0000785161-14-000034.txt : 20140623 0000785161-14-000034.hdr.sgml : 20140623 20140602163800 ACCESSION NUMBER: 0000785161-14-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140601 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140602 DATE AS OF CHANGE: 20140602 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEALTHSOUTH CORP CENTRAL INDEX KEY: 0000785161 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOSPITALS [8060] IRS NUMBER: 630860407 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10315 FILM NUMBER: 14884592 BUSINESS ADDRESS: STREET 1: 3660 GRANDVIEW PARKWAY STREET 2: SUITE 200 CITY: BIRMINGHAM STATE: AL ZIP: 35243 BUSINESS PHONE: 205-967-7116 MAIL ADDRESS: STREET 1: 3660 GRANDVIEW PARKWAY STREET 2: SUITE 200 CITY: BIRMINGHAM STATE: AL ZIP: 35243 FORMER COMPANY: FORMER CONFORMED NAME: HEALTHSOUTH REHABILITATION CORP DATE OF NAME CHANGE: 19920703 8-K 1 fairlawnequityinterestsinc.htm 8-K Fairlawn Equity Interests Increase Form 8-K


UNITED STATES
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): June 1, 2014

HealthSouth Corporation
(Exact name of Registrant as specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
001-10315
63-0860407
(Commission File Number)
(IRS Employer Identification No.)
 
 
3660 Grandview Parkway, Suite 200, Birmingham, Alabama 35243
(Address of Principal Executive Offices, Including Zip Code)
(205) 967-7116
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




ITEM 7.01. Regulation FD Disclosure.
On June 2, 2014, HealthSouth Corporation (the “Company” or “HealthSouth”) issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing that the Company has acquired additional equity interests in Fairlawn Rehabilitation Hospital in Worcester, Massachusetts and updated its full-year 2014 guidance to reflect that acquisition.
Exhibit 99.1 attached hereto is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The furnishing of Exhibit 99.1 attached hereto is not intended to constitute a determination by the Company that the information is material or that the dissemination of the information is required by Regulation FD.
Forward-Looking Statements
Statements contained in this document and the press release attached hereto as Exhibit 99.1 which are not historical facts, such as those relating to the financial guidance, are forward-looking statements. In addition, HealthSouth, through its senior management, may from time to time make forward-looking public statements concerning the matters described herein. All such estimates, projections, and forward-looking information speak only as of the date hereof, and HealthSouth undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise. Such forward-looking statements are necessarily estimates based upon current information, involve a number of risks and uncertainties, and relate to, among other things, future events, HealthSouth’s plan to repurchase its debt or equity securities, dividend strategies, effective income tax rates, HealthSouth’s business strategy, its financial plans, its future financial performance, its projected business results or model, its projected capital expenditures, and its leverage ratio. Actual events or results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which could cause actual events or results to differ materially from those estimated by HealthSouth include, but are not limited to, the price of HealthSouth’s common or preferred stock as it affects the Company’s willingness and ability to repurchase shares and the financial and accounting effects of any repurchases; any adverse outcome of various lawsuits, claims, and legal or regulatory proceedings involving HealthSouth, including its pending DOJ and HHS-OIG investigations; potential disruptions, breaches, or other incidents affecting the proper operation, availability, or security of HealthSouth’s information systems; significant changes in HealthSouth’s management team; HealthSouth’s ability to successfully complete and integrate de novo developments, acquisitions, investments, and joint ventures consistent with its growth strategy; changes, delays in (including in connection with resolution of Medicare payment reviews or appeals), or suspension of reimbursement for HealthSouth’s services by governmental or private payors; changes in the regulation of the healthcare industry at either or both of the federal and state levels, including as part of national healthcare reform and deficit reduction; competitive pressures in the healthcare industry and HealthSouth’s response thereto; HealthSouth’s ability to obtain and retain favorable arrangements with third-party payors; HealthSouth’s ability to attract and retain nurses, therapists, and other healthcare professionals in a highly competitive environment with often severe staffing shortages and the impact on HealthSouth’s labor expenses from potential union activity and staffing shortages; general conditions in the economy and capital markets; the increase in the costs of defending and insuring against alleged professional liability claims and HealthSouth’s ability to predict the estimated costs related to such claims; and other factors which may be identified from time to time in HealthSouth’s SEC filings and other public announcements, including HealthSouth’s Form 10‑K for the year ended December 31, 2013 and Form 10-Q for the quarter ended March 31, 2014.
ITEM 9.01. Financial Statements and Exhibits.
(d)    Exhibits
99.1
Press release of HealthSouth Corporation, dated June 2, 2014.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
HEALTHSOUTH CORPORATION
 
