This is the Tagline, edited under "Misc Content"
HEALTHSOUTH Corporation
For the nine months ended September 30, 2001, HEALTHSOUTH's revenues were $3.265 billion, compared to $3.118 billion for the same period in 2000. Income before unusual and non-recurring items for the 2001 period (all of which were incurred in the second quarter of 2001) was $237.5 million, compared to net income of $201.6 million for the 2000 period. The comparable income per share (assuming dilution) for the 2001 period was $.60, a 15% increase compared to earnings per share (assuming dilution) of $.52 for the 2000 period.
"We are very pleased that we again met Wall Street's earnings expectations as we continued implementing our strategic plan," said Richard M. Scrushy, Chairman of the Board and Chief Executive Officer of HEALTHSOUTH. "We saw same-store growth across all of our ambulatory services lines of business, as well as continued favorable pricing trends. In addition, despite the disruption in the capital markets, we successfully completed a private placement of $600 million in five-year and ten-year senior notes in September. We also strengthened our management team with the promotion of Bill Owens to President and Chief Operating Officer and the consolidation of all of our ambulatory services into a single division, along with the other management changes we announced in August. We believe that these changes further strengthen our experienced management team and position us well as we move forward with our focus on providing exceptional service to the physicians, patients and payors that we serve."
HEALTHSOUTH is the nation's largest provider of outpatient surgery, diagnostic imaging and rehabilitative healthcare services, with over 1,900 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 9:00 a.m. Central Time on Thursday, October 25. 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 at http://www.prnewswire.com/ via an Internet link under the "Multimedia" section. A replay of the call will be available at the same Internet site addresses until 5:00 p.m. Central Time on November 9, 2001.
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.
HEALTHSOUTH
Summary Operating Results
(unaudited; in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Revenues $1,075,874 $1,060,457 $3,265,324 $3,118,115
Net income $79,126 $71,037 $134,489 $201,579
Weighted average
common shares
outstanding 390,455 385,615 389,135 385,960
Weighted average
common shares
outstanding -
assuming dilution 401,074 390,033 399,077 391,382
Net income per
common share $0.20 $0.18 $0.35 $0.52
Net income per
common share -
assuming dilution $0.20 $0.18 $0.34 $0.52
ADJUSTMENT TO EXCLUDE
UNUSUAL AND
NON-RECURRING
ITEMS IN 2001
Net income $79,126 $71,037 $134,489 $201,579
Unusual and
non-recurring items,
net of minority
interests --- --- 164,906 ---
Income tax benefit
of unusual and
non-recurring items --- --- (61,880) ---
Income excluding
effects of unusual
and non-recurring
items $79,126 $71,037 $237,515 $201,579
Weighted average
common shares
outstanding -
assuming dilution 401,074 390,033 399,077 391,382
Income per common
share excluding
effects of unusual
and non-recurring
items - assuming
dilution $0.20 $0.18 $0.60 $0.52
HEALTHSOUTH Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED - In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Revenues $1,075,874 $1,060,457 $3,265,324 $3,118,115
Operating unit expenses 714,750 711,872 2,173,500 2,106,326
Corporate general and
administrative expenses 38,958 37,403 122,827 107,130
Provision for doubtful
accounts 23,980 24,971 83,221 72,482
Depreciation and
amortization 95,790 89,160 280,231 269,100
Impairment of unamortized
loan fee costs --- 6,475 ---
Loss on sale of assets --- 139,883 ---
Interest expense 50,914 60,261 165,580 161,880
Interest income (1,430) (2,398) (5,742) (7,334)
922,962 921,269 2,965,975 2,709,584
Income before net loss
on sales of facilities
and long-term
investments, income
taxes and minority
interests 152,912 139,188 299,349 408,531
Net loss on sales of
facilities and
long-term investments --- ---
Provision for income
taxes 51,659 46,380 93,193 131,609
Income before minority
interests 101,253 92,808 206,156 276,922
Minority interests (22,127) (21,771) (71,667) (75,343)
Net income $79,126 $71,037 $134,489 $201,579
Weighted average common
shares outstanding 390,455 385,615 389,135 385,960
Net income (loss) per
common share $0.20 $0.18 $0.35 $0.52
Weighted average common
shares
outstanding -- assuming
dilution 401,074 390,033 399,077 391,382
Net income (loss) per
