EX-99.1 2 d295552dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

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PRESS RELEASE

FOR IMMEDIATE RELEASE

 

  

Contact:  

 

John C. Merriwether

Vice President of Financial Relations

Health Management Associates, Inc.

(239) 598-3131

HEALTH MANAGEMENT ANNOUNCES 4TH QUARTER AND YEAR-END 2011 RESULTS

Net Revenue Increases 17.6% to $1.58 Billion in the 4th Quarter

NAPLES, FLORIDA (February 13, 2012) Health Management Associates, Inc. (NYSE: HMA) today announced its consolidated financial results for the fourth quarter and year ended December 31, 2011.

Key metrics from continuing operations for the fourth quarter (all percentage changes compare the fourth quarter of 2011 to the fourth quarter of 2010) include:

 

   

Excluding certain write-offs of deferred debt issuance costs, Tennova restructuring charges, and interest rate swap accounting, as shown in the tables accompanying this press release, diluted earnings per share from continuing operations increased 62.5% to $0.26 as compared to $0.16 per diluted share for the same quarter a year ago;

 

   

Revenue increased 17.6% to $1.584 billion;

 

   

Adjusted EBITDA increased 27.3% to $236.2 million. Adjusted EBITDA includes approximately $38.2 million of Medicare and Medicaid HCIT incentive payments, and excludes $24.6 million of write-offs of deferred debt issuance costs and $12.9 million of Tennova restructuring charges;

 

   

Admissions increased 6.8% while adjusted admissions increased 11.6%;

 

   

Same hospital net revenue increased 5.5% to $1,420.4 million;

 

   

Same hospital net revenue per adjusted admission increased 6.6%;

 

   

Same hospital Adjusted EBITDA increased 25.3% to $271.6 million, resulting in a 300 basis point improvement in margin to 19.1%. Excluding approximately $38.2 million of Medicare and Medicaid HCIT incentive payments, same hospital Adjusted EBITDA increased 7.7% to $233.3 million, resulting in a 30 basis point improvement in margin to 16.4%; and

 

   

Same hospital surgeries increased 0.8%.

 

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The tables accompanying this press release include reconciliations of consolidated net income to all presentations of Adjusted EBITDA (which is not a GAAP measure) contained in this press release. Those tables also reconcile earnings per share on a GAAP basis to those amounts presented in this press release and contain disclaimers and other important information regarding how Health Management defines and uses Adjusted EBITDA.

For continuing operations at hospitals operated by Health Management for one year or more, referred to as same hospital operations, net revenue in the fourth quarter increased $73.9 million or 5.5%, to $1,420.4 million compared to the same quarter in the prior year. Adjusted EBITDA from same hospital operations grew 25.3% to $271.6 million, representing 19.1% of net revenue, as compared to $216.7 million and 16.1%, respectively, for the same quarter a year ago. Same hospital Adjusted EBITDA includes $38.2 million of Medicare and Medicaid HCIT incentive payments and excludes $24.6 million of write-offs of deferred debt issuance costs and $12.9 million of Tennova restructuring charges. Declines in uninsured admissions contributed to a 3.7% and 1.1% decline in fourth quarter same hospital admissions and adjusted admissions, respectively.

“We are pleased to report another year of record revenues and strong earnings as we continue to successfully execute our operating and partnership strategies,” said Gary D. Newsome, Health Management’s President and Chief Executive Officer. “By continuing to focus our efforts on the fundamentals – investment in innovative services and strategic partnerships, recruitment of physicians and leadership talent, adherence to effective cost control measures and development of our very active partnership pipeline, we are looking forward to 2012 as we seek to enable America’s best local health care.”

Health Management’s provision for doubtful accounts, or bad debt expense, was $195.1 million, or 12.3% of net revenue, for the fourth quarter compared to $163.9 million, or 12.2% of net revenue, for the same quarter a year ago.

