This is the Tagline, edited under "Misc Content"
HEALTHSOUTH Corporation
"The first quarter of 2001 showed a continuation of the improvement in key operating statistics that we saw in 2000," said Richard M. Scrushy, Chairman of the Board and Chief Executive Officer of HEALTHSOUTH. "In addition to continued growth in revenues, net income and earnings per share, we saw favorable same-store volume and pricing trends in the quarter, despite the effects of having an extra business day in the 2000 quarter due to the leap year. We are especially pleased with the performance of our surgery center operations, which produced same-store volume growth of 4.4% over the 2000 quarter. We believe this reflects the early successes of our focused syndication efforts in our surgery centers. During the quarter, we also announced the pending divestiture of our occupational medicine operations, which closed this week, and of our Richmond, Virginia acute-care hospital, which we expect to close near the end of the month. The net proceeds from these transactions will be used to pay down bank debt. We closed out the quarter with the announcement of a strategic partnership with Oracle Corporation to build the world's first digital hospital, reinforcing our position as a leader in healthcare innovation."
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 first quarter results at 9:00 a.m. Central Time on Thursday, April 26. 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, 2000 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
March 31,
2001 2000
Revenues $ 1,090,462 $ 1,021,335
Net income $75,311 $65,326
Weighted average common shares outstanding 388,143 385,644
Weighted average common shares and common
equivalent shares outstanding --
assuming dilution 398,456 389,019
Net income per common share $0.19 $0.17
Net income per common share -- assuming dilution $0.19 $0.17
HEALTHSOUTH Corporation and Subsidiaries
Consolidated Statements of Income
(UNAUDITED - In thousands, except per share amounts)
Three Months Ended March 31,
2001 2000
Revenues $1,090,462 $1,021,335
Operating unit expenses 736,046 693,993
Corporate general and administrative expenses 32,655 34,021
Provision for doubtful accounts 24,383 23,256
Depreciation and amortization 91,219 89,655
Interest expense 59,420 49,560
Interest income (2,721) (2,835)
941,001 887,650
Income before income taxes and minority
interests 149,461 133,685
Provision for income taxes 49,170 42,651
100,291 91,034
Minority interests (24,981) (25,708)
Net income $75,311 $65,326
Weighted average common shares outstanding 388,143 385,644
Net income per common share $0.19 $0.17
Weighted average common shares outstanding --
assuming dilution 398,456 389,019
Net income per common share -- assuming
dilution: $0.19 $0.17
Add-back to income for diluted earnings per share:
Interest and amortization on convertible
debt --- ---
* *
* 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:
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
2001 2,590,712 2,590,712
Inpatient Division Total Patient Days:
1999 614,686 626,262 608,878 621,349 2,471,175
2000 647,575 643,441 668,451 650,987 2,610,454
2001 653,434 653,434
Medical Center Division Total Patient Days:
1999 30,537 30,254 27,837 27,621 116,249
2000 32,288 29,626 30,934 31,470 124,318
2001 37,154 37,154
Surgery Center Division Total Cases:
1999 215,139 220,699 208,468 218,988 863,294
2000 217,505 220,593 212,647 219,321 870,066
2001 219,777 219,777
Diagnostic Division Total Procedures:
1999 200,496 205,909 191,493 198,728 796,626
2000 213,505 221,052 242,647 250,621 927,825
2001 268,645 268,645
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 Corporation, 205-967-7116
Website: http://www.healthsouth.com/