-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EVxmd7OumDXM0h3ZmjwDyCEcsDadFERv0iCVXH2EcL/fh7pxi6FYBb0QspEz61e2 axKxo4KZI0dyFnivcHTKrQ== 0000950144-01-504843.txt : 20010726 0000950144-01-504843.hdr.sgml : 20010726 ACCESSION NUMBER: 0000950144-01-504843 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010723 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIFEPOINT HOSPITALS INC CENTRAL INDEX KEY: 0001074772 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC [8062] IRS NUMBER: 522165845 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-29818 FILM NUMBER: 1688939 BUSINESS ADDRESS: STREET 1: 103 POWELL COURT STREET 2: SUITE 200 CITY: BRENTWOOD STATE: TN ZIP: 37027 BUSINESS PHONE: 6153728500 MAIL ADDRESS: STREET 1: 4525 HARDING RD CITY: NASHVILLE STATE: TN ZIP: 37205 FORMER COMPANY: FORMER CONFORMED NAME: LIFEPOINT HOSPITALS LLC DATE OF NAME CHANGE: 19981207 8-K 1 g70687e8-k.txt LIFEPOINT HOSPITALS, INC. 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------------ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): July 25, 2001 (July 23, 2001) - -------------------------------------------------------------------------------- LIFEPOINT HOSPITALS, INC. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 0-29818 52-2165845 ------------ --------------- ------------------ (State or Other (Commission File (I.R.S. Employer Jurisdiction of Number) Identification Incorporation) Number) 103 Powell Court, Suite 200 Brentwood, Tennessee 37027 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (615) 372-8500 - -------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) Not applicable - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Page 1 of 4 pages Exhibit Index located on Page 4 2 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial statements of businesses acquired. None required (b) Pro forma financial information. None required (c) Exhibits. 99 Copy of press release issued by the Company on July 23, 2001. ITEM 9. REGULATION FD DISCLOSURE. LifePoint Hospitals, Inc. (the "Company") issued a press release on July 23, 2001 announcing its financial results for the quarter ended June 30, 2001. See the press release attached as Exhibit 99. 2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LIFEPOINT HOSPITALS, INC. By: /s/ William F. Carpenter III ---------------------------------------- William F. Carpenter III Senior Vice President and General Counsel Date: July 25, 2001 3 4 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION OF EXHIBITS ------ ----------------------- 99 Copy of press release issued by the Company on July 23, 2001.
EX-99 2 g70687ex99.txt PRESS RELEASE 1 EXHIBIT 99 (LIFEPOINT HOSPITALS, INC. LOGO) CONTACT: PENNY L. BRAKE DIRECTOR, FINANCE (615) 372-8532 LIFEPOINT HOSPITALS REPORTS 100% INCREASE IN SECOND QUARTER EPS BEFORE EXTRAORDINARY ITEM SECOND QUARTER HIGHLIGHTS: Continuing strong financial performance - Quarterly EPS of $0.22 (before extraordinary item) compared with $0.11 in the prior year - EBITDA margin increased to 21.0%, a 250bp increase over prior year - Increase in admissions of 12.1% - Increase in equivalent admissions of 9.0% Kenneth C. Donahey named chairman and chief executive officer Completion of a $200 million, five-year amended and restated credit agreement BRENTWOOD, TENNESSEE (July 23, 2001) - LifePoint Hospitals, Inc. (NASDAQ: LPNT) today announced results for the second quarter ended June 30, 2001. For the quarter ended June 30, 2001, net revenues were $151.6 million, up 13.8% from $133.3 million a year ago. Income before extraordinary item for the quarter totaled $8.5 million, or $0.22 per diluted share, versus $3.7 million, or $0.11 per diluted share, in the prior-year period, representing increases of 130.3% and 100.0%, respectively. Shares used in calculating diluted earnings per share for the second