common share --
assuming dilution $0.20 $0.18 $0.34 $0.52
Net income $79,126 $71,037 $134,489 $201,579
Add back non-recurring
items (net of taxes):
Non - recurring items 0 164,906
Tax benefit 0 (61,880)
Adjusted net income $79,126 $71,037 $237,515 $201,579
Weighted average common
shares outstanding 390,455 385,615 389,135 385,960
Weighted average common
shares
outstanding -- assuming
dilution 401,074 390,033 399,077 391,382
Net income per common
share $0.20 $0.18 $0.61 $0.52
Net income per common
share - assuming
dilution $0.20 $0.18 $0.60 $0.52
HEALTHSOUTH Corporation and Subsidiaries
Consolidated Statements of Income Before Unusual and Non-Recurring Items
(UNAUDITED - In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Revenues $1,075,874 $1,060,457 $3,265,324 $3,118,115
Operating unit
expenses 714,750 711,872 2,173,500 2,106,326
Corporate general and
administrative
expenses 38,958 37,403 114,579 107,130
Provision for doubtful
accounts 23,980 24,971 72,921 72,482
Depreciation and
amortization 95,790 89,160 280,231 269,100
Interest expense 50,914 60,261 165,580 161,880
Interest income (1,430) (2,398) (5,742) (7,334)
922,962 921,269 2,801,069 2,709,584
Income before income
taxes and minority
interests 152,912 139,188 464,255 408,531
Provision for income
taxes 51,659 46,380 155,073 131,609
Income before minority
interests 101,253 92,808 309,182 276,922
Minority interests (22,127) (21,771) (71,667) (75,343)
Net income $79,126 $71,037 $237,515 $201,579
Weighted average
common shares
outstanding 390,455 385,615 389,135 385,960
Net income per common
share $0.20 $0.18 $0.61 $0.52
Weighted average
common shares
outstanding -
assuming
dilution 401,074 390,033 399,077 391,382
Net income per common
share - assuming
dilution $0.20 $0.18 $0.60 $0.52
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
Nine Months Ended September 30, 2001
(UNAUDITED - In thousands, except per share amounts)
Nine Months
Ended
Sept. 30, 2001
Less Before
Unusual and Unusual and
Nine Months Non- Non-
Ended Recurring Recurring
Sept. 30, 2001 Items Items
Revenues $3,265,324 $3,265,324
Operating unit expenses 2,173,500 2,173,500
Corporate general and
administrative -
expenses 122,827 8,248 (a) 114,579
Provision for doubtful accounts 83,221 10,300 (c) 72,921
Depreciation and amortization 280,231 280,231
Impairment of unamortized loan fee
costs 6,475 6,475 (b) -
Loss on sale of assets 139,883 139,883 (c) -
Interest expense 165,580 165,580
Interest income (5,742) (5,742)
2,965,975 164,906 2,801,069
Income before income taxes and
minority interests 299,349 (164,906) 464,255
Provision for income taxes 93,193 (61,880) 155,073
Income before minority interests 206,156 (103,026) 309,182
Minority interests (71,667) (71,667)
Net income $134,489 $(103,026) $237,515
Weighted average common shares
outstanding 389,135 389,135
Net income per common share $0.35 $0.61
Weighted average common shares
outstanding -- assuming
dilution 399,077 399,077
Net income per common share -
assuming dilution $0.34 $0.60
Add-back to income for diluted
earnings per share:
Interest and amortization on
convertible debt * --- ---
* *
* The effect of these securities was antidilutive
(a) Charge related to settlement agreement with the United States
Department of Justice.
(b) Impairment charge related to the write-off of the unamortized balance
of loan fees on retired debt.
(c) Loss related to the sale of certain facilities.
HEALTHSOUTH Corporation
Quarterly Statistics (Unaudited)
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
Outpatient Division Total Visits: (Revised to exclude Occupational
Medicine)
2000 2,212,042 2,266,260 2,195,908 2,271,269 8,945,479
2001 2,198,772 2,249,908 2,243,112 6,691,792
Inpatient Division Total Patient Days:
2000 647,575 643,441 668,451 650,987 2,610,454
2001 653,434 661,635 659,515 1,974,584
Medical Center Division Total Patient Days: (Revised to Exclude Richmond
Medical Center)
2000 24,390 22,283 24,355 24,000 95,028
2001 29,271 24,243 24,238 77,752
Surgery Center Division Total Cases:
2000 217,505 220,593 212,647 219,321 870,066
2001 219,777 225,512 211,570 656,859
Diagnostic Division Total Procedures:
2000 213,505 221,052 242,647 250,621 927,825
2001 268,645 274,623 275,908 819,176
For more information, contact Richard M. Scrushy, Chairman & CEO, or Tadd McVay, Executive Vice President and Treasurer, at 205-967-7116.
SOURCE: HEALTHSOUTH Corporation
Contact: Richard M. Scrushy, Chairman & CEO, or Tadd McVay, Executive
Vice President and Treasurer, both of HEALTHSOUTH Corporation,
+1-205-967-7116
Website: http://www.healthsouth.com/