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8-K - FORM 8-K - HEALTH MANAGEMENT ASSOCIATES, INCd375857d8k.htm

Exhibit 99.1

 

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PRESS RELEASE

FOR IMMEDIATE RELEASE

 

    Contact:    John C. Merriwether
       Vice President of Financial Relations
       Health Management Associates, Inc.
       (239) 598-3131

HEALTH MANAGEMENT ANNOUNCES 2nd QUARTER 2012 RESULTS

Diluted EPS from continuing operations, excluding interest rate swap accounting

and mark-to-market adjustments, increases 5.0% to $0.21

Overall diluted EPS from continuing operations of $0.16

NAPLES, FLORIDA (July 23, 2012) Health Management Associates, Inc. (NYSE: HMA) today announced its consolidated financial results for the second quarter and six months ended June 30, 2012.

Key metrics from continuing operations for the second quarter (all percentage changes compare the second quarter of 2012 to the second quarter of 2011) include:

 

   

As shown in the tables accompanying this press release, excluding the impact of approximately $22.3 million, or $0.05 per diluted share, for interest rate swap accounting as well as a mark-to-market adjustment on the swap due to interest rate conditions, diluted earnings per share from continuing operations increased 5.0% to $0.21 as compared to $0.20 per diluted share for the same quarter a year ago;

 

   

Net revenue increased 20.2% to $1.472 billion;

 

   

Adjusted EBITDA increased 14.5% to $233.3 million;

 

   

Admissions increased 7.1% while adjusted admissions increased 13.1%;

 

   

Same hospital net revenue increased 6.1% to $1.299 billion;

 

   

Same hospital net revenue per adjusted admission increased 6.3%;

 

   

Same hospital Adjusted EBITDA increased 7.4% to $255.4 million, resulting in a 30 basis point improvement in margin to 19.7%; and

 

   

Same hospital surgeries and emergency room visits increased 2.9% and 3.8%, respectively.

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Health Management Associates, Inc. / Page 2

 

The tables accompanying this press release include reconciliations of consolidated net income to all presentations of Adjusted EBITDA (which is not a GAAP measure) contained in this press release. Those tables also reconcile earnings per share on a GAAP basis to those amounts presented in this press release and contain disclaimers and other important information regarding how Health Management defines and uses Adjusted EBITDA.

For continuing operations at hospitals operated by Health Management for one year or more, referred to as same hospital operations, net revenue in the second quarter increased $74.9 million or 6.1%, to $1.299 billion compared to the same quarter in the prior year. Adjusted EBITDA from same hospital operations grew 7.4% to $255.4 million, representing 19.7% of net revenue, as compared to $237.8 million and 19.4%, respectively, for the same quarter a year ago. Same hospital Adjusted EBITDA includes $2.9 million of Medicare and Medicaid Healthcare Information Technology (“HCIT”) incentive payments, which is offset by $5.5 million of government program payment reductions. Declines in uninsured admissions and increases in observation stays greater than 24-hours contributed to a 4.0% decline in second quarter same hospital admissions while same hospital adjusted admissions were essentially flat. Had uninsured volumes and observations stays greater than 24-hours been the same as prior year, second quarter same hospital admissions would have declined 2.4% and same hospital adjusted admissions would have increased 1.5%. We believe ongoing sluggish economic conditions with high unemployment and insured patient preference for outpatient services rather than inpatient stays are affecting our inpatient volume.

“We continued to deliver strong revenue and earnings growth in the second quarter by adhering to our proven operating strategy and achieving efficiencies throughout our organization,” said Gary D. Newsome, Health Management’s President and Chief Executive Officer. “We believe our focus on improving quality, and creating an effective and efficient work environment with a patient centered approach is the right thing to do for our patients, associates and physicians. As a result, hospitals seeking a strategic partner with a similar culture, access to capital and operating expertise are contacting Health Management in increasing numbers, and we are excited about these partnership opportunities.”

