Record 17th Consecutive Year of Uninterrupted Operating Earnings Growth
NAPLES, Fla., Nov. 15 /PRNewswire-FirstCall/ -- Health Management
Associates, Inc. (NYSE: HMA) announced today that for its fourth quarter ended
September 30, 2005, total revenue from continuing operations was $920.8
million, net income was $87.8 million, income from continuing operations was
$87.2 million, and both diluted earnings per share ("EPS") and diluted EPS
from continuing operations were $0.35. For the fourth quarter, total revenue
from continuing operations increased 16.6%, net income increased 18.6%, income
from continuing operations increased 17.8%, and both diluted EPS and diluted
EPS from continuing operations increased 16.7% compared to the same quarter a
year ago. HMA's quarterly results include an adverse impact of approximately
$6.9 million, or $0.025 per diluted share, related to several hurricanes that
impacted the operations of HMA hospitals in Florida and Mississippi in 2005.
Also included in HMA's quarterly results is a positive impact of $10.0
million, or $0.04 per diluted share, from insurance reimbursement related to
damages incurred at HMA's Charlotte Regional Medical Center as a result of
Hurricane Charley during the fiscal year ended September 30, 2004.
Excluding the insurance recoveries, net patient service revenue increased
14.7% for the quarter ended September 30, 2005 compared to the same quarter a
year ago.
"HMA has faced a very challenging fourth quarter. The hurricane season of
2005 continued the pace set in 2004, and once again, HMA's dedicated
physicians and employees worked heroically through the storms to ensure that
the health care needs of our communities were being met. Their efforts
continue today as we and our communities recover," said Joseph V. Vumbacco,
HMA's President and Chief Executive Officer. "HMA will continue to address
these and other challenges by assisting in the rebuilding of the Biloxi,
Mississippi community, addressing the growing levels of uninsured and
underinsured patients, and continuing to enhance our relationships with the
physicians in our communities. We believe the acquisition pipeline is as
promising as it has been in recent years, and HMA expects to complete a number
of announced acquisitions in the near future.
Net patient service revenue from continuing operations relating to
hospitals owned and operated by HMA for one year or more, excluding Biloxi
Regional Medical Center, increased 5.9% during the fourth quarter of fiscal
year 2005. Operations at several of HMA's hospitals were impacted by
hurricanes in the fourth quarter of both fiscal 2004 and 2005, making
comparisons somewhat difficult from year to year. Including Biloxi Regional
Medical Center, net patient service revenue from continuing operations
relating to hospitals owned and operated by HMA for one year or more increased
4.6% during the fourth quarter of fiscal year 2005 compared to the same
quarter a year ago. This represents HMA's 68th consecutive quarter of same
hospital revenue growth. Excluding Biloxi Regional Medical Center, factors
contributing to HMA's fourth quarter same hospital revenue growth from
continuing operations, as compared to the same period a year ago, included a
0.7% increase in same hospital admissions, and a 3.2% increase in same
hospital adjusted admissions, which adjusts admissions for outpatient volume.
Same hospital net revenue per adjusted admission, from continuing operations
for the fourth quarter, excluding Biloxi Regional Medical Center, increased
2.6% compared to the same quarter a year ago. Same hospital emergency room
visits and total surgeries from continuing operations, excluding Biloxi
Regional Medical Center, increased 4.8% and 6.5%, respectively, compared to
the same quarter a year ago. Including Biloxi Regional Medical Center, same
hospital admissions increased 0.3%, adjusted admissions increased 2.8%, net
revenue per adjusted admission increased 1.8%, emergency room visits increased
5.7% and surgeries increased 5.9%. Overall, HMA's total admissions from
continuing operations grew 8.1% in the fourth quarter as compared to the same
quarter a year ago, reflecting the admission contribution from the hospitals
acquired during fiscal year 2005.
