This is the Tagline, edited under "Misc Content"
HEALTHSOUTH Corporation
For the year ended December 31, 2000, HEALTHSOUTH's revenues were $4.195 billion, compared to $4.072 billion for 1999. Net income for 2000 was $278.5 million, compared to income before unusual and non-recurring expenses of $352.0 million for 1999. Earnings per share (assuming dilution) for 2000 were $.71, compared to income per share before non-recurring expenses (assuming dilution) of $.85 for 1999.
"In the fourth quarter, we continued to build stockholder value through the successful execution of our strategic plan," said Richard M. Scrushy, Chairman of the Board and Chief Executive Officer of HEALTHSOUTH. "As we completed our first full year under the streamlined management structure we announced in 1999, we saw another quarter of record revenues and improved EBITDA margins, along with year-over-year volume growth and positive pricing momentum. During the quarter, we also closed on an expanded bank credit facility and unveiled our redesigned healthsouth.com Website, offering personalized services and information for patients and physicians as well as information for investors. We strongly believe that the strides we made in 2000 will help us continue to build upon our franchise in the year ahead."
HEALTHSOUTH is the nation's largest provider of outpatient surgery, diagnostic imaging and rehabilitative healthcare services, with over 2,000 locations in all 50 states, the United Kingdom, Australia, Puerto Rico and Canada. HEALTHSOUTH can be found on the Web at http://www.healthsouth.com/ .
HEALTHSOUTH will hold a conference call to discuss its third quarter results at 10:00 a.m. Central Time on Tuesday, March 6. Simultaneously with the conference call, a "webcast" of the call will be available to interested parties at http://www.healthsouth.com/ via an Internet link under the "Investor Relations" section and also at http://www.streetfusion.com/ . A replay of the call will be available at the same Internet site addresses for 30 days following the call.
Statements contained in this press release, which are not historical facts are forward-looking statements. Without limiting the generality of the preceding statement, all statements in this press release concerning or relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results 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. Such forward-looking statements are necessarily estimates reflecting the best judgment of HEALTHSOUTH's senior management based upon current information, involve a number of risks and uncertainties and are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. HEALTHSOUTH's actual results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors, including those identified in this press release and in the public filings made by HEALTHSOUTH with the Securities and Exchange Commission, including HEALTHSOUTH's Annual Report on Form 10-K for the year ended December 31, 1999 and its Quarterly Reports on Form 10-Q, and forward-looking statements contained in this press release or in other public statements of HEALTHSOUTH or its senior management should be considered in light of those factors. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.
Summary Operating Results
(unaudited; in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
Revenues $1,077,001 $1,000,587 $4,195,115 $4,072,107
Net income $76,888 $(143,065) $278,465 $76,517
Weighted average common
shares outstanding 386,226 387,018 385,666 408,195
Weighted average common
shares outstanding
-- assuming dilution 395,356 387,018 391,016 414,020
Net income per common share $0.20 $(0.37) $0.72 $0.19
Net income per common
share -- assuming dilution $0.19 $(0.37) $0.71 $0.18
ADJUSTMENT TO EXCLUDE UNUSUAL
AND NON-RECURRING EXPENSES IN 1999
Net income $76,888 $(143,065) $278,465 $76,517
Unusual and non-recurring
expenses, net of minority
interests -- 321,144 -- 438,897
Income tax benefit of unusual
and non-recurring expenses -- (116,873) -- (163,385)
Income excluding effects of
unusual and non-recurring
expenses $76,888 $61,206 $278,465 $352,029
Weighted average common
shares outstanding
-- assuming dilution 395,356 389,667 391,016 429,521
Income per common share
excluding effects of unusual
and non-recurring expenses
-- assuming dilution $0.19 $0.16 $0.71 $0.85
HEALTHSOUTH Corporation and Subsidiaries
Consolidated Statements of Income
Three Months Ended December 31, 2000 and 1999
(UNAUDITED - In thousands, except per share amounts)
2000 1999(a)
Revenues $1,077,001 $1,000,587
Operating unit expenses 710,037 683,456
Corporate general and administrative expenses 40,893 33,681
Provision for doubtful accounts 25,555 25,187
Depreciation and amortization 91,746 89,260
Impairment and restructuring charges -- --
Interest expense 59,715 49,628
Interest income (1,770) (2,699)
926,176 878,513
Income before income taxes and
minority interests 150,825 122,074
Provision for income taxes 50,199 40,439
100,626 81,635
Minority interests (23,738) (20,429)
Net income $76,888 $61,206
Weighted average common shares outstanding 386,226 387,018
Net income per common share $0.20 $0.16
Weighted average common shares outstanding
-- assuming dilution 395,356 389,667
Net income per common share -- assuming dilution: $0.19 $0.16
Add-back to income for diluted earnings per share:
Interest and amortization on convertible debt $ * $ *
(a) Excludes unusual and non-recurring expenses
* The effect of these securities was antidilutive.