 

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Health Management Associates, Inc. / Page 3

 

For the second quarter, Health Management’s provision for doubtful accounts, or bad debt expense, was $214.6 million, or 12.7% of net revenue before the provision for doubtful accounts, compared to $170.8 million, or 12.2% of net revenue before the provision of doubtful accounts, for the same quarter a year ago.

Uninsured self-pay patient discounts for the second quarter were $311.9 million, compared to $232.5 million for the same quarter a year ago. Charity/indigent care write-offs were $24.3 million for the second quarter, compared to $23.4 million for the same quarter a year ago.

The sum of uninsured discounts, charity/indigent write-offs and bad debt expense, as a percent of the sum of net revenue before the provision for doubtful accounts, uninsured discounts and charity/indigent write-offs (which Health Management refers to as its Uncompensated Patient Care Percentage) was 27.2% for the second quarter, compared to 25.8% for the second quarter a year ago, and 26.1% for the quarter ended March 31, 2012. Health Management believes that its Uncompensated Patient Care Percentage provides key information regarding the aggregate level of patient care for which it does not receive payment.

Cash flow from continuing operating activities for the second quarter was $228.9 million, after cash interest and cash tax payments aggregating $78.8 million. Health Management’s cash flows in the second quarter reflect the benefit of the collection of Tennova receivables, as post-acquisition Medicare tie-in notices were received in early April 2012. Health Management’s total leverage ratio was 3.9 and interest coverage ratio was 4.1 at June 30, 2012, well within its debt requirements.

For the six months ended June 30, 2012, Health Management reported a 19.3% growth in net revenue to $2.957 billion and a 13.6% increase in Adjusted EBITDA to $472.8 million. Excluding approximately $7.5 million of Medicare and Medicaid HCIT incentive reimbursement for 2012, Adjusted EBITDA increased 11.8% to $465.3 million. As shown in the tables accompanying this press release, excluding the impact of approximately $59.0 million, or $0.14 per diluted share, for interest rate swap accounting as well as significant mark-to-market adjustments on the swap due to interest rate conditions, for the six months ended June 30, 2012, diluted earnings per share from continuing operations increased 7.1% to $0.45 as compared to $0.42 per diluted share for the same six month period a year ago. Consolidated diluted earnings per share from continuing operations are $0.31 for the six months ended June 30, 2012.

 

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Health Management Associates, Inc. / Page 4

 

Health Management hospitals recognized approximately $2.9 million of Medicare and Medicaid HCIT incentive reimbursement in the second quarter ended June 30, 2012. As previously announced, Health Management expects to recognize approximately $90 to $120 million of Medicare and Medicaid HCIT incentive reimbursement during the year ending December 31, 2012. The bulk of these payments are expected to be recorded in the fourth quarter of 2012.

Health Management is also affirming its diluted EPS from continuing operations objective range for the year ending December 31, 2012 to be between $0.80 and $0.90. This diluted EPS range for 2012 does not include approximately $98 million, or $0.25 per diluted share, of impact expected from interest rate swap accounting and mark-to-market adjustments nor does it include approximately $90 to $120 million of anticipated Medicare and Medicaid HCIT incentive reimbursement. Health Management is updating its 2012 annual same hospital admissions objective range. The company now expects same hospital admissions for 2012 to decline between 1.0% and 3.0%. In addition, the Company is adding a 2012 annual same hospital adjusted admissions objective range. The Company expects same hospital adjusted admissions growth for 2012 to be between a growth 1.0% and (1.0%).

As previously announced on April 2, 2012, subsidiaries of Health Management completed a joint venture transaction with respect to five INTEGRIS Health Oklahoma hospitals. Under the joint venture, which was effective April 1, 2012, Health Management now owns an 80% controlling interest in the five hospitals and manages their day-to-day operations. The INTEGRIS Health hospital partners include: 53-bed Integris Blackwell Regional Hospital, located in Blackwell; 56-bed Integris Clinton Regional Hospital, located in Clinton; 25-bed Integris Marshall County Medical Center, located in Madill; 52-bed Integris Mayes County Medical Center, located in Pryor; and 32-bed Integris Seminole Medical Center, located in Seminole. Combined, these five hospitals have an aggregate of 218 licensed beds and generated approximately $95 million of net revenue before the provision for doubtful accounts over the twelve months immediately prior to the joint venture. The integration of this partnership is progressing as expected.