HMA continues to implement its proven operating strategy of delivering
high quality health care while maintaining effective cost controls. HMA's same
hospital adjusted EBITDA margins were 21.0% in the fourth quarter ended
September 30, 2005. Adjusted EBITDA is EBITDA adjusted to exclude assets
held-for-sale operations. Excluding Biloxi Regional Medical Center (which was
most affected by Hurricane Katrina), same hospital adjusted EBITDA margins
were 21.7% for the fourth quarter. EBITDA margin is defined as earnings
margin, before interest, taxes, depreciation and amortization. EBITDA does
not represent cash flows from operations as defined by generally accepted
accounting principles in the United States, commonly known as GAAP, and should
not be considered as either an alternative to net income as an indicator of
HMA's operating performance or as an alternative to cash flows as a measure of
HMA's liquidity. Nevertheless, HMA believes that providing non-GAAP
information regarding EBITDA is important for investors and other readers of
HMA's financial statements, as it provides a measure of liquidity. In
addition, EBITDA is commonly used as an analytical indicator within the health
care industry and HMA's debt facilities contain covenants that use EBITDA in
their calculations. Because EBITDA is not a measurement determined in
accordance with GAAP and is thus susceptible to varying calculations, EBITDA,
as presented, may not be directly comparable to other similarly titled
measures used by other companies. A table reconciling EBITDA to GAAP follows
the financial statements included with this press release.
In the fourth quarter ended September 30, 2005, HMA reclassified as assets
held-for-sale the results from Williamson Memorial Hospital in Williamson,
West Virginia, with all prior periods restated. For the fourth quarter, after
tax income from assets held-for-sale totaled $638,000 and for the year ended
September 30, 2005, the after tax loss from assets held-for-sale was $580,000.
Negotiations to sell Williamson Memorial Hospital are ongoing.
For the year ended September 30, 2005, HMA's total revenue from continuing
operations was approximately $3.6 billion, net income was $353.1 million,
income from continuing operations was $353.7 million, and both diluted EPS and
diluted EPS from continuing operations were $1.42. Total admissions from
continuing operations for the year increased 7.0%, reflecting contributions
from hospitals acquired during fiscal year 2005. Same hospital net revenue
from continuing operations for the year ended September 30, 2005 increased
3.8% compared to the same period a year ago, and same hospital adjusted EBITDA
margin for the year was 23.7%.
"Effective and appropriate hospital staffing remains an area of focus for
our hospitals' management teams. Flexible staffing is necessary to adjust for
daily changes in patient volumes and acuity," added Vumbacco. "We believe
that appropriate staffing improves quality outcomes, and HMA's Chief Nursing
Officers, or CNOs, continue to effectively manage their personnel resources.
The result is the continuation of both a nursing turnover ratio and vacancy
rate below 10% during the year ended September 30, 2005." Same hospital
salary and benefits expense from continuing operations, as a percent of net
patient service revenue, was 38.4% in the fourth quarter, a 20 basis point
reduction compared to the same quarter a year ago.
HMA hospitals' local business office personnel continue to focus their
attention on up-front collections, including in the emergency room after
treatment has been rendered. In some cases, HMA hospitals are adding
additional collection staff to assist with third party qualifications, as well
as extending business office hours to accommodate increased patient volumes in
the early evenings. Bad debt expense from continuing operations, as a percent
of total revenue, for the fourth quarter ended September 30, 2005 was 8.2%, a
60 basis point increase compared to the same quarter a year ago. Included in
the bad debt expense for the fourth quarter was an increase in the allowance
for doubtful accounts recognized largely by HMA's physician clinic operations,
resulting in an adverse impact of approximately $2.6 million, or $0.01 per
diluted share. For the fourth quarter ended September 30, 2005, HMA's charity
care/indigent write-offs were 4.7% of gross revenue compared to 4.4% of gross
revenue for the same period a year ago. On a same hospital basis, private pay
admissions totaled approximately 7.5% of total admissions for the fourth
quarter compared to 6.9% of total admissions in the same quarter a year ago.
Despite obvious challenges, business office personnel at HMA's hospitals
continue to focus their local presence to improve their collection results.
Third party payor qualifications and up-front collections of health insurance
deductibles and co-pays continue to improve, resulting in improved cash flow
and reductions in Days Sales Outstanding ("DSOs"). HMA's DSOs from continuing
operations, as of September 30, 2005 were 67 days; a five-day reduction from
the same period a year ago, and at the lower end of HMA's stated objective
range for fiscal 2005 of between 65 and 73 days. In addition, cash flow from
continuing operations was $555.7 million for the year ended September 30,
2005, a 21.3% increase compared to the cash flow from continuing operations
for the same period a year ago.
