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Biotech / Medical : HEALTHSOUTH Corporation (HLSH)

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To: D. K. G. who wrote (101)	7/1/2004 8:29:43 AM
From: D. K. G.	of 116

HealthSouth Outlines Expansion Strategy By a WALL STREET JOURNAL Staff Reporter July 1, 2004; Page A10 BIRMINGHAM, Ala. -- HealthSouth Corp.'s chief executive said the health-care concern will begin looking across the U.S. for opportunities to expand operations and boost sales of its rehabilitation, surgical and hospital-care services. Jay Grinney, who took the helm of the company in May, outlined the expansion strategy as part of HealthSouth's third financial update since the company was implicated in a massive accounting fraud in March 2003. HealthSouth reported first-quarter revenue of $985.5 million, putting the company on track to meet projections for 2004 sales and cash flow that were set in January. HealthSouth didn't disclose a profit or loss for the first quarter. As expected, HealthSouth said Robert P. May will succeed Joel Gordon as nonexecutive chairman. Mr. May had been interim CEO, working with Mr. Gordon and turnaround firm Alvarez & Marsal after the accounting scandal erupted to stabilize HealthSouth. HealthSouth also named corporate-governance expert Charles M. Elson to its board, effective Sept. 1.

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