipeline
 remains strong and our objective continues to be 25% EPS growth annually."
     Province Healthcare is a provider of health care services in attractive
 non-urban markets in the United States.  The Company owns or leases 14 general
 acute care hospitals in nine states with a total of 1,358 licensed beds.  The
 Company also provides management services to 38 primarily non-urban hospitals
 in 14 states with a total of 3,098 licensed beds.
     Except for historical information contained herein, the statements in this
 release are forward-looking statements that are made pursuant to the safe
 harbor provisions of the Private Securities Litigation Reform Act of 1995.
 Forward-looking statements involve known and unknown risks and uncertainties
 which may cause the Company's actual results in future periods to differ
 materially from forecasted results.  Those risks include, among others, risks
 associated with general economic and business conditions, the effect of future
 governmental regulations, including the recently enacted Balanced Budget Act
 of 1997, changes in Medicare and Medicaid reimbursement levels, and the
 Company's ability to implement successfully its acquisition and development
 strategy and to obtain financing therefore.  Those and other risks are
 described in the Company's filings with the Securities and Exchange Commission
 (SEC), copies of which are available from the SEC or may be obtained upon
 request from the Company.
 
 
                  PROVINCE HEALTHCARE COMPANY AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                                 (In thousands)
 
 
                                                    March 31,      December 31,
                                                       2001           2000
                                                   (Unaudited)
 
     ASSETS
     Current assets:
      Cash and cash equivalents                    $    7,290     $       --
      Accounts receivable, less allowance for
       doubtful accounts of $11,255 in 2001 and
       $8,321 in 2000                                  90,024         89,208
      Inventories                                      11,872         11,805
      Prepaid expenses and other                       10,799          7,282
        Total current assets                          119,985        108,295
 
     Property, plant and equipment, net               216,193        210,277
     Other assets:
      Cost in excess of net assets acquired           183,545        183,331
      Other assets                                     30,010         28,949
        Total assets                               $  549,733     $  530,852
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
     Current liabilities:
      Accounts payable                             $   10,933     $   12,359
      Accrued salaries and benefits                    15,635         14,736
      Accrued expenses                                 16,037         15,655
      Current maturities of long-term obligations       2,220          2,179
        Total current liabilities                      44,825         44,929
 
     Long-term obligations, less current maturities   165,628        162,086
     Other liabilities                                  8,109          7,343
     Minority interest                                  1,878          1,780
 
     Stockholders' equity:
      Common stock - $0.01 par value; 50,000,000 shares
       authorized; issued and outstanding 31,297,817
       shares and 30,908,588 shares at March 31, 2001
       and December 31, 2000, respectively                313            309
      Additional paid-in-capital                      280,212        273,858
      Accumulated other comprehensive income             (287)            --
      Retained earnings                                49,055         40,547
        Total stockholders' equity                    329,293        314,714
     Total liabilities and stockholders' equity     $ 549,733     $  530,852
 
 
                  PROVINCE HEALTHCARE COMPANY AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
                     (In thousands, except per share data)
 
 
                                                  Three Months Ended March 31,
                                                        2001         2000
 
     Revenue:
      Net patient service revenue                   $ 116,886     $  103,413
      Management and professional services              2,636          3,139
      Reimbursable expenses                             1,481          1,711
      Other                                             1,433            839
        Net operating revenue                         122,436        109,102
 
     Expenses:
      Salaries, wages and benefits                     46,955         44,206
      Reimbursable expenses                             1,481          1,711
      Purchased services                               11,183         10,492
      Supplies                                         13,775         12,351
      Provision for doubtful accounts                  10,919          8,069
      Other operating expenses                         12,294          9,799
      Rentals and leases                                1,728          1,803
      Depreciation and amortization                     6,682          6,332
      Interest expense                                  2,622          5,212
      Minority interest                                    98             36
      Loss on sale of assets                               30              2
        Total expenses                                107,767        100,013
 
     Income before provision for income taxes          14,669          9,089
     Income taxes                                       6,161          3,863
     Net income                                     $   8,508     $    5,226
 
     Net income per common share:
      Basic                                         $    0.27     $     0.22
 
      Diluted                                       $    0.26     $     0.21
 
     Weighted average common shares:
      Basic                                        31,056,000     23,655,000
      Diluted                                      32,430,000     24,498,000
 
 
                          PROVINCE HEALTHCARE COMPANY
                         SELECTED OPERATING STATISTICS
                                  (Unaudited)
 
 
                                      Actual                Same Store (A)
                                Three Months Ended        Three Months Ended
                                     March 31,                 March 31,
                                2001        2000          2001         2000
 