On November 3, 2005, HMA entered into a definitive agreement to acquire an
80% controlling interest in the Orlando Regional St. Cloud Hospital located in
St. Cloud, Florida. Orlando Regional Healthcare ("ORH") will retain a 20%
ownership interest in Orlando Regional St. Cloud Hospital. This is the first
partnership between HMA and a not-for-profit entity, and offers both
organizations the opportunity to combine their respective strengths. HMA will
assume operational responsibility for the hospital, and a local advisory board
comprised of representatives from the medical staff, the local community, ORH
and HMA will be established. The hospital operates 84 licensed beds and
generates approximately $45 million in annual net revenue. Initial expansion
projects will focus on the emergency room, surgical suites, and the addition
of patient rooms. "ORH has an outstanding reputation for delivering high
quality health care, having been awarded numerous national and state accolades
for its clinical outcomes, and HMA looks forward to a long and mutually
beneficial relationship with them," said Vumbacco. The transaction is
expected to be completed by December 31, 2005.
On November 7, 2005, HMA announced a purchase agreement to acquire Barrow
Community Hospital in Winder, Georgia. The execution and closing of the
purchase agreement are subject to the review and approval of the Georgia
Attorney General's office in accordance with applicable state law. Barrow
Community Hospital is a sole community provider with 56 licensed beds, and is
a fully accredited, general acute-care hospital located in Winder, Georgia,
which is approximately 40 miles east of Atlanta and 20 miles north of HMA's
Walton Regional Medical Center located in Monroe, Georgia. Barrow Community
Hospital generates approximately $20 million in annual net revenue. "With a
population of more than fifty-two thousand, Barrow County is expected to
double in size over the next decade, and HMA is eager to meet the health care
demands that are anticipated from that growth," added Vumbacco.
On November 15, 2005, HMA entered into a definitive agreement to acquire
Gilmore Memorial Hospital located in Amory, Mississippi, which is
approximately 30 miles southeast of Tupelo. The execution and closing of the
purchase agreement are subject to the review and approval of the Mississippi
Attorney General's office pursuant to applicable state law. "Gilmore Memorial
Hospital is a sole community provider in its service area, and has been
serving the residents of Monroe County for the past 88 years.
HMA is very pleased to have been chosen to continue this fine tradition of
health care delivery in Northeast Mississippi," added Vumbacco. "Gilmore
Memorial is a classic HMA acquisition. Gilmore Memorial enjoys strong
community support with an excellent medical staff and dedicated employees.
HMA intends to build upon this strong foundation to continue to enhance the
quality of health care and improve access to needed medical services."
Gilmore Memorial hospital is a fully accredited, general acute-care hospital
operating 95 licensed beds. The hospital has been in operation since 1916, and
currently generates approximately $40 million of annual net revenue.
HMA continues to develop strong relationships with faith-based hospital
systems throughout the United States that are seeking to raise capital by
selling certain non-urban hospitals in order to focus their resources on their
larger core facilities. In addition, HMA believes that stand-alone, not-for-
profit hospitals will continue to experience operating pressures, leading them
to seek a buyer like HMA with a long history of successful operations. Based
on the combination of increasing acquisition opportunities from these two
sources and the recent signing of several acquisition definitive agreements
during the first fiscal quarter, HMA believes the acquisition environment
remains very attractive, and that HMA will be an active hospital acquirer
during fiscal year 2006.
On August 3, 2005, HMA announced a share repurchase program to repurchase
up to 10 million shares of HMA's common stock. As announced on November 14,
2005, HMA completed the repurchase program, having acquired 10 million common
shares.
In addition, on September 22, 2005, HMA announced a 50% increase in the
quarterly cash dividend to $0.06 per share of HMA common stock. The dividend
is payable on November 29, 2005, to stockholders of record at the close of
business on November 4, 2005. This is the second consecutive year that HMA's
Board of Directors has increased the dividend payable on HMA's common stock.
HMA's senior management team will discuss HMA's performance for the fourth
quarter and fiscal year ended September 30, 2005 in greater detail during a
live conference call and audio webcast later this afternoon. All interested
investors are invited to access the webcast at 12:30 p.m., Eastern Standard
Time, via HMA's website located at http://www.hma-corp.com or via
http://www.streetevents.com or to join the conference call by dialing 1-877-
476-3476 (U.S.) or 1-706-643-1569 (International). A copy of the audio
webcast, along with any related information which HMA may be required to
provide pursuant to SEC rules, will be archived on HMA's website under the
heading "Investor Relations."
HMA is the premier operator of non-urban general acute care hospitals in
communities situated throughout the United States. HMA has generated 17 years
of uninterrupted operating earnings growth and upon completing the previously
announced transactions to acquire a controlling interest in the 84-bed Orlando
Regional St. Cloud Hospital and acquire the 56-bed Barrow Community Hospital
and the 95-bed Gilmore Memorial Hospital, will operate 60 hospitals in 16
states with approximately 8,545 licensed beds.