quarter of 2001 included 3.7 million additional shares compared with the second quarter of 2000, primarily as a result of the secondary offering of common stock completed in March 2001. Including the extraordinary item, net income for the quarter ended June 30, 2001, totaled $6.9 million, or $0.18 per diluted share. Earnings before interest, income taxes, depreciation, amortization, ESOP expense, minority interest and extraordinary loss (EBITDA) increased 29.3% to $31.8 million from $24.6 million in the same period last year. For the six months ended June 30, 2001, net revenues were $305.9 million, up 13.6% from $269.3 million a year ago. Income before extraordinary item and gain on previously impaired asset for the six-month period totaled $17.1 million, or $0.46 per diluted share, versus $7.7 million, or $0.24 per diluted share, in the prior-year period, representing increases of 121.9% and 91.7%, respectively. Including the extraordinary item and gain on previously impaired asset, net income for the six months ended June 30, 2001, totaled $15.5 million, or $0.43 per diluted share. Earnings before interest, income taxes, depreciation, amortization, ESOP expense, minority interest, gain on previously impaired asset and extraordinary loss (EBITDA) increased 34.0% to $65.8 million from $49.1 million in the same period last year. -MORE- 2 LPNT Announces Second Quarter Results Page 2 July 23, 2001 In June, the Company announced that it had completed a $200 million, five-year amended and restated credit agreement with a syndicate of banks led by Fleet National Bank. The agreement increased the Company's available credit under its revolving credit agreement from $65 million to $200 million and extended the current agreement to five years. During the quarter, the Company wrote off $2.6 million of deferred loan costs related to the original credit agreement, which resulted in an extraordinary charge of $1.6 million, or $0.04 per diluted share. Mr. Donahey said, "Our strong financial performance in the second quarter continues to be driven by our disciplined operational strategy. We will continue to execute this strategy by adding services, controlling costs and recruiting physicians. I am extremely pleased that while we are delivering these solid results to our shareholders, we are providing exceptional levels of care in the communities we serve. In addition, with the completion of the amended and restated credit agreement, we have the financial resources the Company needs to realize its long-term growth objectives." A listen-only simulcast and replay of LifePoint Hospitals' second quarter conference call will be available on-line at www.lifepointhospitals.com and www.streetevents.com on July 24, 2001, beginning at 10:00 a.m. Eastern Time. 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. -MORE- 3 LPNT Announces Second Quarter Results Page 3 July 23, 2001 LIFEPOINT HOSPITALS, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS DOLLARS IN MILLIONS
JUNE 30, DECEMBER 31, 2001 2000 ------- ------- ASSETS Current assets: Cash and cash equivalents $ 29.5 $ 39.7 Accounts receivable, net 42.5 41.7 Inventories 14.2 13.9 Deferred taxes and other current assets 14.8 22.2 ------- ------- 101.0 117.5 Property and equipment: Land 9.1 8.7 Buildings and improvements 242.4 236.9 Equipment 250.8 244.9 Construction in progress 20.3 9.4 ------- ------- 522.6 499.9 Accumulated depreciation (195.7) (183.4) ------- ------- 326.9 316.5 Intangible assets, net 52.9 53.8 Other 0.1 0.2 ------- ------- $ 480.9 $ 488.0 ======= ======= LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 13.7 $ 16.1 Accrued salaries 14.9 13.8 Other current liabilities 15.2 11.1 Current maturities of long-term debt -- 11.1 ------- ------- 43.8 52.1 Long-term debt 150.0 278.3 Deferred income taxes 16.3 15.2 Professional liability risks and other liabilities 14.2 9.4 Minority interests in equity of consolidated entities 4.4 4.6 Stockholders' equity: Common stock 0.4 0.3 Capital in excess of par value 263.1 156.5 Unearned ESOP compensation (24.1) (25.7) Notes receivable for shares sold to employees (7.2) (7.2) Retained earnings 20.0 4.5 ------- ------- 252.2 128.4 ------- ------- $ 480.9 $ 488.0 ======= ======= Current ratio 2.31 2.26 Ratio of debt to debt plus common and minority equity 36.9% 68.5%