Uninsured self-pay patient discounts for the fourth quarter were $254.5 million, compared to $209.3 million for the same quarter a year ago. Charity/indigent care write-offs were $23.1 million for the fourth quarter, compared to $24.2 million for the same quarter a year ago.

 

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The sum of uninsured discounts, charity/indigent write-offs and bad debt expense, as a percent of the sum of net revenue, uninsured discounts and charity/indigent write-offs (which Health Management refers to as its Uncompensated Patient Care Percentage) was 25.4% for the fourth quarter, compared to 25.2% for the fourth quarter a year ago, and 26.1% for the quarter ended September 30, 2011. Health Management believes that its Uncompensated Patient Care Percentage provides key information regarding the aggregate level of patient care for which it does not receive payment.

Cash flow from continuing operating activities for the fourth quarter was $114.8 million, after cash interest and cash tax payments aggregating $59.9 million. Health Management’s total leverage ratio and interest coverage ratio were both approximately 4.0 at December 31, 2011.

For the year ended December 31, 2011, Health Management reported net revenue of $5,804.5 million and Adjusted EBITDA of $848.2 million. For 2011, income from continuing operations was $206.3 million and net income attributable to Health Management’s common stockholders was $178.7 million, or $0.71 per diluted share from continuing operations, a 9.2% increase compared to $0.65 per diluted share from continuing operations for the year ended December 31, 2010. As shown in the accompanying table, excluding write-offs of deferred debt issuance costs, interest rate swap accounting, Tennova restructuring charges and acquisition and investigation charges, diluted earnings per share from continuing operations increased 32.3% to $0.86 compared to the same period a year ago.

Health Management hospitals recognized approximately $1.8 million of Medicare and Medicaid HCIT incentive payments in the third quarter ended September 30, 2011 and approximately $38.2 million in the fourth quarter ended December 31, 2011. Based on current 2012 attestation schedules and cost report year ends for the remainder of its hospitals, Health Management expects to recognize approximately $90 to $120 million of Medicare and Medicaid HCIT incentive payments during the year ending December 31, 2012, the bulk of which is expected to be recorded in the third and fourth quarters of 2012.

Health Management is also affirming its diluted EPS from continuing operations objective range for fiscal year 2012 to be between $0.80 and $0.90. This diluted EPS range does not include approximately $80 million, or $0.20 per diluted share of impact expected from interest rate swap accounting or approximately $90 to $120 million of anticipated Medicare and Medicaid HCIT incentive payments.

 

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As previously announced on February 6, 2012, a subsidiary of Health Management executed a definitive agreement with INTEGRIS Health to enter into a joint venture arrangement for five Oklahoma hospitals. The Oklahoma hospitals to be joint ventured include: 53-bed Integris Blackwell Regional Hospital, located in Blackwell; 64-bed Integris Clinton Regional Hospital, located in Clinton; 25-bed Integris Marshall County Medical Center, located in Madill; 52-bed Integris Mayes County Medical Center, located in Pryor; and 32-bed Integris Seminole Medical Center, located in Seminole. Combined, these five hospitals have an aggregate of 226 licensed beds and generated approximately $95 million of revenue over the last twelve months. Under the joint venture agreement, Health Management is anticipated to own an 80% controlling interest in each of these five hospitals and will manage their operations. The transaction is subject to normal and customary regulatory approvals and is expected to be completed by April 1, 2012.

Health Management’s executive team will hold a conference call and webcast to discuss the contents of this press release and Health Management’s consolidated financial results for the three months and year ended December 31, 2011 on Tuesday, February 14, 2012 at 11:00 a.m. EST. Investors are invited to access the webcast via Health Management’s website at www.HMA.com or via www.streetevents.com. Alternatively, investors may join the conference call by dialing 877-476-3476.

Health Management will archive a copy of the audio webcast of the conference call, along with any related information that Health Management may be required to provide pursuant to Securities and Exchange Commission rules, on its website under the heading “Investor Relations” for a period of 60 days following the conference call.

