This is the Tagline, edited under "Misc Content"
HEALTHSOUTH Corporation
For the nine months ended September 30, 2000, HEALTHSOUTH's revenues were $3.118 billion, compared to $3.072 billion in the 1999 period. Net income for the 2000 period was $201.6 million, compared to income before non-recurring expenses of $290.8 million in the 1999 period. Earnings per share (assuming dilution) for the 2000 period were $.52, compared to income per share before non-recurring expenses (assuming dilution) of $.69 for the same period in 1999.
"We are very pleased with the many positive developments we saw in the third quarter," said Richard M. Scrushy, Chairman of the Board and Chief Executive Officer of HEALTHSOUTH. "Record quarterly revenues translated into a 13% increase in earnings per share over the same quarter of last year. We saw strong year-over-year volume growth in all of our product lines, as well as continued positive pricing trends in outpatient and inpatient rehabilitation and outpatient surgery. Our days' sales outstanding continued to decrease, dropping by one-and-a-half days for the quarter. In addition, our $350 million placement of subordinated debt was well-received by the market. We expect to continue to build on these positive operating and financial trends in the fourth quarter."
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, October 31. Simultaneously with the conference call, a "webcast" of the call will be available to interested parties at http://www.streetfusion.com/ and also via an Internet link at http://www.healthsouth.com/ under the "Investor Relations" section. 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 Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Revenues $ 1,060,457 $ 993,341 $ 3,118,115 $ 3,071,520
Net income $ 71,037 $ (4,330) $ 201,579 $ 219,582
Weighted average
common shares
outstanding 385,615 412,874 385,960 415,341
Weighted average
common shares and
common equivalent
shares outstanding
-- assuming
dilution 390,033 418,404 391,382 422,622
Net income
per common share $ 0.18 $ (0.01) $ 0.52 $ 0.53
Net income per common
share -- assuming
dilution $ 0.18 $ (0.01) $ 0.52 $ 0.52
ADJUSTMENT TO EXCLUDE
NON-RECURRING EXPENSES IN 1999
Net Income $ 71,037 $ (4,330) $ 201,579 $ 219,582
Income effect of non-recurring
expenses, net of taxes
Provision for additional
accounts receivable
reserves -- 71,240 -- 71,240
Income excluding
effects of non-recurring
expenses $ 71,037 $ 66,910 $ 201,579 $ 290,822
Weighted average
common shares and
common equivalent
shares outstanding
-- assuming
dilution 390,033 418,404 391,382 422,622
Income per common share
excluding effects of
non-recurring
expenses -- assuming
dilution $ 0.18 $ 0.16 $ 0.52 $ 0.69
HEALTHSOUTH Corporation and Subsidiaries
Consolidated Statements of Income - Unaudited
Three Months Ended September 30, 2000 and 1999
(In thousands, except per share amounts)
2000 1999
Revenues $1,060,457 $993,341
Operating unit expenses 711,872 671,060
Corporate general and
administrative expenses 37,403 29,352
Provision for doubtful accounts 24,971 138,726(a)
Depreciation and amortization 89,160 94,695
Interest expense 60,261 42,502
Interest income (2,398) (2,798)
921,269 973,537
Income before income taxes
and minority interests 139,188 19,804
Provision for income taxes 46,380 (2,826)
92,808 22,630
Minority interests (21,771) (26,960)
Net income $71,037 $(4,330)
Weighted average
common shares outstanding 385,615 412,874
Net income per common share $0.18 $(0.01)
Weighted average
common shares outstanding
- assuming dilution 390,033 418,404
Net income per common share
- assuming dilution: $0.18 $(0.01)
Add-back to income for diluted
earnings per share:
Interest and amortization
on convertible debt $-- $--
* *
* The effect of these securities was antidilutive during the period
(a) Includes non-recurring expenses of $117,752
HEALTHSOUTH Corporation and Subsidiaries
Consolidated Statements of Income - Unaudited
Nine Months Ended September 30, 2000 and 1999
(In thousands, except per share amounts)
2000 1999
Revenues $3,118,115 $3,071,520
Operating unit expenses 2,106,326 1,965,209
Corporate general and
administrative expenses 107,130 85,806
Provision for doubtful accounts 72,482 177,688(a)
Depreciation and amortization 269,100 284,988
Interest expense 161,880 127,024
Interest income (7,334) (7,888)
2,709,584 2,632,827
Income before income taxes
and minority interests 408,531 438,693
Provision for income taxes 131,609 143,363
276,922 295,330
Minority interests (75,343) (75,748)
Net income $201,579 $219,582
Weighted average common shares
outstanding 385,960 415,341
Net income per common share $0.52 $0.53
Weighted average common shares
outstanding - assuming
dilution 391,382 422,622
Net income per common share
- assuming dilution: $0.52 $0.52
Add-back to income for diluted
earnings per share:
Interest and amortization
on convertible debt $-- $--
* *
* The effect of these securities was antidilutive during the period
(a) Includes non-recurring expenses of $117,752
HEALTHSOUTH Corporation and Subsidiaries
Consolidated Statements of Income Before Non-Recurring Expenses - Unaudited
Three Months Ended September 30, 2000 and 1999
(In thousands, except per share amounts)
2000 1999
Revenues $1,060,457 $993,341
Operating unit expenses 711,872 671,060
Corporate general and administrative
expenses 37,403 29,352
Provision for doubtful accounts 24,971 20,974
Depreciation and amortization 89,160 94,695
Interest expense 60,261 42,502
Interest income (2,398) (2,798)
921,269 855,785
Income before income taxes
and minority interests 139,188 137,556
Provision for income taxes 46,380 43,686
92,808 93,870
Minority interests (21,771) (26,960)
Net income $71,037 $66,910
Weighted average common shares outstanding 385,615 412,874
Net income per common share $0.18 $0.16
Weighted average common shares
outstanding - assuming dilution 390,033 418,404
Net income per common share
- assuming dilution: $0.18 $0.16
Add-back to income for diluted earnings per share:
Interest and amortization on convertible debt $-- $--
* *
* The effect of these securities was antidilutive during the period
HEALTHSOUTH Corporation and Subsidiaries
Consolidated Statements of Income Before Non-Recurring Expenses - Unaudited
Nine Months Ended September 30, 2000 and 1999
(In thousands, except per share amounts)
2000 1999
Revenues $3,118,115 $3,071,520
Operating unit expenses 2,106,326 1,965,209
Corporate general and administrative expenses 107,130 85,806
Provision for doubtful accounts 72,482 59,936
Depreciation and amortization 269,100 284,988
Interest expense 161,880 127,024
Interest income (7,334) (7,888)
2,709,584 2,515,075
Income before income taxes
and minority interests 408,531 556,445
Provision for income taxes 131,609 189,875
276,922 366,570
Minority interests (75,343) (75,748)
Net income $201,579 $290,822
Weighted average common shares outstanding 385,960 415,341
Net income per common share $0.52 $0.70
Weighted average common shares outstanding
- assuming dilution 391,382 438,123
Net income per common share - assuming dilution: $0.52 $0.69
Add-back to income for diluted earnings per share:
Interest and amortization on convertible debt $ -- $9,336
* The effect of these securities was antidilutive during the period
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 7,988,407
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 1,959,467
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 92,848
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 217,505 220,593 212,647 650,745
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 213,505 221,052 242,647 677,204
CONTACT: Richard M. Scrushy, Chairman & CEO, or Tadd McVay, Senior Vice
President and Treasurer, both of HEALTHSOUTH, 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/