Third Quarter Revenue Up 9.7% over Prior-Year Period to $900 Million
LifePoint Hospitals Reports Third Quarter 2013 Results
LifePoint Hospitals, Inc.Leif Murphy, 615-372-1447Executive Vice President and Chief Financial Officer
LifePoint Hospitals, Inc. (NASDAQ: LPNT) today announced results for the third quarter and nine months ended September 30, 2013.
For the third quarter ended September 30, 2013, revenues from continuing operations were $899.7 million, up 9.7% from $820.2 million for the same period a year ago. Adjusted EBITDA for the third quarter ended September 30, 2013, increased 25.1% to $134.3 million compared with $107.3 million for the same period a year ago. Income from continuing operations attributable to LifePoint Hospitals, Inc. stockholders for the third quarter ended September 30, 2013, increased 69.9% to $32.5 million, or $0.68 per diluted share, compared with $19.2 million, or $0.39 per diluted share, for the same period a year ago.
Certain significant items adversely affected the Company’s financial performance during the third quarter ended September 30, 2012. After adjusting for these significant items, the Company’s Adjusted Normalized EBITDA and Adjusted Diluted EPS attributable to LifePoint Hospitals, Inc. stockholders for the three months ended September 30, 2012, were $119.4 million and $0.60 per diluted share, respectively. As compared with these amounts, Adjusted EBITDA for the third quarter ended September 30, 2013, increased $14.9 million, or 12.5%, and diluted earnings per share attributable to LifePoint Hospitals, Inc. stockholders increased $0.08, or 13.3%.
For the first nine months of 2013, revenues from continuing operations were $2,725.7 million, up 9.1% from $2,498.5 million for the same period a year ago. Adjusted EBITDA for the first nine months of 2013 decreased 5.4% to $388.5 million compared with $410.8 million for the same period a year ago. Income from continuing operations attributable to LifePoint Hospitals, Inc. stockholders for the first nine months of 2013 decreased 20.4% to $91.9 million, or $1.93 per diluted share, compared with $115.4 million, or $2.38 per diluted share, for the same period last year. Results for the first nine months of 2012 included the Medicare Rural Floor settlement, which increased revenues by $33.0 million and increased related costs by $6.0 million, for a net impact of $0.35 per diluted share.
“We are pleased with our quarterly results, which included strong revenue and EBITDA growth,” said William F. Carpenter III, chairman and chief executive officer of LifePoint. “While the overall volume environment remains challenging, our strategic initiatives drove growth in outpatient volumes. Our M&A program remains active, with all pending acquisitions on track to close within the next six months. Our recently acquired hospitals are performing well, and we have a strong pipeline of potential opportunities. We have the processes and people in place to maximize enrollment on healthcare exchanges and in government programs, and we believe we are well positioned to benefit from the new healthcare environment.”
A listen-only simulcast, as well as a 30-day replay, of LifePoint Hospitals’ third quarter 2013 conference call will be available on line at today, Friday, October 25, 2013, beginning at 10:00 a.m. Eastern Time.
LifePoint Hospitals, Inc. is a leading hospital company focused on providing quality healthcare services close to home. Through its subsidiaries, LifePoint operates 57 hospital campuses in 20 states. With a mission of “Making Communities Healthier®,” LifePoint is the sole community hospital provider in the majority of the communities it serves. More information about the Company, which is headquartered in Brentwood, Tennessee, can be found on its website, . All references to “LifePoint,” “LifePoint Hospitals,” or the “Company” used in this release refer to LifePoint Hospitals, Inc. or its affiliates.