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Exhibit 99.1
Investor Contact: | W. Larry Cash | |
President of Financial Services | ||
and Chief Financial Officer | ||
(615) 465-7000 |
COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES
FOURTH QUARTER 2015 RESULTS WITH NET OPERATING REVENUES OF $4.798 BILLION
FRANKLIN, Tenn. (February 15, 2016) Community Health Systems, Inc. (NYSE: CYH) (the Company) today announced financial and operating results for the three months and year ended December 31, 2015.
The operating results of Health Management Associates, Inc. (HMA) are included in the Companys consolidated results and statistical data from January 27, 2014, the date the Company completed its acquisition of HMA. For hospitals acquired in the HMA merger, same-store operating results and statistical data reflect the periods from January 1 through December 31, 2015 and 2014, as if such hospitals were owned during both comparable periods.
Net operating revenues for the three months ended December 31, 2015, totaled $4.798 billion, a 2.4 percent decrease compared with $4.918 billion for the same period in 2014. Income from continuing operations attributable to Community Health Systems, Inc. common stockholders decreased to a loss of $(74) million, or $(0.66) per share (diluted), for the three months ended December 31, 2015, compared with income of $129 million, or $1.12 per share (diluted), for the same period in 2014. The results for the three months ended December 31, 2015, include $0.33 per share (diluted) related to impairment of long-lived assets, $0.02 per share (diluted) of expenses related to government legal settlements for several qui tam matters settled in principle and related legal expenses and $0.04 per share (diluted) related to expenses from the planned spin-off of Quorum Health Corporation. Excluding these items, loss from continuing operations was $(0.28) per share (diluted). The financial results for the three months and year ended December 31, 2015, include a $169 million increase in the Companys allowance for doubtful accounts on the December 31, 2015 consolidated balance sheet and a corresponding $169 million increase to the provision for bad debts related to a change in estimate recorded during the three months ended December 31, 2015. This adjustment reduced net operating revenues and adjusted EBITDA by $169 million and income from continuing operations by $108 million, or $0.96 and $0.94 per share (diluted), for the three months and year ended December 31, 2015, respectively.
Net income attributable to Community Health Systems, Inc. common stockholders was a loss of $(0.73) per share (diluted) for the three months ended December 31, 2015, compared with income of $0.87 per share (diluted) for the same period in 2014. Discontinued operations for the three months ended December 31, 2015, consisted of $(0.04) per share (diluted) of losses from operations of entities sold or held for sale and $(0.03) per share (diluted) of expenses related to the impairment of long-lived assets held for sale, for a total after-tax loss of approximately $(9) million, or $(0.08) per share (diluted). Weighted-average shares outstanding (diluted) were 113 million for the three months ended December 31, 2015, and 115 million for the three months ended December 31, 2014.
Adjusted EBITDA for the three months ended December 31, 2015, which includes the provision for bad debts change in estimate adjustment of $169 million, was $527 million compared with $785 million for the same period in 2014, representing a 32.9 percent decrease.
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Income from continuing operations before noncontrolling interests for the year ended December 31, 2015 included an after-tax charge of $10 million for loss from early extinguishment of debt, $1 million after-tax expense for acquisition and integration expenses from the HMA merger, $3 million after-tax expense for government legal settlements for several qui tam matters settled in principle and related legal expenses, $41 million after-tax expense for the impairment of long-lived assets, an after-tax charge of $5 million from fair value adjustments related to the HMA legal proceedings, accounted for at fair value, underlying the CVR agreement and related legal expenses, an after-tax charge of $10 million related to costs incurred for the planned spin-off of QHC and $108 million after-tax charge related to the increase in the provision for bad debts as discussed above.
Income from continuing operations before noncontrolling interests for the year ended December 31, 2014, included an after-tax charge of $45 million for loss from early extinguishment of debt, $43 million after-tax expense for acquisition and integration expenses from the HMA merger, an after-tax charge of $47 million for the acceleration of amortization on software to be abandoned, an after-tax charge of $25 million for impairment of software costs taken out of service, and an after-tax charge of $64 million for the government settlement and related costs in connection with the agreement in principle to settle claims at our New Mexico hospitals.
The term loan facility must be prepaid in an amount equal to 1 100% of the net cash proceeds of certain asset sales and dispositions by us and our subsidiaries, subject to certain exceptions and reinvestment rights, 2 100% of the net cash proceeds of issuances of certain debt obligations or receivables-based financing by us and our subsidiaries, subject to certain exceptions, and 3 50%, subject to reduction to a lower percentage based on our leverage ratio as defined in the Credit Facility generally as the ratio of total debt on the date of determination to our EBITDA, as defined, for the four quarters most recently ended prior to such date, of excess cash flow as defined for any year, subject to certain exceptions.
In addition, an impairment of $17 million was recorded during the year ended December 31, 2014 on certain long-lived assets at two of our smaller hospitals due to a reduction in volumes in recent years resulting in a decline in projections of future cash flows and estimated fair values, and one hospital because of our decision to cease operating as an acute care hospital.
