NAPLES, Fla.--(BUSINESS WIRE)-- Health Management Associates, Inc. (NYSE:HMA) today announced that a subsidiary of Health Management has executed a definitive agreement to acquire the 406-bed Wuesthoff Health System (“Wuesthoff”) and its associated ancillary facilities. The transaction is expected to be completed by October 1, 2010.
The Wuesthoff Health System is comprised of two hospitals, the 291-bed Wuesthoff Medical Center-Rockledge, located in Rockledge, Florida and the 115-bed Wuesthoff Medical Center-Melbourne, located in Melbourne, Florida, as well as other successful facilities providing a continuum of care.
“For nearly 70 years, the Wuesthoff Health System has served the healthcare needs of Brevard County and its adjoining communities, and Health Management is pleased to have the opportunity to continue that tradition of service as we seek to enable America’s best local health care,” said Gary D. Newsome, President and Chief Executive Officer of Health Management. “We look forward to the opportunity to work closely with the Wuesthoff physicians and associates to provide them with the processes, capital and expertise necessary to fulfill their local mission of delivering superior health care to the region.”
Wuesthoff Health System generates approximately $290 million of annual net revenue and is centrally located on Florida’s east coast. Wuesthoff Medical Center – Rockledge and Wuesthoff Medical Center – Melbourne, located less than 40 miles and 20 miles, respectively, from Health Management’s Sebastian River Medical Center in Sebastian, Florida, are expected to compliment Sebastian River, creating a network of Health Management clinical synergies for cardiac, neurosurgical and other services.
Health Management enables America’s best local health care by providing the people, processes, capital and expertise necessary for its hospital and physician partners to fulfill their local missions of delivering superior health care services. Upon completion of the Wuesthoff Health System acquisition, through its subsidiaries, Health Management will operate 60 hospitals, with approximately 9,000 licensed beds, in non-urban communities located throughout the United States. All references to “Health Management,” “HMA” or the “Company” used in this release refer to Health Management Associates, Inc. and its affiliates.
Forward-Looking Statements
This press release contains 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. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could”, “prospects”, “promising” and other similar words. All statements addressing operating performance, events or developments that Health Management Associates, Inc. expects or anticipates will occur in the future, including but not limited to projections of revenue, income or loss, capital expenditures, earnings per share, debt structure, bad debt expense, capital structure, repayment of indebtedness, other financial items, statements regarding the plans and objectives of management for future operations, statements regarding acquisitions, divestitures and other proposed or contemplated transactions, statements of future economic performance, statements regarding the state of the economy, statements of the assumptions underlying or relating to any of the foregoing statements, and other statements which are other than statements of historical fact, are considered to be “forward-looking statements.”
Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Health Management Associates, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Forms 10-Q under the heading entitled “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of Health Management Associates, Inc.'s underlying assumptions prove incorrect, actual results could vary materially from those currently anticipated. In addition, undue reliance should not be placed on Health Management Associates, Inc.'s forward-looking statements. Except as required by law, Health Management Associates, Inc. disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.
CONTACT:
Health Management Associates, Inc.
John C. Merriwether, Vice President of Financial Relations, 239-598-3131
KEYWORDS: United States North America Florida
INDUSTRY KEYWORDS: Practice Management Health Hospitals Other Health Professional Services Banking Finance Nursing General Health Managed Care
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