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. Health Management, through its subsidiaries and upon completion of the previously announced INTEGRIS Health joint venture transaction, will operate 71 hospitals, with approximately 10,600 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.

 

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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,” “plans,” “could” 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 incurrence of indebtedness, projections of revenue, income or loss, capital expenditures, earnings per share, the timing and receipt of Medicare and Medicaid HCIT incentive payments the financial impact expected from interest rate swap accounting, debt structure, bad debt expense, capital structure, repayment of indebtedness, other financial items and operating statistics, statements regarding the plans and objectives of management for future operations, innovations, or market service development, statements regarding acquisitions, joint ventures, divestitures and other proposed or contemplated transactions (including but not limited to statements regarding the timing of anticipated acquisitions, the potential for future acquisitions and perceived benefits of acquisitions), statements of future economic performance, statements regarding the effects and/or interpretations of recently enacted or future health care laws and regulations, 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 its most recent Quarterly Report on Form 10-Q, under the headings 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 its risk factors or to publicly announce updates to the forward-looking statements contained in this press release to reflect new information, future events or other developments.

(financial tables follow)

 

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HEALTH MANAGEMENT ASSOCIATES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in thousands, except per share amounts)

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2011     2010     2011     2010  

Net revenue

   $ 1,583,774      $ 1,346,549      $ 5,804,451      $ 5,092,166   

Salaries and benefits

     637,751        539,147        2,302,844        2,016,967   

Supplies

     216,350        178,546        776,598        703,426   

Provision for doubtful accounts

     195,127        163,946        716,856        624,753   

Rent expense

     43,541        33,710        154,279        122,983   

Other operating expenses

     305,865        245,636        1,067,980        892,465   

Medicare and Medicaid HCIT incentive payments

     (38,233     —          (39,982     —     

Depreciation and amortization

     73,466        61,258        267,900        241,873   

Interest expense

     70,659        52,742        222,747        211,673   

Write-off of deferred debt issuance costs

     24,595        —          24,595        —     

Other

     12        (689     (1,771     (8,797
  

 

 

   

 

 

   

 

 

   

 

 

 
     1,529,133        1,274,296        5,492,046        4,805,343   

Income from continuing operations before income taxes

     54,641        72,253        312,405        286,823   

Provision for income taxes

     (16,893     (26,041     (106,071     (101,049
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations

     37,748        46,212        206,334        185,774   

Loss from discontinued operations, net of income taxes

     (1,227     (12,976     (2,409     (13,526
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated net income

     36,521        33,236        203,925        172,248   

Net income attributable to noncontrolling interests

     (5,674     (5,057     (25,215     (22,179
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Health Management Associates, Inc.

   $ 30,847      $ 28,179      $ 178,710      $ 150,069   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) per share attributable to Heath Management Associates, Inc. common stockholders:

        

Basic:

        

Continuing operations

   $ 0.13      $ 0.17      $ 0.72      $ 0.66   

Discontinued operations

     —          (0.05     (0.01     (0.05
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 0.13      $ 0.12      $ 0.71      $ 0.61   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted:

        

Continuing operations

   $ 0.13      $ 0.16      $ 0.71      $ 0.65   

Discontinued operations

     —          (0.05     (0.01     (0.05
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 0.13      $ 0.11      $ 0.70      $ 0.60   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of shares outstanding:

        

Basic

     252,175        248,600        251,541        248,272   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     256,032        252,372        255,037        251,106   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Health Management Associates, Inc.

        

Income from continuing operations, net of income taxes

   $ 32,074      $ 41,155      $ 181,119      $ 163,595   

Loss from discontinued operations, net of income taxes

     (1,227     (12,976     (2,409     (13,526
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Health Management Associates, Inc.

