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/