     Consolidated Hospitals:
     Number of hospitals at end
      of period                  14           15            12            12
     Licensed beds at end of
      period                  1,358        1,327         1,148         1,098
     Beds in service at end
      of period               1,256        1,231         1,086         1,018
     Inpatient admissions    13,413        10,949       11,552         9,899
     Patient days            56,837        51,559       46,288        41,475
     Adjusted patient days   92,680        87,856       75,783        69,938
     Average length of stay
     (days)                     4.2           4.7          4.0           4.2
     Occupancy rates (av.
      licensed beds)           46.5%         42.7%        44.8%         41.5%
     Occupancy rates (av.
      beds in service)         50.3%         46.0%        47.4%         44.8%
 
     Gross revenue:
      Inpatient        $149,107,615  $127,213,506 $135,327,924  $110,385,570
      Outpatient         93,973,875    89,617,715   86,194,169    75,811,167
       Total           $243,081,490  $216,831,221 $221,522,093  $186,196,737
 
     Net patient service revenue
     (excluding prior
      year contractual
      adjustments)     $116,943,409  $103,450,528 $105,868,911   $91,334,578
 
     Medicare utilization      55.1%         60.5%        57.9%         60.7%
     Medicaid utilization      18.3%         13.7%        13.6%         13.4%
     Other                     26.6%         25.8%        28.5%         25.9%
     Total                    100.0%        100.0%       100.0%        100.0%
 
     (A) Represents twelve hospitals owned during both periods.
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X50533521
 
 

SOURCE Province Healthcare Company
    BRENTWOOD, Tenn., April 25 /PRNewswire/ --
     Province Healthcare Company (Nasdaq:   PRHC) today announced results for its
 first quarter ended March 31, 2001.
     Net operating revenues for the first quarter of 2001 increased 12% to
 $122,436,000, compared with $109,102,000 in the same quarter of last year.
 Earnings before interest, income taxes, depreciation, amortization, loss on
 sale of assets and minority interest (EBITDA) rose 17% to $24,101,000,
 compared with $20,671,000 in last year's first quarter.  Net income to common
 shareholders for the quarter was $8,508,000 or $0.26 per diluted share, a 24%
 increase over last year's $0.21 per diluted share on net income to common
 shareholders of $5,226,000.  There were 32% more diluted shares outstanding in
 the first quarter of 2001 compared with the first quarter of 2000, primarily
 as a result of the common stock offering in April 2000.
     Province ended the first quarter of 2001 with 14 owned or leased
 hospitals, of which 12 are same-store hospitals.  Excluded from same-store
 results are Ennis Regional Medical Center, acquired on February 15, 2000 and
 Bolivar Medical Center, acquired on April 15, 2000.
     For the 12 same-store hospitals, net patient service revenue increased
 15.9% over the first quarter of last year.  Contributing to this year's same-
 store revenue growth was an increase of 16.7% in same-store admissions and an
 increase of 13.7% in same-store outpatient revenue.
     Martin S. Rash, President and Chief Executive Officer of Province
 Healthcare, commented, "Once again, our Company has delivered exceptional
 operating results, with same-store volumes exceeding all expectations.  These
 results extend our record of reporting 13 consecutive quarters that meet or
 exceed the consensus estimate for the Company.  The acquisition pipeline
 remains strong and our objective continues to be 25% EPS growth annually."
     Province Healthcare is a provider of health care services in attractive
 non-urban markets in the United States.  The Company owns or leases 14 general
 acute care hospitals in nine states with a total of 1,358 licensed beds.  The
 Company also provides management services to 38 primarily non-urban hospitals
 in 14 states with a total of 3,098 licensed beds.
     Except for historical information contained herein, the statements in this
 release are forward-looking statements that are made pursuant to the safe
 harbor provisions of the Private Securities Litigation Reform Act of 1995.
 Forward-looking statements involve known and unknown risks and uncertainties
 which may cause the Company's actual results in future periods to differ
 materially from forecasted results.  Those risks include, among others, risks
 associated with general economic and business conditions, the effect of future
 governmental regulations, including the recently enacted Balanced Budget Act
 of 1997, changes in Medicare and Medicaid reimbursement levels, and the
 Company's ability to implement successfully its acquisition and development
 strategy and to obtain financing therefore.  Those and other risks are
 described in the Company's filings with the Securities and Exchange Commission
 (SEC), copies of which are available from the SEC or may be obtained upon
 request from the Company.
 