 
 
By:
/S/   JOHN P. WHITTINGTON
 
Name:
John P. Whittington
 
Title:
Executive Vice President, General Counsel
and Corporate Secretary

Dated: June 2, 2014


 EX-99.1 2 fairlawnpressrelease.htm EXHIBIT 99.1 Fairlawn Press Release

Media Contact
June 2, 2014
Casey Lassiter, 205-410-2777
For Immediate Release
casey.lassiter@healthsouth.com
 
 
 
Investor Relations Contact
 
Mary Ann Arico, 205-969-6175
 
maryann.arico@healthsouth.com
 
HEALTHSOUTH ACQUIRES ADDITIONAL OWNERSHIP INTEREST IN FAIRLAWN HOSPITAL AND UPDATES GUIDANCE
BIRMINGHAM, Ala. - HealthSouth Corporation (NYSE: HLS), the nation's largest owner and operator of inpatient rehabilitation hospitals, today reported it has acquired an additional equity interest in Fairlawn Rehabilitation Hospital in Worcester, Massachusetts from its joint venture partner, UMass Memorial Health Care. This transaction increases HealthSouth’s ownership interest from 50% to 80% and results in a change in accounting for this hospital from the equity method of accounting to a consolidated entity beginning June 1, 2014. As a result of the consolidation of this hospital and the remeasurement of its previously held equity interest to fair value, the Company expects to record a $25 million to $30 million gain during the second quarter of 2014.
“The additional ownership in Fairlawn Rehabilitation Hospital provides another opportunity for HealthSouth to grow by investing in its core business,” said Executive Vice President and Chief Operating Officer Mark Tarr. “We look forward to our continued partnership with UMass Memorial Health Care and working together to maintain our focus on providing care that is both high quality and patient centered.”
Fairlawn Rehabilitation Hospital is a 110-bed inpatient rehabilitation hospital. The hospital discharged 2,478 patients in 2013, none of which were included in HealthSouth’s previously disclosed 129,988 discharges for 2013. Had HealthSouth's 50% investment in the Fairlawn hospital been accounted for on a consolidated basis for the full year of 2013, its 2013 Adjusted EBITDA would have been $6.0 million higher.
Guidance
In its earnings release issued on April 28, 2014, HealthSouth disclosed it expected to be at the high end of the following guidance ranges: Adjusted EBITDA in the range of $555 million to $565 million and income from continuing operations attributable to HealthSouth per diluted share in the range of $1.86 to $1.91. As a result of this transaction, HealthSouth now expects to exceed the high end of these guidance ranges.

 
 
1
HealthSouth Corporation and Subsidiaries
Supplemental Information
Reconciliation of Net Income to Adjusted EBITDA
Impact of Consolidation of Fairlawn Rehabilitation Hospital at 50% Equity Interest

 
Fairlawn Rehabilitation Hospital as Equity Method Entity
 
Pro Forma Fairlawn Rehabilitation Hospital as Consolidated Entity
 
 
 
 
 
Full Year 2013
As Reported
 
Full Year 2013 With
Accounting Change
 
Difference
 
Total
 
Per Share
 
Total
 
Per Share
 
Total
 
Per Share
Net income
$
381.4

 
 
 
$
385.6

 
 
 
$
4.2

 
 
Loss from discops, net of tax, attributable to HealthSouth
1.1

 
 
 
1.1

 
 
 
—

 
 
Net income attributable to noncontrolling interests
(57.8
)
 
 
 
(62.0
)
 
 
 
(4.2
)
 
 
Income from continuing operations attributable to HealthSouth
324.7

 
$
2.59

 
324.7

 
$
2.59

 
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Gov't, class action, and related settlements
(23.5
)
 