 

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Health Management Associates, Inc. / Page 5

 

Health Management’s executive team will hold a conference call and webcast to discuss the contents of this press release and Health Management’s consolidated financial results for the three and six months ended June 30, 2012 on Tuesday, July 24, 2012 at 11:00 a.m. EDT. Investors are invited to access the webcast via Health Management’s website at www.HMA.com or via www.streetevents.com. Alternatively, investors may join the conference call by dialing 877-476-3476.

Health Management will archive a copy of the audio webcast of the conference call, along with any related information that Health Management may be required to provide pursuant to Securities and Exchange Commission rules, on its website under the heading “Investor Relations” for a period of 60 days following the conference call.

Health Management enables America’s best local health care by providing the people, processes, capital and expertise necessary for its hospital and physician partners to fulfill their local missions of delivering superior health care services. Health Management, through its subsidiaries, operates 70 hospitals with approximately 10,500 licensed beds in non-urban communities located throughout the United States.

All references to “Health Management,” “HMA” or the “Company” used in this release refer to Health Management Associates, Inc. and its affiliates.

 

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Health Management Associates, Inc. / Page 6

 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “intends,” “plans,” “may,” “continues,” “should,” “could” and other similar words. All statements addressing operating performance, events or developments that Health Management Associates, Inc. expects or anticipates will occur in the future, including but not limited to incurrence of indebtedness, projections of revenue, income or loss, capital expenditures, earnings per share, debt structure, bad debt expense, capital structure, repayment of indebtedness, the amount and timing of funds under the meaningful use measurement standard of various HCIT incentive programs, other financial items and operating statistics, statements regarding the plans and objectives of management for future operations, innovations, or market service development, statements regarding acquisitions, joint ventures, divestitures and other proposed or contemplated transactions (including but not limited to statements regarding the potential for future acquisitions and perceived benefits of acquisitions), statements of future economic performance, statements regarding legal proceedings and other loss contingencies, statements regarding market risk exposures, statements regarding the effects and/or interpretations of recently enacted or future health care laws and regulations, statements of the assumptions underlying or relating to any of the foregoing statements, and other statements which are other than statements of historical fact, are considered to be “forward-looking statements.”

Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Health Management Associates, Inc.’s most recent Annual Report on Form 10-K, including under the heading entitled “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of Health Management Associates, Inc.’s underlying assumptions prove incorrect, actual results could vary materially from those currently anticipated. In addition, undue reliance should not be placed on Health Management Associates, Inc.’s forward-looking statements. Except as required by law, Health Management Associates, Inc. disclaims any obligation to update its risk factors or to publicly announce updates to the forward-looking statements contained in this press release to reflect new information, future events or other developments.

(financial tables follow)

 

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HEALTH MANAGEMENT ASSOCIATES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in thousands, except per share amounts)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2012     2011     2012     2011  

Net revenue before the provision for doubtful accounts

   $ 1,686,541      $ 1,395,353      $ 3,373,059      $ 2,822,182   

Provision for doubtful accounts

     (214,563     (170,787     (415,824     (342,856
  

 

 

   

 

 

   

 

 

   

 

 

 

Net revenue

     1,471,978        1,224,566        2,957,235        2,479,326   

Salaries and benefits

     645,933        546,198        1,305,017        1,115,236   

Supplies

     226,154        185,789        460,597        380,255   

Rent expense

     43,839        36,774        88,864        72,621   

Other operating expenses

     325,635        252,037        637,415        494,975   

Medicare and Medicaid HCIT incentive payments

     (2,871     —          (7,461     —     

Depreciation and amortization

     85,712        64,201        164,106        128,829   

Interest expense

     75,166        51,033        163,929        102,070   

Other

     (1,022     (139     618        (333
  

 

 

   

 

 

   

 

 

   

 

 

 
     1,398,546        1,135,893        2,813,085        2,293,653   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes

     73,432        88,673        144,150        185,673   

Provision for income taxes

     (25,291     (31,757     (50,018     (66,791
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations

     48,141        56,916        94,132        118,882   

Loss from discontinued operations, net of income taxes

     (3,021     (1,583     (4,416     (1,437
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated net income

     45,120        55,333        89,716        117,445   

Net income attributable to noncontrolling interests

     (8,166     (6,722     (15,072     (13,310
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Health Management Associates, Inc.