 
                  PROVINCE HEALTHCARE COMPANY AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                                 (In thousands)
 
 
                                                    March 31,      December 31,
                                                       2001           2000
                                                   (Unaudited)
 
     ASSETS
     Current assets:
      Cash and cash equivalents                    $    7,290     $       --
      Accounts receivable, less allowance for
       doubtful accounts of $11,255 in 2001 and
       $8,321 in 2000                                  90,024         89,208
      Inventories                                      11,872         11,805
      Prepaid expenses and other                       10,799          7,282
        Total current assets                          119,985        108,295
 
     Property, plant and equipment, net               216,193        210,277
     Other assets:
      Cost in excess of net assets acquired           183,545        183,331
      Other assets                                     30,010         28,949
        Total assets                               $  549,733     $  530,852
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
     Current liabilities:
      Accounts payable                             $   10,933     $   12,359
      Accrued salaries and benefits                    15,635         14,736
      Accrued expenses                                 16,037         15,655
      Current maturities of long-term obligations       2,220          2,179
        Total current liabilities                      44,825         44,929
 
     Long-term obligations, less current maturities   165,628        162,086
     Other liabilities                                  8,109          7,343
     Minority interest                                  1,878          1,780
 
     Stockholders' equity:
      Common stock - $0.01 par value; 50,000,000 shares
       authorized; issued and outstanding 31,297,817
       shares and 30,908,588 shares at March 31, 2001
       and December 31, 2000, respectively                313            309
      Additional paid-in-capital                      280,212        273,858
      Accumulated other comprehensive income             (287)            --
      Retained earnings                                49,055         40,547
        Total stockholders' equity                    329,293        314,714
     Total liabilities and stockholders' equity     $ 549,733     $  530,852
 
 
                  PROVINCE HEALTHCARE COMPANY AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
                     (In thousands, except per share data)
 
 
                                                  Three Months Ended March 31,
                                                        2001         2000
 
     Revenue:
      Net patient service revenue                   $ 116,886     $  103,413
      Management and professional services              2,636          3,139
      Reimbursable expenses                             1,481          1,711
      Other                                             1,433            839
        Net operating revenue                         122,436        109,102
 
     Expenses:
      Salaries, wages and benefits                     46,955         44,206
      Reimbursable expenses                             1,481          1,711
      Purchased services                               11,183         10,492
      Supplies                                         13,775         12,351
      Provision for doubtful accounts                  10,919          8,069
      Other operating expenses                         12,294          9,799
      Rentals and leases                                1,728          1,803
      Depreciation and amortization                     6,682          6,332
      Interest expense                                  2,622          5,212
      Minority interest                                    98             36
      Loss on sale of assets                               30              2
        Total expenses                                107,767        100,013
 
     Income before provision for income taxes          14,669          9,089
     Income taxes                                       6,161          3,863
     Net income                                     $   8,508     $    5,226
 
     Net income per common share:
      Basic                                         $    0.27     $     0.22
 
      Diluted                                       $    0.26     $     0.21
 
     Weighted average common shares:
      Basic                                        31,056,000     23,655,000
      Diluted                                      32,430,000     24,498,000
 
 
                          PROVINCE HEALTHCARE COMPANY
                         SELECTED OPERATING STATISTICS
                                  (Unaudited)
 
 
                                      Actual                Same Store (A)
                                Three Months Ended        Three Months Ended
                                     March 31,                 March 31,
                                2001        2000          2001         2000
 
     Consolidated Hospitals:
     Number of hospitals at end
      of period                  14           15            12            12
     Licensed beds at end of
      period                  1,358        1,327         1,148         1,098
     Beds in service at end
      of period               1,256        1,231         1,086         1,018
     Inpatient admissions    13,413        10,949       11,552         9,899
     Patient days            56,837        51,559       46,288        41,475
     Adjusted patient days   92,680        87,856       75,783        69,938
     Average length of stay
     (days)                     4.2           4.7          4.0           4.2
     Occupancy rates (av.
      licensed beds)           46.5%         42.7%        44.8%         41.5%
     Occupancy rates (av.
      beds in service)         50.3%         46.0%        47.4%         44.8%
 
     Gross revenue:
      Inpatient        $149,107,615  $127,213,506 $135,327,924  $110,385,570
      Outpatient         93,973,875    89,617,715   86,194,169    75,811,167
       Total           $243,081,490  $216,831,221 $221,522,093  $186,196,737
 
     Net patient service revenue
     (excluding prior
      year contractual
      adjustments)     $116,943,409  $103,450,528 $105,868,911   $91,334,578
 
     Medicare utilization      55.1%         60.5%        57.9%         60.7%
     Medicaid utilization      18.3%         13.7%        13.6%         13.4%
     Other                     26.6%         25.8%        28.5%         25.9%
     Total                    100.0%        100.0%       100.0%        100.0%
 
     (A) Represents twelve hospitals owned during both periods.
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X50533521
 
 SOURCE  Province Healthcare Company