-MORE- 4 LPNT Announces Second Quarter Results Page 4 July 23, 2001 LIFEPOINT HOSPITALS, INC. UNAUDITED CONSOLIDATED INCOME STATEMENTS DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------------------------- -------------------------------------- 2001 2000 2001 2000 ---------------- ----------------- ---------------- ------------------ AMOUNT RATIO AMOUNT RATIO AMOUNT RATIO AMOUNT RATIO ------- ------ ------- ------ -------- ----- -------- ------- Revenues $ 151.6 100.0% $ 133.3 100.0% $ 305.9 100.0% $ 269.3 100.0% Salaries and benefits 59.4 39.2% 54.4 40.8% 119.7 39.1% 110.1 40.9% Supplies 18.8 12.4% 16.0 12.0% 38.4 12.5% 33.0 12.2% Other operating expenses 31.0 20.4% 28.5 21.3% 59.4 19.5% 58.2 21.7% Provision for doubtful accounts 10.6 7.0% 9.8 7.4% 22.6 7.4% 18.9 7.0% ------- ------ ------- ------ -------- ----- -------- ------- 119.8 79.0% 108.7 81.5% 240.1 78.5% 220.2 81.8% ------- ------ ------- ------ -------- ------ -------- ------- EBITDA 31.8 21.0% 24.6 18.5% 65.8 21.5% 49.1 18.2% Depreciation and amortization 8.5 5.7% 8.4 6.4% 16.6 5.4% 16.8 6.3% Interest expense, net 3.7 2.4% 7.4 5.6% 10.2 3.3% 14.6 5.4% ESOP expense 2.4 1.6% 1.3 1.0% 5.0 1.7% 2.4 0.9% Gain on previously impaired asset -- -- -- -- (0.5) (0.2)% -- -- ------- ------ ------- ------ -------- ------ -------- ------- Income before minority interest, income taxes and extraordinary item 17.2 11.3% 7.5 5.5% 34.5 11.3% 15.3 5.6% Minority interest 0.7 0.4% 0.7 0.4% 1.3 0.5% 1.3 0.4% ------- ------ ------- ------ -------- ------ -------- ------- Income before income taxes and extraordinary item 16.5 10.9% 6.8 5.1% 33.2 10.8% 14.0 5.2% Provision for income taxes 8.0 5.3% 3.1 2.3% 16.1 5.2% 6.3 2.3% ------- ----- ------- ----- -------- ----- -------- ------ Income before extraordinary item 8.5 5.6% 3.7 2.8% 17.1 5.6% 7.7 2.9% Extraordinary loss on early retirement of debt, net 1.6 1.0% -- -- 1.6 0.5% -- -- ------- ------ ------- ------ -------- ------ -------- ------- Net income $ 6.9 4.6% $ 3.7 2.8% $ 15.5 5.1% $ 7.7 2.9% ======= ====== ======= ====== ======== ====== ======== ======= Shares used in diluted EPS (000's) 37,662 32,539 35,875 32,281 Diluted earnings per share: Net income, excluding gain on previously impaired asset and extraordinary item $ 0.22 $ 0.11 $ 0.46 $ 0.24 Gain on previously impaired asset -- -- 0.01 -- Extraordinary loss on early retirement of debt, net (0.04) -- (0.04) -- ------- ------- -------- -------- Net income $ 0.18 $ 0.11 $ 0.43 $ 0.24 ======= ======= ======== ========
-MORE- 5 LPNT Announces Second Quarter Results Page 5 July 23, 2001 LIFEPOINT HOSPITALS, INC. STATISTICS
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ----------------------------------- --------------------------------- % % 2001 2000 CHANGE 2001 2000 CHANGE ------- ------- ------- ------- ------- ------- Number of hospitals at end of period 21 22 (4.5)% 21 22 (4.5)% Licensed beds at end of period 1,963 2,083 (5.8)% 1,963 2,083 (5.8)% Admissions 17,128 15,281 12.1% 36,028 32,476 10.9% Equivalent admissions 31,379 28,780 9.0% 64,454 59,301 8.7% Revenues per equivalent admission $ 4,833 $ 4,632 4.3% $ 4,746 $ 4,542 4.5% Net outpatient revenues as a percentage of net patient revenues 48.1% 50.1% 46.8% 48.6% Average daily census 755 676 11.7% 805 738 9.1% Average length of stay 4.0 4.0 -- 4.0 4.1 (2.4)%
-END- -----END PRIVACY-ENHANCED MESSAGE-----