BRENTWOOD, Tenn.--(BUSINESS WIRE)--Nov. 6, 2009-- LifePoint Hospitals, Inc. (NASDAQ: LPNT) today announced results for the third quarter and nine months ended September 30, 2009.
For the third quarter ended September 30, 2009, revenues from continuing operations were $745.0 million, up 10.4% from $675.1 million for the same period a year ago. Income from continuing operations attributable to LifePoint Hospitals, Inc. for the third quarter ended September 30, 2009, increased 12.4% to $32.1 million, or $0.59 per diluted share, compared with income from continuing operations attributable to LifePoint Hospitals, Inc. of $28.6 million, or $0.54 per diluted share, for the same period last year. Net income attributable to LifePoint Hospitals, Inc. for the third quarter ended September 30, 2009, was $31.4 million, or $0.58 per diluted share, compared with $8.5 million, or $0.16 per diluted share, for the same period last year.
For the first nine months of 2009, revenues from continuing operations were $2,215.8 million, up 9.4% from $2,025.9 million for the same period a year ago. Income from continuing operations attributable to LifePoint Hospitals, Inc. for the first nine months of 2009 increased 4.5% to $100.6 million, or $1.88 per diluted share, compared with $96.3 million, or $1.80 per diluted share, for the same period of 2008. Net income attributable to LifePoint Hospitals, Inc. for the nine months ended September 30, 2009, was $96.1 million, or $1.80 per diluted share, compared with $75.0 million, or $1.40 per diluted share, for the same period a year ago.
In commenting on the results, William F. Carpenter III, president and chief executive officer of LifePoint Hospitals, said, "We are encouraged by the trends we saw in our results for the quarter. In particular, we saw improvement in revenue, EBITDA and EPS. We have also seen improvement in our core measures and other quality indicators. Our operating initiatives, including our enhanced physician recruitment efforts, are gaining traction, and we expect they will continue to drive improved performance.
"Although we are not satisfied with our inpatient admissions, we achieved sequential improvement in admissions, as well as in adjusted admissions this quarter. Admissions growth remains a priority, and it is important to us and our hospitals that more patients receive quality care close to home. In that regard, by being the first to bring state-of-the-art technology to our communities, our hospitals have made it easier for patients to choose our facilities more often over those in distant communities. In addition, the focus of our hospitals on Emergency Department processes, including those intended to improve the patient experience, should strengthen and improve performance."
The Company confirmed its full year 2009 guidance for revenue in a range of $2.9 billion to $3.0 billion, Adjusted EBITDA in a range of $450.0 million to $470.0 million and diluted earnings per share in a range of $2.35 to $2.55.
A listen-only simulcast, as well as a 30-day replay, of LifePoint Hospitals' third quarter 2009 conference call will be available on line at www.lifepointhospitals.com and www.earnings.com today, Friday, November 6, 2009, beginning at 10:00 a.m. Eastern Time.
LifePoint Hospitals, Inc. is a leading hospital company focused on providing healthcare services in non-urban communities in 17 states. Of the Company's 47 hospitals, 44 are in communities where LifePoint Hospitals is the sole community hospital provider. LifePoint Hospitals' non-urban operating strategy offers continued operational improvement by focusing on five guiding principles: delivering compassionate, high quality patient care; supporting physicians; creating an outstanding environment for employees; providing unmatched community value; and ensuring fiscal responsibility. Headquartered in Brentwood, Tennessee, LifePoint Hospitals is affiliated with approximately 21,000 employees. More information about LifePoint Hospitals can be found on its website, www.lifepointhospitals.com.
