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Exhibit Number

99.1

 

 

Investor Contact:

  

Thomas J. Aaron

  

Executive Vice President

  

and Chief Financial Officer

  

(615) 465-7000

COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES

THIRD QUARTER 2019 RESULTS

 

 

FRANKLIN, Tenn. (October 29, 2019) – Community Health Systems, Inc. (NYSE: CYH) (the “Company”) today announced financial and operating results for the three and nine months ended September 30, 2019.

The following highlights the financial and operating results for the three months ended September 30, 2019.

 

 

 

Net operating revenues totaled $3.246 billion.

 

 

 

Net loss attributable to Community Health Systems, Inc. common stockholders was $(17) million, or $(0.15) per share (diluted), compared with net loss of $(325) million, or $(2.88) per share (diluted), for the same period in 2018. Excluding the adjusting items as presented in the table in footnote (e) on page 15, net loss attributable to Community Health Systems, Inc. common stockholders was $(0.29) per share (diluted), compared with $(1.64) per share (diluted) for the same period in 2018.

 

 

 

Adjusted EBITDA was $388 million.

 

 

 

Net cash used in operating activities was $(74) million, compared with net cash provided by operating activities of $346 million for the same period in 2018. Due to the timing of two note payments moving from the three months ended June 30, 2019 to the three months ended September 30, 2019 (due to June 30 occurring on a Sunday), cash outflows for interest were approximately $151 million higher during the three months ended September 30, 2019, when compared to the same period in 2018.

 

 

 

On a same-store basis, admissions increased 2.4 percent and adjusted admissions increased 3.6 percent, compared with the same period in 2018.

Net operating revenues for the three months ended September 30, 2019, totaled $3.246 billion, a 5.9 percent decrease, compared with $3.451 billion for the same period in 2018.

Net loss attributable to Community Health Systems, Inc. common stockholders was $(17) million, or $(0.15) per share (diluted), for the three months ended September 30, 2019, compared with $(325) million, or $(2.88) per share (diluted), for the same period in 2018. Excluding the adjusting items as presented in the table in footnote (e) on page 15, net loss attributable to Community Health Systems, Inc. common stockholders was $(0.29) per share (diluted), for the three months ended September 30, 2019, compared with $(1.64) per share (diluted) for the same period in 2018. Weighted-average shares outstanding (diluted) were 114 million for the three months ended September 30, 2019, and 113 million for the three months ended September 30, 2018.

Adjusted EBITDA for the three months ended September 30, 2019, was $388 million compared with $372 million for the same period in 2018, representing a 4.3 percent increase.

The consolidated operating results for the three months ended September 30, 2019, reflect a 9.2 percent decrease in admissions, and an 8.4 percent decrease in adjusted admissions, compared with the same period in 2018. On a same-store basis, admissions increased 2.4 percent and adjusted admissions increased 3.6 percent for the three months ended September 30, 2019, compared with the same period in 2018. On a same-store basis, net operating revenues increased 4.1 percent for the three months ended September 30, 2019, compared with the same period in 2018.

 

-MORE-


The following information was filed by Community Health Systems Inc (CYH) on Tuesday, October 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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