 
 
(23.5
)
 
 
 
—

 
 
Pro fees—acct, tax, and legal
9.5

 
 
 
9.5

 
 
 
—

 
 
Provision for income tax expense
12.7

 
 
 
17.9

 
 
 
5.2

 
 
Interest expense and amortization of debt discounts and fees
100.4

 
 
 
100.4

 
 
 
—

 
 
Depreciation and amortization
94.7

 
 
 
95.5

 
 
 
0.8

 
 
Loss on early extinguishment of debt
2.4

 
 
 
2.4

 
 
 
—

 
 
Net noncash loss on disposal of assets
5.9

 
 
 
5.9

 
 
 
—

 
 
Stock-based compensation expense
24.8

 
 
 
24.8

 
 
 
—

 
 
Adjusted EBITDA
$
551.6

 
 
 
$
557.6

 
 
 
$
6.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
88.1

 
 
 
88.1

 
 
 
—

Diluted
 
 
102.1

 
 
 
102.1

 
 
 
—

About HealthSouth
HealthSouth is the nation’s largest owner and operator of inpatient rehabilitation hospitals in terms of patients treated and discharged, revenues and number of hospitals. Operating in 28 states across the country and in Puerto Rico, HealthSouth serves patients through its network of inpatient rehabilitation hospitals, outpatient rehabilitation satellite clinics and home health agencies. HealthSouth’s hospitals provide a higher level of rehabilitative care to patients who are recovering from conditions such as stroke and other neurological disorders, cardiac and pulmonary conditions, brain and spinal cord injuries, complex orthopedic conditions, and amputations. HealthSouth can be found on the Web at www.healthsouth.com.


 
 
2
HealthSouth Corporation and Subsidiaries
Forward-Looking Statements


Statements contained in this press release which are not historical facts, such as the financial guidance, are forward-looking statements. In addition, HealthSouth, through its senior management, may from time to time make forward-looking public statements concerning the matters described herein. All such estimates, projections, and forward-looking information speak only as of the date hereof, and HealthSouth undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise. Such forward-looking statements are necessarily estimates based upon current information, involve a number of risks and uncertainties, and relate to, among other things, future events, HealthSouth's plan to repurchase its debt or equity securities, dividend strategies, effective income tax rates, HealthSouth's business strategy, its financial plans, its future financial performance, its projected business results or model, its projected capital expenditures, and its leverage ratio. Actual events or results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which could cause actual events or results to differ materially from those estimated by HealthSouth include, but are not limited to, the price of HealthSouth's common or preferred stock as it affects the Company's willingness and ability to repurchase shares and the financial and accounting effects of any repurchases; any adverse outcome of various lawsuits, claims, and legal or regulatory proceedings involving HealthSouth, including its pending DOJ and HHS-OIG investigations; potential disruptions, breaches, or other incidents affecting the proper operation, availability, or security of HealthSouth's information systems; significant changes in HealthSouth's management team; HealthSouth's ability to successfully complete and integrate de novo developments, acquisitions, investments, and joint ventures consistent with its growth strategy; changes, delays in (including in connection with resolution of Medicare payment reviews or appeals), or suspension of reimbursement for HealthSouth's services by governmental or private payors; changes in the regulation of the healthcare industry at either or both of the federal and state levels, including as part of national healthcare reform and deficit reduction; competitive pressures in the healthcare industry and HealthSouth's response thereto; HealthSouth's ability to obtain and retain favorable arrangements with third-party payors; HealthSouth's ability to attract and retain nurses, therapists, and other healthcare professionals in a highly competitive environment with often severe staffing shortages and the impact on HealthSouth's labor expenses from potential union activity and staffing shortages; general conditions in the economy and capital markets; the increase in the costs of defending and insuring against alleged professional liability claims and HealthSouth's ability to predict the estimated costs related to such claims; and other factors which may be identified from time to time in HealthSouth's SEC filings and other public announcements, including HealthSouth's Form 10‑K for the year ended December 31, 2013 and Form 10-Q for the quarter ended March 31, 2014.

 
 
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