   $ 36,954      $ 48,611      $ 74,644      $ 104,135   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) per share attributable to Heath Management

        

Associates, Inc. common stockholders:

        

Basic and Diluted:

        

Continuing operations

   $ 0.16      $ 0.20      $ 0.31      $ 0.42   

Discontinued operations

     (0.02     (0.01     (0.02     (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 0.14      $ 0.19      $ 0.29      $ 0.41   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of shares outstanding:

        

Basic

     254,496        251,765        253,906        250,898   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     256,030        255,235        255,864        254,478   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Health Management Associates, Inc.

        

Income from continuing operations, net of income taxes

   $ 39,975      $ 50,194      $ 79,060      $ 105,572   

Loss from discontinued operations, net of income taxes

     (3,021     (1,583     (4,416     (1,437
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Health Management Associates, Inc.

   $ 36,954      $ 48,611      $ 74,644      $ 104,135   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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HEALTH MANAGEMENT ASSOCIATES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

     Six Months Ended June 30,  
     2012     2011  

Cash flows from operating activities:

    

Consolidated net income

   $ 89,716      $ 117,445   

Adjustments to reconcile consolidated net income to net cash provided by continuing operating activities:

    

Depreciation and amortization

     169,612        132,162   

Amortization related to interest rate swap contract

     40,533        —     

Fair value adjustment related to interest rate swap contract

     18,448        —     

Provision for doubtful accounts

     415,824        342,856   

Stock-based compensation expense

     13,204        12,945   

Losses on sales of assets, net

     2,191        794   

Gains on sales of available-for-sale securities, net

     (583     (7

Deferred income tax (benefit) expense

     (22,092     13,615   

Changes in assets and liabilities of continuing operations, net of the effects of acquisitions:

    

Accounts receivable

     (446,976     (355,170

Supplies, prepaid expenses and other current assets

     (2,673     (6,722

Prepaid and recoverable income taxes

     53,931        10,448   

Deferred charges and other long-term assets

     18        (3,333

Accounts payable, accrued expenses and other liabilities

     (43,161     7,946   

Equity compensation excess income tax benefits

     (1,407     (2,919

Loss from discontinued operations, net of income taxes

     4,416        1,437   
  

 

 

   

 

 

 

Net cash provided by continuing operating activities

     291,001        271,497   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Additions to property, plant and equipment

     (194,175     (133,034

Acquisitions of hospitals and other

     (66,673     (42,891

Proceeds from sales of assets and insurance recoveries

     1,367        1,329   

Proceeds from sale of discontinued operations

     1,392        —     

Purchases of available-for-sale securities

     (901,735     (687,218

Proceeds from sales of available-for-sale securities

     906,117        604,219   

Increase in restricted funds

     (1,783     (11,559
  

 

 

   

 

 

 

Net cash used in continuing investing activities

     (255,490     (269,154
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Principal payments on debt and capital lease obligations

     (61,072     (19,741

Proceeds from exercises of stock options

     —          14,067   

Proceeds from long-term borrowings

     17,000        —     

Cash received from noncontrolling shareholders

     3,591        —     

Cash payments to noncontrolling shareholders

     (23,281     (16,285

Equity compensation excess income tax benefits

     1,407        2,919   
  

 

 

   

 

 

 

Net cash used in continuing financing activities

     (62,355     (19,040
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents before discontinued operations

     (26,844     (16,697

Net increases (decreases) in cash and cash equivalents from discontinued operations:

    

Operating activities

     (864     5,248   

Investing activities

     (135     (56
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (27,843     (11,505

Cash and cash equivalents at the beginning of the period

     64,143        101,812   
  

 

 

   

 

 

 