Important Legal Information. Certain statements contained in this release are based on current management expectations and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to qualify for the safe harbor protections from liability provided by the Private Securities Litigation Reform Act of 1995. Numerous factors exist which may cause results to differ from these expectations. Many of the factors that will determine LifePoint's future results are beyond LifePoint's ability to control or predict with accuracy. Such forward-looking statements reflect the current expectations and beliefs of the management of LifePoint, are not guarantees of performance and are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ from those described in the forward-looking statements. These forward-looking statements may also be subject to other risk factors and uncertainties, including, without limitation: (i) efforts by government and commercial third-party payors to reduce healthcare spending or change the manner in which payments are made; (ii) fundamental and systematic healthcare reform; (iii) increases in co-pays and deductibles, the cost of providing care to uninsured or under-insured persons who are not able to pay, continuing increases in accounts receivable from uninsured and "patient-due" accounts, and whether our reserves for "bad debt" are adequate; (iv) the rising number of unemployed, uninsured or under-insured individuals in the United States; (v) reduced funding for (or payments from) the Medicaid or Medicare programs, state budget deficits, the implementation of cost limits placed on hospitals by the government, or a reduction of Medicaid payments to us resulting from a successful challenge to one or more state Medicaid programs; (vi) the dependence of many of our hospitals on a small number of local employers and the impact of company failures or plant or facility closings; (vii) the increasing relationship of clinical quality to reimbursement rates; (viii) lower rates of hospital admissions and adjusted admissions;(ix) rising operating costs including in hospital supplies and medical technology, in the cost and effectiveness of our compliance program, and in the legal and other costs associated with compliance with increasingly complex laws, rules and regulations; (x) the availability, cost and terms of contractual labor and healthcare service providers including nurses and certain physicians such as anesthesiologists, radiologists and emergency room physicians; (xi) the ability to recruit and retain independent and employed physicians, other healthcare service providers and effective management personnel, and the dependence of many of our hospitals on a small number of admitting physicians; (xii) adverse changes in or requirements of state and federal laws, regulations, policies and procedures applicable to the Company; (xiii) increased scrutiny from governmental regulators, enforcement agencies and accreditation agencies; (xiv) whether we are successfully able to execute our business strategies including those to grow patient volumes and revenues; (xv) changes in the Company's operating or expansion strategies and, if made, our ability to execute such changed strategies successfully; (xvi) the highly competitive nature of the healthcare business, including competition from outpatient facilities, physicians on the medical staffs of our hospitals, physician offices and facilities in larger towns and cities; (xvii) restrictions (including required governmental approvals) on our ability to make acquisitions or divestitures, and to enter into joint ventures, on favorable terms and conditions; (xviii) our ability to successfully integrate and operate newly-acquired and de novo facilities; (xix) the increasing pressure to allow physicians to own a portion of our hospitals, and our ability to effectively manage hospitals with physician partners; (xx) the geographic concentration of LifePoint's operations and general economic and other conditions in the Company's markets; (xxi) the availability and terms of capital; (xxii) the amount and terms of the Company's indebtedness, changes in interest rates, our credit ratings, or the of our indebtedness or our liquidity; (xxiii) changes in, or interpretations of, generally accepted accounting principles or practices; (xxiv) volatility in the market value of LifePoint's common stock; (xxv) the ability to manage successfully risks, including those that could result in losses to us because we are significantly self-insured; (xxvi) the availability, cost and terms of insurance coverage; (xxvii) possible adverse outcomes of pending litigation (including self-insured litigation), and the risks associated with credentialing decisions; (xxviii) the potential adverse impact of government investigations and litigation involving the business practices of healthcare providers, including whistleblower investigations and recovery audit contractors; (xxix) our reliance on information technology systems maintained by HCA-Information Technology & Services, Inc. and the cost and other difficulties associated with converting facilities from one information system to another; (xxx) the costs of complying with the Americans with Disabilities Act and related litigation; and (xxxi) those other risks and uncertainties described from time to time in LifePoint's filings with the Securities and Exchange Commission. Therefore, LifePoint's future results may differ materially from those described in this release. LifePoint 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 "LifePoint," "LifePoint Hospitals" and the "Company" as used throughout this release refer to LifePoint Hospitals, Inc. and its subsidiaries.