In addition, an impairment of $17 million was recorded during the year ended December 31, 2014 on certain long-lived assets at two of our smaller hospitals due to a reduction in volumes in recent years resulting in a decline in projections of future cash flows and estimated fair values, and one hospital because of our decision to cease operating as an acute care hospital.
This decline in the excess...Read more
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For the 2016 plan year,...Read more
Effective June 1, 2014, the...Read more
Effective January 1, 2008, the...Read more
We expect to adopt this...Read more
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Significant changes in payor mix,...Read more
In the future, we generally...Read more
However, we cannot predict our...Read more
Effective January 1, 2016, we...Read more
Effective February 1, 2016, we...Read more
An impairment of $12 million...Read more
Wages and other expenses increase...Read more
program, to curb increases in...Read more
These increases were offset by...Read more
Future estimates of fair value...Read more
Some of those inputs include,...Read more
The loans under the Credit...Read more
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Cash from operating activities also...Read more
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Operating expenses, excluding depreciation and...Read more
Construction costs, including equipment costs,...Read more
Upon the occurrence of an...Read more
Reimbursement under these programs is...Read more
The decrease in our effective...Read more
In addition, we believe that...Read more
We believe our hospitals are...Read more
The increase in same-store net...Read more
Depreciation and amortization, including $75...Read more
As of December 31, 2015,...Read more
At December 31, 2015, we...Read more
An after-tax impairment charge of...Read more
Income from continuing operations, as...Read more
Net income, as a percentage...Read more
The Credit Facility contains customary...Read more
On a same-store basis, net...Read more
Within the statutory framework of...Read more
We have transitioned all of...Read more
On January 27, 2014, we...Read more
The total amount of unrecognized...Read more
Net cash provided by operating...Read more
Loans in respect of the...Read more
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The net proceeds from these...Read more
Based on projections issued by...Read more
The cash used in investing...Read more
to Form 10 on December...Read more
Unless earlier terminated or subsequently...Read more
A total of approximately $2...Read more
The payment rates under the...Read more
The Term G Loan and...Read more
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Days revenue outstanding, adjusted for...Read more
On August 3, 2015, we...Read more
This increase was offset by...Read more
Ongoing legislative and regulatory efforts...Read more
The lease termination and sale...Read more
This ASU is effective for...Read more
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Net income, as a percentage...Read more
Income from continuing operations, as...Read more
The trend toward increased enrollment...Read more
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We may not be able...Read more
The decrease in net income...Read more
Including the expense related to...Read more
We recognize incentive reimbursement related...Read more
The increase in cash provided...Read more
inpatient admissions increased by 43.7%...Read more
Furthermore, we continue to benefit...Read more
The $798 million increase in...Read more
The cash used in investing...Read more
Net income attributable to Community...Read more
Net cash provided by operating...Read more
Under the rule, for admissions...Read more
On a consolidated basis, inpatient...Read more
Net operating revenues increased by...Read more
Rent, as a percentage of...Read more
We believe that these funds,...Read more
On May 18, 2015, CHS...Read more
Net operating revenues include amounts...Read more
Net operating revenues include amounts...Read more
We also continually review our...Read more
This interest rate swap becomes...Read more
Direct and indirect costs incurred...Read more
The outstanding borrowings pursuant to...Read more
The $5.8 billion increase in...Read more
We have agreed to pay...Read more
On January 1, 2015, we...Read more
On February 1, 2015, we...Read more
On April 1, 2015, we...Read more
The net results of the...Read more
This increase in salaries and...Read more
We are unable to predict...Read more
Whenever events or changes in...Read more
Salaries and benefits, as a...Read more
Interest expense, net, increased by...Read more
The Reform Legislation amends several...Read more
Our effective tax rates were...Read more
Our effective tax rates were...Read more
The actuarially determined projections are...Read more
Interest expense, net, increased by...Read more
Our primary collection risks relate...Read more
On a same-store basis, net...Read more
All obligations under the Credit...Read more
On a same-store basis, net...Read more
Rent, as a percentage of...Read more
The increase in net income...Read more
Effective for claims incurred after...Read more
We adopted this ASU on...Read more
Government settlement and related costs,...Read more
These events could cause our...Read more
As a result of our...Read more
Liability for uncertain tax positions,...Read more
The increase in days revenue...Read more
Our net operating revenues for...Read more
Consolidated inpatient admissions for the...Read more
The impact of risk management...Read more
This analysis resulted in management...Read more
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This transition continues to involve...Read more
The Secured Indenture also contains...Read more
In addition, effective November 1,...Read more
These decreases in cash...Read more
Financial Statements, Disclosures and Schedules
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Community Health Systems Inc provided additional information to their SEC Filing as exhibits
Ticker: CYH
CIK: 1108109
Form Type: 10-K Annual Report
Accession Number: 0001193125-16-467152
Submitted to the SEC: Wed Feb 17 2016 4:27:11 PM EST
Accepted by the SEC: Wed Feb 17 2016
Period: Thursday, December 31, 2015
Industry: General Medical And Surgical Hospitals