   $ 30,847      $ 28,179      $ 178,710      $ 150,069   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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HEALTH MANAGEMENT ASSOCIATES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

     Twelve Months Ended
December 31,
 
     2011     2010  

Cash flows from operating activities:

    

Consolidated net income

   $ 203,925      $ 172,248   

Adjustments to reconcile consolidated net income to net cash provided by continuing operating activities:

    

Depreciation and amortization

     274,526        248,583   

Amortization related to interest rate swap contract

     10,384        —     

Fair value adjustment related to interest rate swap contract

     5,979        —     

Provision for doubtful accounts

     716,856        624,753   

Stock-based compensation expense

     25,169        18,366   

Losses (gains) on sales of assets, net

     1,325        (711

Gains on sales of available-for-sale securities, net

     (518     (4,328

Write-off of deferred debt issuance costs

     24,045        —     

Deferred income tax expense

     79,159        20,311   

Changes in assets and liabilities of continuing operations, net of the effects of acquisitions:

    

Accounts receivable

     (870,898     (731,607

Supplies, prepaid expenses and other current assets

     (11,379     (20,643

Prepaid and recoverable income taxes

     (18,987     31,020   

Deferred charges and other long-term assets

     (5,785     5,382   

Accounts payable, accrued expenses and other liabilities

     128,521        59,069   

Equity compensation excess income tax benefits

     (2,999     (1,278

Loss from discontinued operations, net of income taxes

     2,409        13,526   
  

 

 

   

 

 

 

Net cash provided by continuing operating activities

     561,732        434,691   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Acquisitions of hospitals and other

     (582,090     (191,454

Additions to property, plant and equipment

     (302,046     (209,108

Proceeds from sales of assets and insurance recoveries

     2,765        3,150   

Proceeds from sales of discontinued operations

     4,851        26,360   

Purchases of available-for-sale securities

     (1,385,580     (921,724

Proceeds from sales of available-for-sale securities

     1,321,398        904,881   

Increase in restricted funds

     (35,309     (5,758
  

 

 

   

 

 

 

Net cash used in continuing investing activities

     (976,011     (393,653
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from long-term borrowings

     3,356,970        —     

Principal payments on debt and capital lease obligations

     (2,869,380     (40,147

Proceeds from exercises of stock options

     14,067        7,469   

Payments for debt issuance costs

     (75,149     —     

Cash received from noncontrolling shareholders

     —          2,547   

Cash payments to noncontrolling shareholders

     (28,284     (20,630

Equity compensation excess income tax benefits

     2,999        1,278   
  

 

 

   

 

 

 

Net cash provided by (used in) continuing financing activities

     401,223        (49,483
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents before discontinued operations

     (13,056     (8,445

Net increases (decreases) in cash and cash equivalents from discontinued operations:

    

Operating activities

     5,991        5,672   

Investing activities

     (12,894     (1,433
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (19,959     (4,206

Cash and cash equivalents at the beginning of the period

     101,812        106,018   
  

 

 

   

 

 

 

Cash and cash equivalents at the end of the period

   $ 81,853      $ 101,812   
  

 

 

   

 

 

 

 

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HEALTH MANAGEMENT ASSOCIATES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS AND STATISTICS

 

     December 31,
2011
     December 31,
2010
 
     (unaudited, in thousands)  

Assets

     

Current assets:

     

Cash and cash equivalents

   $ 81,853       $ 101,812   

Available-for-sale securities

     122,277         57,327   

Accounts receivable, net

     903,517         759,131   

Other current assets

     305,640         268,726   

Assets of discontinued operations

     14,561         11,384   

Property, plant and equipment, net

     3,263,172         2,662,947   

Restricted funds

     96,244         51,067   

Other assets

     1,234,635         997,691   
  

 

 

    

 

 

 

Total assets

   $ 6,021,899       $ 4,910,085   
  

 

 

    

 

 

 

Liabilities and Stockholders’ Equity

     

Current liabilities

   $ 821,534       $ 555,630   

Deferred income taxes

     234,080         157,177   

Other long-term liabilities

     691,680         680,073   

Long-term debt

     3,489,489         2,983,719   

Stockholders’ equity

     785,116         533,486   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 6,021,899       $ 4,910,085   
  

 

 

    