All references to "HMA" used in this release refer to Health Management
Associates, Inc. or its affiliates.
Certain statements contained in this release, including, without
limitation, statements containing the words "believes," "anticipates,"
"plans," "intends," "expects," "optimistic," and words of similar import,
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements may include
projections of revenues, income or loss, capital expenditures, capital
structure, or other financial items, statements regarding the plans and
objectives of management for future operations, statements of future economic
performance, statements of the assumptions underlying or relating to any of
the foregoing statements, and other statements which are other than statements
of historical fact.
Statements made throughout this release are based on current estimates of
future events, and HMA has no obligation to update or correct these estimates.
Readers are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and that
actual results may differ materially as a result of these various factors.
HEALTH MANAGEMENT ASSOCIATES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands except per share amounts)
Three Months Ended Year Ended
September 30, September 30,
2005 2004 2005 2004
Net patient service revenue $905,592 $789,661 $3,554,533 $3,174,832
Gains on sales of assets and
insurance recoveries 15,250 - 34,289 -
Total revenue 920,842 789,661 3,588,822 3,174,832
Costs and expenses:
Salaries and benefits 365,627 311,177 1,393,647 1,242,470
Supplies and other 280,472 242,524 1,080,657 946,056
Provision for doubtful
accounts 75,755 59,797 305,559 239,628
Depreciation and amortization 43,060 35,189 155,173 133,644
Rent expense 18,600 16,094 72,452 64,705
Interest, net 3,041 3,382 12,922 16,182
Total costs and expenses 786,555 668,163 3,020,410 2,642,685
Income from continuing
operations before minority
interests and income taxes 134,287 121,498 568,412 532,147
Minority interests in earnings
of consolidated entities 727 1,601 3,126 5,716
Income from continuing
operations before income taxes 133,560 119,897 565,286 526,431
Provision for income taxes 46,409 45,858 211,629 201,346
Income from continuing
operations 87,151 74,039 353,657 325,085
Income (loss) from
discontinued operations, net
of income taxes 638 (9) (580) 14
Net income $87,789 $74,030 $353,077 $325,099
Basic net income per share:
Continuing operations $0.36 $0.30 $1.44 $1.34
Discontinued operations - - - -
Basic net income per share $0.36 $0.30 $1.44 $1.34
Diluted net income per share:
Continuing operations $0.35 $0.30 $1.42 $1.32
Discontinued operations - - - -
Diluted net income per share $0.35 $0.30 $1.42 $1.32
Weighted average number of
shares outstanding:
Basic 246,626 243,432 245,538 242,725
Diluted 249,869 246,695 248,976 246,826
HEALTH MANAGEMENT ASSOCIATES, INC.
EARNINGS PER SHARE CALCULATION
(unaudited, in thousands except per share amounts)
Three Months Ended Year Ended
September 30, September 30,
2005 2004 2005 2004
Income from continuing operations $87,151 $74,039 $353,657 $325,085
Add: Interest from convertible
debt, net of taxes - - 1 -
Adjusted income from
continuing operations 87,151 74,039 353,658 325,085
Income (loss) from discontinued
operations, net of income taxes 638 (9) (580) 14
Adjusted net income $87,789 $74,030 $353,078 $325,099
Basic shares outstanding 246,626 243,432 245,538 242,725
Add: Employee stock options 3,237 3,263 3,432 4,101
Convertible shares 6 - 6 -
Diluted shares outstanding 249,869 246,695 248,976 246,826
Basic net income per share:
Continuing operations $0.36 $0.30 $1.44 $1.34
Discontinued operations - - - -
Basic net income per share $0.36 $0.30 $1.44 $1.34
Diluted net income per share:
Continuing operations $0.35 $0.30 $1.42 $1.32
Discontinued operations - - - -
Diluted net income per share $0.35 $0.30 $1.42 $1.32
HEALTH MANAGEMENT ASSOCIATES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, September 30,
2005 2004
(unaudited)
Assets
Current Assets:
Cash and cash equivalents $78,575 $112,946
Accounts receivable, net 670,190 626,149
Other current assets 276,648 202,499
Property, plant and equipment, net 2,018,363 1,679,655