Cash and cash equivalents at the end of the period

   $ 36,300      $ 90,307   
  

 

 

   

 

 

 

 

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HEALTH MANAGEMENT ASSOCIATES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS AND STATISTICS

 

(unaudited, dollars in thousands)    June 30,
2012
     December 31,
2011
 

Assets

     

Current assets:

     

Cash and cash equivalents

   $ 36,300       $ 64,143   

Available-for-sale securities

     120,016         122,277   

Accounts receivable, net

     924,027         903,517   

Other current assets

     258,934         305,640   

Assets of discontinued operations

     9,619         14,561   

Property, plant and equipment, net

     3,377,695         3,263,172   

Restricted funds

     104,497         96,244   

Other assets

     1,344,519         1,234,635   
  

 

 

    

 

 

 

Total assets

   $ 6,175,607       $ 6,004,189   
  

 

 

    

 

 

 

Liabilities and Stockholders’ Equity

     

Current liabilities

   $ 847,871       $ 803,824   

Deferred income taxes

     259,064         234,080   

Other long-term liabilities

     675,992         691,680   

Long-term debt

     3,483,444         3,489,489   

Stockholders’ equity

     909,236         785,116   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 6,175,607       $ 6,004,189   
  

 

 

    

 

 

 

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2012     2011     % Change     2012     2011     % Change  

Continuing Operations

            

Occupancy

     39.6     42.7       42.2     45.2  

Patient days

     361,924        343,107        5.5     763,029        723,650        5.4

Admissions

     86,467        80,753        7.1     179,845        168,896        6.5

Adjusted admissions

     172,194        152,216        13.1     350,148        311,390        12.4

Average length of stay

     4.2        4.2          4.2        4.3     

Surgeries

     100,164        82,509        21.4     200,383        165,333        21.2

Emergency room visits

     453,964        378,125        20.1     897,079        768,862        16.7

Net revenue (in thousands)

   $ 1,471,978      $ 1,224,566        20.2   $ 2,957,235      $ 2,479,326        19.3

Net revenue per adjusted admission

   $ 8,548      $ 8,045        6.3   $ 8,446      $ 7,962        6.1

Total inpatient revenue percentage

     45.1     47.6       46.1     49.0  

Total outpatient revenue percentage

     54.9     52.4       53.9     51.0  

Same Hospitals

            

Occupancy

     40.3     42.7       42.5     45.2  

Patient days

     324,806        343,107        -5.3     686,379        723,650        -5.2

Admissions

     77,488        80,753        -4.0     161,943        168,896        -4.1

Adjusted admissions

     151,908        152,216        -0.2     310,710        311,390        -0.2

Average length of stay

     4.2        4.2          4.2        4.3     

Surgeries

     84,893        82,509        2.9     170,907        165,333        3.4

Emergency room visits

     392,461        378,125        3.8     785,594        768,862        2.2

Net revenue (in thousands)

   $ 1,299,430      $ 1,224,566        6.1   $ 2,625,422      $ 2,479,326        5.9

Net revenue per adjusted admission

   $ 8,554      $ 8,045        6.3   $ 8,450      $ 7,962        6.1

Total inpatient revenue percentage

     45.4     47.6       46.3     49.0  

Total outpatient revenue percentage

     54.6     52.4       53.7     51.0  

 

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HEALTH MANAGEMENT ASSOCIATES, INC.

SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME INFORMATION

(unaudited, dollars in thousands)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2012     2011     2012     2011  

Net revenue

   $ 1,471,978      $ 1,224,566      $ 2,957,235      $ 2,479,326   

Less acquisitions

     172,548        —          331,813        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Same hospital net revenue

   $ 1,299,430      $ 1,224,566      $ 2,625,422      $ 2,479,326   
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated net income

   $ 45,120      $ 55,333      $ 89,716      $ 117,445   

Adjustments:

        

Loss from discontinued operations, net of income taxes

     3,021        1,583        4,416        1,437   

Provision for income taxes

     25,291        31,757        50,018        66,791   

(Gains) losses on sales of assets, net

     (166     854        2,191        794   

Interest and other income, net

     (856     (993     (1,573     (1,127

Interest expense

     75,166        51,033        163,929        102,070   

Depreciation and amortization

     85,712        64,201        164,106        128,829   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA (a)

