HEALTHSOUTH First Quarter Results Exceed Consensus Estimates
BIRMINGHAM, Ala., Apr 24, 2000 /PRNewswire via COMTEX/ -- HEALTHSOUTH
Corporation (NYSE: HRC) announced operating results for the quarter ended March
31, 2000. For the first quarter, HEALTHSOUTH's revenues were $1.021 billion, as
compared to $1.031 billion for the first quarter of 1999. Net income for the
2000 quarter was $65.3 million, compared to net income of $109.9 million in the
1999 quarter. Earnings per share (assuming dilution) were $.17 for the 2000
quarter, compared to $.26 in the 1999 quarter. On a sequential quarter basis,
revenues for the first quarter of 2000 increased 2% over revenues for the fourth
quarter of 1999, while net income increased 7% and earnings per share increased
6% compared to income and income per share before unusual and non- recurring
expenses in the fourth quarter of 1999. Earnings before interest, taxes,
depreciation and amortization increased 5% over the fourth quarter of 1999.
"We are pleased that the management initiatives that we announced in the latter
part of 1999 are already beginning to be reflected in our operating results,"
said Richard M. Scrushy, Chairman of the Board and Chief Executive Officer of
HEALTHSOUTH. "In the first quarter of 2000, our revenues, EBITDA and earnings
per share all exceeded consensus Wall Street estimates. We saw improvement in
our operating margins after several quarters of downward pressure, and we
continued to see a positive trend in accounts receivable days, which decreased
between one and two days at March 31, 2000 from December 31, 1999. We are moving
forward with our previously announced technology and e-commerce initiatives and
the enhancement of our website, www.healthsouth.com."
Scrushy added, "In this time of rapid change, we have remained committed to
prudent financial policies and the integrity of our balance sheet. We are also
continuing our efforts to work closely with major managed care payors to improve
our collections cycle and get paid full value for our services. Throughout the
last year, we have reiterated our commitment to building long- term value for
our stockholders. We believe that we are demonstrating the early results of that
commitment, and we continue to move forward with new energy and dedication."
HEALTHSOUTH is the nation's largest provider of outpatient surgery and
rehabilitative healthcare services, with over 2,000 locations in all 50 states,
the United Kingdom, Australia and Puerto Rico. HEALTHSOUTH can be found on the
Web at www.healthsouth.com .
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
March 31,
2000 1999
Revenues $1,021,335 $ 1,030,547
Net income $65,326 $109,905
Weighted average common shares outstanding 385,644 419,036
Weighted average common shares and common
equivalent shares outstanding --
assuming dilution 389,019 442,073
Net income per common share $0.17 $0.26
Net income per common share --
assuming dilution $0.17 $0.26
For more information, contact Richard M. Scrushy, Chairman & CEO, or
Tadd McVay, Senior Vice President and Treasurer, at 205-967-7116.
SOURCE HEALTHSOUTH Corporation
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Richard M. Scrushy, Chairman & CEO, or Tadd McVay, Senior Vic
President and Treasurer of HEALTHSOUTH Corporation, 205-967-7
16
KEYWORD: Alabama
INDUSTRY KEYWORD: HEA
SUBJECT CODE: ERN
URL: healthsouth.com
*** end of story *** |