 

 

 

 

    Three Months Ended December 31,     Twelve Months Ended December 31,  
    2011     2010     % Change     2011     2010     % Change  

Continuing Operations

           

Occupancy

    41.0     42.7       42.8     43.9  

Patient days

    364,916        342,909        6.4     1,424,500        1,350,697        5.5

Admissions

    88,330        82,734        6.8     338,637        323,917        4.5

Adjusted admissions

    169,200        151,548        11.6     635,934        586,060        8.5

Average length of stay

    4.1        4.1          4.2        4.2     

Surgeries

    95,429        80,869        18.0     342,421        314,564        8.9

Emergency room visits

    416,627        370,821        12.4     1,562,028        1,413,831        10.5

Net revenue (in thousands)

  $ 1,583,774      $ 1,346,549        17.6   $ 5,804,451      $ 5,092,166        14.0

Net revenue per adjusted admission

  $ 9,360      $ 8,885        5.3   $ 9,127      $ 8,689        5.0

Total inpatient revenue percentage

    47.7     49.5       48.1     50.0  

Total outpatient revenue percentage

    52.3     50.5       51.9     50.0  

Same Hospitals

           

Occupancy

    40.7     42.7       42.1     43.9  

Patient days

    328,340        342,909        -4.2     1,300,722        1,350,697        -3.7

Admissions

    79,646        82,734        -3.7     311,053        323,917        -4.0

Adjusted admissions

    149,947        151,548        -1.1     581,056        586,060        -0.9

Average length of stay

    4.1        4.1          4.2        4.2     

Surgeries

    81,502        80,869        0.8     316,298        314,564        0.6

Emergency room visits

    368,461        370,821        -0.6     1,430,193        1,413,831        1.2

Net revenue (in thousands)

  $ 1,420,432      $ 1,346,549        5.5   $ 5,335,498      $ 5,092,166        4.8

Net revenue per adjusted admission

  $ 9,473      $ 8,885        6.6   $ 9,182      $ 8,689        5.7

Total inpatient revenue percentage

    47.8     49.5       48.4     50.0  

Total outpatient revenue percentage

    52.2     50.5       51.6     50.0  

 

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HEALTH MANAGEMENT ASSOCIATES, INC.

SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME INFORMATION

(unaudited, in thousands)

 

    Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
    2011     2010     2011     2010  

Net revenue

  $ 1,583,774      $ 1,346,549      $ 5,804,451      $ 5,092,166   

Less acquisitions

    163,342        —          468,953        —     
 

 

 

   

 

 

   

 

 

   

 

 

 

Same hospital net revenue

  $ 1,420,432      $ 1,346,549      $ 5,335,498      $ 5,092,166   
 

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated net income

  $ 36,521      $ 33,236      $ 203,925      $ 172,248   

Adjustments:

       

Loss from discontinued operations, net of income taxes

    1,227        12,976        2,409        13,526   

Provision for income taxes

    16,893        26,041        106,071        101,049   

(Gains) losses on sales of assets, net

    229        133        1,325        (711

Interest and other income, net

    (217     (822     (3,096     (8,086

Interest expense

    70,659        52,742        222,747        211,673   

Write-off of deferred debt issuance costs

    24,595        —          24,595        —     

Costs for acquisitions, investigations and restructuring (a)

    12,869        83        22,324        883   

Depreciation and amortization

    73,466        61,258        267,900        241,873   
 

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA (b)

    236,242        185,647        848,200        732,455   

Adjustment for acquisitions, corporate and other

    35,312        31,069        106,826        127,369   
 

 

 

   

 

 

   

 

 

   

 

 

 

Same hospital operating Adjusted EBITDA (b)

  $ 271,554      $ 216,716      $ 955,026      $ 859,824   
 

 

 

   

 

 

   

 

 

   

 

 

 

Same hospital operating Adjusted EBITDA margins =

       

Same hospital operating Adjusted EBITDA / Same hospital net revenue (b)