     233,288        203,768        472,803        416,239   

Adjustment for acquisitions, corporate and other

     22,109        33,987        46,586        69,233   
  

 

 

   

 

 

   

 

 

   

 

 

 

Same hospital operating Adjusted EBITDA (a)

   $ 255,397      $ 237,755      $ 519,389      $ 485,472   
  

 

 

   

 

 

   

 

 

   

 

 

 

Same hospital operating Adjusted EBITDA margins =

        

Same hospital operating Adjusted EBITDA / Same hospital net revenue (a)

     19.7     19.4     19.8     19.6
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Adjusted EBITDA is defined as consolidated net income before discontinued operations, net gains (losses) on sales of assets, net interest and other income, interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net revenue. Adjusted EBITDA is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Health Management believes that providing non-GAAP information such as Adjusted EBITDA is important for investors and other readers of Health Management’s consolidated financial statements, as it is commonly used as an analytical indicator within the health care industry and Health Management’s debt facilities contain covenants that use Adjusted EBITDA in their calculations. Because Adjusted EBITDA is a non-GAAP measure and is thus susceptible to varying calculations, Adjusted EBITDA, as presented, may not be directly comparable to other similarly titled measures used by other companies.

 

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HEALTH MANAGEMENT ASSOCIATES, INC.

SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME INFORMATION

(unaudited, in thousands, except per share amounts)

The following table provides information regarding income from continuing operations attributable to Health Management, excluding the impact of the interest rate swap amortization and mark-to-market adjustments. This table is a non-GAAP presentation; nonetheless, Health Management believes that providing this detail is beneficial to investors and other readers of Health Management’s financial statements due to the significant impact these items had on income from continuing operations attributable to Health Management.

Three Months Ended June 30, 2012

 

    Continuing
Operations
    Interest Rate  Swap
Amortization and
Mark-To-Market
Adjustments
    Total, As
Reported
 

Income from continuing operations before income taxes

  $ 95,692      $ (22,260   $ 73,432   

Net income from continuing operations attributable to noncontrolling interests

    (8,166     —          (8,166
 

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes attributable to Health Management Associates, Inc.

    87,526        (22,260     65,266   

Provision for income taxes

    (33,917     8,626        (25,291
 

 

 

   

 

 

   

 

 

 

Income from continuing operations attributable to Health Management Associates, Inc. common stockholders

  $ 53,609      $ (13,634   $ 39,975   
 

 

 

   

 

 

   

 

 

 

Earnings per share from continuing operations attributable to Health Management Associates, Inc. common stockholders:

     

Basic

  $ 0.21      $ (0.05   $ 0.16   
 

 

 

   

 

 

   

 

 

 

Diluted

  $ 0.21      $ (0.05   $ 0.16   
 

 

 

   

 

 

   

 

 

 

Six Months Ended June 30, 2012

 

    Continuing
Operations
    Interest Rate  Swap
Amortization and
Mark-To-Market
Adjustments
    Total, As
Reported
 

Income from continuing operations before income taxes

  $ 203,131      $ (58,981   $ 144,150   

Net income from continuing operations attributable to noncontrolling interests

    (15,072     —          (15,072
 

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes attributable to Health Management Associates, Inc.

    188,059        (58,981     129,078   

Provision for income taxes

    (72,873     22,855        (50,018
 

 

 

   

 

 

   

 

 

 

Income from continuing operations attributable to Health Management Associates, Inc. common stockholders

  $ 115,186      $ (36,126   $ 79,060   
 

 

 

   

 

 

   

 

 

 

Earnings per share from continuing operations attributable to Health Management Associates, Inc. common stockholders:

     

Basic

  $ 0.45      $ (0.14   $ 0.31   
 

 

 

   

 

 

   

 

 

 

Diluted

  $ 0.45      $ (0.14   $ 0.31   
 

 

 

   

 

 

   

 

 

 

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