HEALTHSOUTH Corporation and Subsidiaries
Consolidated Statements of Income
Twelve Months Ended December 31, 2000 and 1999
(In thousands, except per share amounts)
2000(a) 1999(b)
Revenues $4,195,115 $4,072,107
Operating unit expenses 2,816,363 2,648,666
Corporate general and administrative expenses 148,023 119,487
Provision for doubtful accounts 98,037 85,121
Depreciation and amortization 360,847 374,248
Impairment and restructuring charges -- --
Interest expense 221,595 176,652
Interest income (9,104) (10,587)
3,635,761 3,393,587
Income before income taxes and
minority interests 559,354 678,520
Provision for income taxes 181,808 230,314
377,546 448,206
Minority interests (99,081) (96,177)
Net income $278,465 $352,029
Weighted average common shares outstanding 385,666 408,195
Net income per common share $0.72 $0.86
Weighted average common shares outstanding
-- assuming dilution 391,016 429,521
Net income per common share -- assuming dilution: $0.71 $0.85
Add-back to income for diluted earnings per share:
Interest and amortization on convertible debt $ -- $12,447
(a) Unaudited
(b) Excludes unusual and non-recurring expenses
* The effect of these securities was antidilutive.
HEALTHSOUTH Corporation and Subsidiaries
Consolidated Statements of Income
Three Months Ended December 31, 2000 and 1999
(UNAUDITED - In thousands, except per share amounts)
2000 1999
Revenues $1,077,001 $1,000,587
Operating unit expenses 710,037 723,639
Corporate general and administrative expenses 40,893 63,479
Provision for doubtful accounts 25,555 165,021
Depreciation and amortization 91,746 89,260
Impairment and restructuring charges -- 121,037
Interest expense 59,715 49,628
Interest income (1,770) (2,699)
926,176 1,209,365
Income before income taxes and
minority interests 150,825 (208,778)
Provision for income taxes 50,199 (76,434)
100,626 (132,344)
Minority interests (23,738) (10,721)
Net income $76,888 $(143,065)
Weighted average common shares outstanding 386,226 387,018
Net income per common share $0.20 $(0.37)
Weighted average common shares outstanding
-- assuming dilution 395,356 387,018
Net income per common share -- assuming dilution: $0.19 $(0.37)
Add-back to income for diluted earnings per share:
Interest and amortization on convertible debt $ * $ *
* The effect of these securities was antidilutive.
HEALTHSOUTH Corporation and Subsidiaries
Consolidated Statements of Income
Twelve Months Ended December 31, 2000 and 1999
(In thousands, except per share amounts)
2000(a) 1999
Revenues $4,195,115 $4,072,107
Operating unit expenses 2,816,363 2,688,849
Corporate general and administrative expenses 148,023 149,285
Provision for doubtful accounts 98,037 342,708
Depreciation and amortization 360,847 374,248
Impairment and restructuring charges -- 121,037
Interest expense 221,595 176,652
Interest income (9,104) (10,587)
3,635,761 3,842,192
Income before income taxes and
minority interests 559,354 229,915
Provision for income taxes 181,808 66,929
377,546 162,986
Minority interests (99,081) (86,469)
Net income $278,465 $ 76,517
Weighted average common shares outstanding 385,666 408,195
Net income per common share $0.72 $0.19
Weighted average common shares outstanding
-- assuming dilution 391,016 414,020
Net income per common share -- assuming dilution: $0.71 $0.18
Add-back to income for diluted earnings per share:
Interest and amortization on convertible debt $ * $ *
(a) Unaudited
* The effect of these securities was antidilutive.
HEALTHSOUTH Corporation
Quarterly Statistics (Unaudited)
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
Outpatient Division
Total Visits:
1998 2,037,402 2,193,435 2,349,112 2,414,172 8,994,121
1999 2,431,015 2,533,341 2,590,112 2,589,238 10,143,706
2000 2,659,111 2,703,664 2,625,632 2,670,339 10,658,746
Inpatient Division
Total Patient Days:
1998 554,234 564,466 572,863 584,152 2,275,715
1999 614,686 626,262 608,878 621,349 2,471,175
2000 647,575 643,441 668,451 650,987 2,610,454
Medical Center Division
Total Patient Days:
1998 30,136 30,201 29,039 29,546 118,922
1999 30,537 30,254 27,837 27,621 116,249
2000 32,288 29,626 30,934 31,470 124,318
Surgery Center Division
Total Cases:
1998 162,220 165,705 209,265 217,937 755,127
1999 215,139 220,699 208,468 218,988 863,294
2000 217,505 220,593 212,647 219,321 870,066
Diagnostic Division
Total Procedures:
1998 155,730 163,789 176,380 194,942 690,841
1999 200,496 205,909 191,493 198,728 796,626
2000 213,505 221,052 242,647 250,621 927,825
For more information, contact Richard M. Scrushy, Chairman & CEO, or Tadd McVay, Senior Vice President and Treasurer, at 205-967-7116.
SOURCE: HEALTHSOUTH Corporation
Contact: Richard M. Scrushy, Chairman & CEO, or Tadd McVay, Senior Vice
President and Treasurer, both of HEALTHSOUTH, 205-967-7116
Website: http://www.healthsouth.com/