    19.1     16.1     17.9     16.9
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) For purposes of calculating Adjusted EBITDA as further defined below, Health Management has not included any investigation costs for the three months ended December 31, 2011, while for the year ended December 31, 2011, approximately $4.5 million of investigation costs have been included.
(b) Adjusted EBITDA is defined as consolidated net income before discontinued operations, net gains (losses) on sales of assets, net interest and other income, interest expense, income taxes, costs for acquisitions, investigations and restructuring, write-offs of deferred debt issuance costs, and depreciation and amortization. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net revenue. Adjusted EBITDA is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Health Management believes that providing non-GAAP information such as Adjusted EBITDA is important for investors and other readers of Health Management’s consolidated financial statements as it is commonly used as an analytical indicator within the health care industry and Health Management’s debt facilities contain covenants that use Adjusted EBITDA in their calculations. Because Adjusted EBITDA is a non-GAAP measure and is thus susceptible to varying calculations, Adjusted EBITDA, as presented, may not be directly comparable to other similarly titled measures used by other companies.

 

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HEALTH MANAGEMENT ASSOCIATES, INC.

SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME INFORMATION

(unaudited, in thousands, except per share amounts)

The following tables provide information regarding income from continuing operations attributable to Health Management, excluding the impact of write-off of deferred debt issuance costs, interest rate swap amortization and mark-to-market adjustment, and acquisition, investigation and restructuring costs. These tables are a non-GAAP presentation; nonetheless, Health Management believes that providing this detail is beneficial to investors and other readers of Health Management’s consolidated financial statements due to the significant impact these items had on income from continuing operations attributable to Health Management.

Three Months Ended December 31, 2011

 

    Continuing
Operations
    Write-Off of
Deferred
Debt
Issuance
Costs
    Interest Rate
Swap
Amortization
and
Mark-To-Market
Adjustment
    Acquisition,
Investigation
and
Restructuring
Costs
    Total, As
Reported
 

Income from continuing operations before income taxes

  $ 108,468      $ (24,595   $ (16,363   $ (12,869   $ 54,641   

Net income from continuing operations attributable to noncontrolling interests

    (5,674     —          —          —          (5,674
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes attributable to Health Management Associates, Inc.

    102,794        (24,595     (16,363     (12,869     48,967   

Provision for income taxes

    (37,752     9,531        6,341        4,987        (16,893
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations attributable to Health Management Associates, Inc. common stockholders

  $ 65,042      $ (15,064   $ (10,022   $ (7,882   $ 32,074   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share from continuing operations attributable to Health Management Associates, Inc. common stockholders:

         

Basic

  $ 0.26      $ (0.06   $ (0.04   $ (0.03   $ 0.13   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

  $ 0.26      $ (0.06   $ (0.04   $ (0.03   $ 0.13   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Twelve Months Ended December 31, 2011

 

    Continuing
Operations
    Write-Off of
Deferred
Debt
Issuance
Costs
    Interest Rate
Swap
Amortization
and
Mark-To-Market
Adjustment
    Acquisition,
Investigation
and
Restructuring
Costs
    Total, As
Reported
 

Income from continuing operations before income taxes

  $ 375,687      $ (24,595   $ (16,363   $ (22,324   $ 312,405   

Net income from continuing operations attributable to noncontrolling interests

    (25,215     —          —          —          (25,215
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes attributable to Health Management Associates, Inc.

    350,472        (24,595     (16,363     (22,324     287,190   

Provision for income taxes

    (130,594     9,531        6,341        8,651        (106,071
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations attributable to Health Management Associates, Inc. common stockholders

  $ 219,878      $ (15,064   $ (10,022   $ (13,673   $ 181,119   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share from continuing operations attributable to Health Management Associates, Inc. common stockholders:

         

Basic

  $ 0.87      $ (0.06   $ (0.04   $ (0.05   $ 0.72   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

  $ 0.86      $ (0.06   $ (0.04   $ (0.05   $ 0.71   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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