Restricted funds 64,531 55,942
Other assets 930,703 830,097
$4,039,010 $3,507,288
Liabilities and Stockholders' Equity
Current liabilities $1,053,805 $320,131
Deferred income taxes 187,382 143,760
Other long-term liabilities and minority
interests 141,845 139,869
Long-term debt 366,649 925,518
Stockholders' equity 2,289,329 1,978,010
$4,039,010 $3,507,288
Three Months Ended Year Ended
September 30, September 30,
2005 2004 2005 2004
Same Hospitals*
Occupancy 42.5% 44.9% 46.8% 47.3%
Patient Days 288,011 286,861 1,059,666 1,061,891
Admissions 68,410 68,226 247,590 247,452
Adjusted Admissions 116,488 113,331 402,684 394,830
Average length of stay 4.2 4.2 4.3 4.3
Total surgeries 62,555 59,061 221,595 211,420
Outpatient Revenue percentage 50.7% 49.2% 47.5% 46.6%
Inpatient Revenue percentage 49.3% 50.8% 52.5% 53.4%
Total Hospitals*
Occupancy 42.4% 45.7% 46.3% 47.9%
Patient Days 325,395 302,283 1,349,727 1,275,838
Admissions 73,831 68,306 301,362 281,549
Adjusted Admissions 125,498 113,411 498,168 456,076
Average length of stay 4.4 4.4 4.5 4.5
Total surgeries 67,644 59,061 263,632 236,767
Outpatient Revenue percentage 49.8% 48.9% 47.9% 47.6%
Inpatient Revenue percentage 50.2% 51.1% 52.1% 52.4%
* Continuing Operations
HEALTH MANAGEMENT ASSOCIATES, INC.
SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME INFORMATION
(unaudited, in thousands)
Three Months Ended Year Ended
September 30, September 30,
2005(a)(b) 2004(b) 2005(b)(c) 2004(b)
Total revenue $920,842 $789,661 $3,588,822 $3,174,832
Less acquisitions, corporate
and other (a) 104,253 9,057 683,364 375,798
Same hospital net patient
service revenue $816,589 $780,604 $2,905,458 $2,799,034
Income before income taxes $133,560 $119,897 $565,286 $526,431
Add:
Interest, net 3,041 3,382 12,922 16,182
Depreciation and amortization 43,060 35,189 155,173 133,644
EBITDA 179,661 158,468 733,381 676,257
Adjustment for acquisitions,
corporate and other 8,341 (14,882) 43,838 6,605
Same hospital EBITDA $171,320 $173,350 $689,543 $669,652
Same hospital EBITDA margins =
Same hospital EBITDA / same hospital
net patient service revenue 21.0% 22.2% 23.7% 23.9%
(a) includes approximately $15.3 million in 2005 of revenue from insurance
recoveries. This item is not included in the same hospital figures.
(b) continuing operations
(c) includes approximately $34.3 million in 2005 of revenue from insurance
recoveries and gains on the sale of assets and $35.3 million in
additional bad debt expense associated with a refinement in the
company's bad debt policy. This item is not included in the same
hospital figures.
HEALTH MANAGEMENT ASSOCIATES, INC.
SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME INFORMATION
(unaudited, in thousands, except per share amounts)
Three Months Ended
September 30,
Adjusted
2005 (a) Adjustments 2005
Net patient service revenue $905,592 $- $905,592
Gains on sales of assets and insurance
recoveries 15,250 (15,250) -
Total revenue 920,842 (15,250) 905,592
Costs and expenses:
Salaries and benefits 365,627 - 365,627
Supplies and other 280,472 - 280,472
Provision for doubtful accounts 75,755 - 75,755
Depreciation and amortization 43,060 - 43,060
Rent expense 18,600 - 18,600
Interest, net 3,041 - 3,041
Total costs and expenses 786,555 - 786,555
Income from continuing operations
before minority interests and income
taxes 134,287 (15,250) 119,037
Minority interests in earnings
of consolidated entities 727 - 727
Income from continuing operations
before income taxes 133,560 (15,250) 118,310
Provision for income taxes 46,409 (5,299) 41,110
Income from continuing operations 87,151 (9,951) 77,200
Income from discontinued operations,
net of income taxes 638 - 638
Net income $87,789 $(9,951) $77,838
Basic net income (loss) per share:
Continuing operations $0.36 $(0.04) $0.32
Discontinued operations - - -
Basic net income (loss) per share: $0.36 $(0.04) $0.32
Diluted net income (loss) per share:
Continuing operations $0.35 $(0.04) $0.31
Discontinued operations - - -
Diluted net income (loss) per share: $0.35 $(0.04) $0.31
Weighted average number of shares outstanding:
Basic 246,626 - 246,626
Diluted 249,869 - 249,869
(a) continuing operations
HEALTH MANAGEMENT ASSOCIATES, INC.
EARNINGS PER SHARE CALCULATION
(unaudited, in thousands, except per share amounts)
Three Months Ended
September 30,
Adjusted
2005 (a) Adjustments 2005
Income from continuing operations $87,151 $(9,951) $77,200
Add: Interest from convertible
debt, net of taxes - - -
Adjusted income from continuing
operations 87,151 (9,951) 77,200
Income from discontinued operations,
net of income taxes 638 - 638
Adjusted net income $87,789 $(9,951) $77,838
Basic shares outstanding 246,626 - 246,626
Add: Employee stock options 3,237 - 3,237
Convertible shares 6 - 6
Diluted shares outstanding 249,869 - 249,869
Basic net income (loss) per share:
Continuing operations $0.36 $(0.04) $0.32
Discontinued operations - - -
Basic net income (loss) per share $0.36 $(0.04) $0.32
Diluted net income (loss) per share:
Continuing operations $0.35 $(0.04) $0.31
Discontinued operations - - -
Diluted net income (loss) per share $0.35 $(0.04) $0.31
(a) continuing operations
HEALTH MANAGEMENT ASSOCIATES, INC.
SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME INFORMATION
(unaudited, in thousands, except per share amounts)
Year Ended
September 30,
2005 (a) Adjustments Adjusted 2005
Net patient service revenue $3,554,533 $- $3,554,533
Gains on sales of assets and
insurance recoveries 34,289 (34,289) -
Total revenue 3,588,822 (34,289) 3,554,533
Costs and expenses:
Salaries and benefits 1,393,647 - 1,393,647
Supplies and other 1,080,657 - 1,080,657
Provision for doubtful accounts 305,559 (35,306) 270,253
Depreciation and amortization 155,173 - 155,173
Rent expense 72,452 - 72,452
Interest, net 12,922 - 12,922
Total costs and expenses 3,020,410 (35,306) 2,985,104
Income from continuing operations
before minority interests and
income taxes 568,412 1,017 569,429
Minority interests in earnings
of consolidated entities 3,126 - 3,126
Income from continuing operations
before income taxes 565,286 1,017 566,303
Provision for income taxes 211,629 381 212,010
Income from continuing operations 353,657 636 354,293
Loss from discontinued operations,
net of income taxes (580) - (580)
Net income $353,077 $636 $353,713
Basic net income per share:
Continuing operations $1.44 $- $1.44
Discontinued operations - - -
Basic net income per share: $1.44 $- $1.44
Diluted net income per share:
Continuing operations $1.42 $- $1.42
Discontinued operations - - -
Diluted net income per share: $1.42 $- $1.42
Weighted average number of
shares outstanding:
Basic 245,538 - 245,538
Diluted 248,976 - 248,976
(a) continuing operations
HEALTH MANAGEMENT ASSOCIATES, INC.
EARNINGS PER SHARE CALCULATION
(unaudited, in thousands except per share amounts)
Year Ended
September 30,
2005 (a) Adjustments Adjusted
2005
Income from continuing operations $353,657 $636 $354,293
Add: Interest from convertible
debt, net of taxes 1 - 1
Adjusted income from continuing
operations $353,658 $636 $354,294
Loss from discontinued
operations, net of income taxes (580) - (580)
Adjusted net income $353,078 $636 $353,714
Basic shares outstanding 245,538 - 245,538
Add: Employee stock options 3,432 - 3,432
Convertible shares 6 - 6
Diluted shares outstanding 248,976 - 248,976
Basic net income per share:
Continuing operations $1.44 $- $1.44
Discontinued operations - - -
Basic net income per share $1.44 $- $1.44
Diluted net income per share:
Continuing operations $1.42 $- $1.42
Discontinued operations - - -
Diluted net income per share $1.42 $- $1.42
(a) continuing operations
SOURCE Health Management Associates, Inc.
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Photo Notes:http://www.newscom.com/cgi-bin/prnh/20030418/HMALOGO
CONTACT:
John C. Merriwether, Vice President of
Financial Relations, Health Management Associates, Inc.,
+1-239-598-3104
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