LifePoint Hospitals Reports Third Quarter 2009 Results
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Company Reports Diluted Earnings Per Share from Continuing Operations of $0.59
Company Confirms Full Year EPS Guidance of $2.35 to $2.55
BRENTWOOD, Tenn.--(BUSINESS WIRE)-- LifePoint Hospitals, Inc. (NASDAQ: LPNT) today announced results for the third quarter and nine months ended September 30, 2009.
For the third quarter ended September 30, 2009, revenues from continuing operations were $745.0 million, up 10.4% from $675.1 million for the same period a year ago. Income from continuing operations attributable to LifePoint Hospitals, Inc. for the third quarter ended September 30, 2009, increased 12.4% to $32.1 million, or $0.59 per diluted share, compared with income from continuing operations attributable to LifePoint Hospitals, Inc. of $28.6 million, or $0.54 per diluted share, for the same period last year. Net income attributable to LifePoint Hospitals, Inc. for the third quarter ended September 30, 2009, was $31.4 million, or $0.58 per diluted share, compared with $8.5 million, or $0.16 per diluted share, for the same period last year.
For the first nine months of 2009, revenues from continuing operations were $2,215.8 million, up 9.4% from $2,025.9 million for the same period a year ago. Income from continuing operations attributable to LifePoint Hospitals, Inc. for the first nine months of 2009 increased 4.5% to $100.6 million, or $1.88 per diluted share, compared with $96.3 million, or $1.80 per diluted share, for the same period of 2008. Net income attributable to LifePoint Hospitals, Inc. for the nine months ended September 30, 2009, was $96.1 million, or $1.80 per diluted share, compared with $75.0 million, or $1.40 per diluted share, for the same period a year ago.
In commenting on the results, William F. Carpenter III, president and chief executive officer of LifePoint Hospitals, said, "We are encouraged by the trends we saw in our results for the quarter. In particular, we saw improvement in revenue, EBITDA and EPS. We have also seen improvement in our core measures and other quality indicators. Our operating initiatives, including our enhanced physician recruitment efforts, are gaining traction, and we expect they will continue to drive improved performance.
"Although we are not satisfied with our inpatient admissions, we achieved sequential improvement in admissions, as well as in adjusted admissions this quarter. Admissions growth remains a priority, and it is important to us and our hospitals that more patients receive quality care close to home. In that regard, by being the first to bring state-of-the-art technology to our communities, our hospitals have made it easier for patients to choose our facilities more often over those in distant communities. In addition, the focus of our hospitals on Emergency Department processes, including those intended to improve the patient experience, should strengthen and improve performance."
The Company confirmed its full year 2009 guidance for revenue in a range of $2.9 billion to $3.0 billion, Adjusted EBITDA in a range of $450.0 million to $470.0 million and diluted earnings per share in a range of $2.35 to $2.55.
A listen-only simulcast, as well as a 30-day replay, of LifePoint Hospitals' third quarter 2009 conference call will be available on line at www.lifepointhospitals.com and www.earnings.com today, Friday, November 6, 2009, beginning at 10:00 a.m. Eastern Time.
LifePoint Hospitals, Inc. is a leading hospital company focused on providing healthcare services in non-urban communities in 17 states. Of the Company's 47 hospitals, 44 are in communities where LifePoint Hospitals is the sole community hospital provider. LifePoint Hospitals' non-urban operating strategy offers continued operational improvement by focusing on five guiding principles: delivering compassionate, high quality patient care; supporting physicians; creating an outstanding environment for employees; providing unmatched community value; and ensuring fiscal responsibility. Headquartered in Brentwood, Tennessee, LifePoint Hospitals is affiliated with approximately 21,000 employees. More information about LifePoint Hospitals can be found on its website, www.lifepointhospitals.com.
Important Legal Information. Certain statements contained in this release are based on current management expectations and are "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, and are intended to qualify for the safe harbor protections from liability provided by the Private Securities Litigation Reform Act of 1995. Numerous factors exist which may cause results to differ from these expectations. Many of the factors that will determine LifePoint's future results are beyond LifePoint's ability to control or predict with accuracy. Such forward-looking statements reflect the current expectations and beliefs of the management of LifePoint, are not guarantees of performance and are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ from those described in the forward-looking statements. These forward-looking statements may also be subject to other risk factors and uncertainties, including, without limitation: (i) efforts by government and commercial third-party payors to reduce healthcare spending or change the manner in which payments are made; (ii) fundamental and systematic healthcare reform; (iii) increases in co-pays and deductibles, the cost of providing care to uninsured or under-insured persons who are not able to pay, continuing increases in accounts receivable from uninsured and "patient-due" accounts, and whether our reserves for "bad debt" are adequate; (iv) the rising number of unemployed, uninsured or under-insured individuals in the United States; (v) reduced funding for (or payments from) the Medicaid or Medicare programs, state budget deficits, the implementation of cost limits placed on hospitals by the government, or a reduction of Medicaid payments to us resulting from a successful challenge to one or more state Medicaid programs; (vi) the dependence of many of our hospitals on a small number of local employers and the impact of company failures or plant or facility closings; (vii) the increasing relationship of clinical quality to reimbursement rates; (viii) lower rates of hospital admissions and adjusted admissions;(ix) rising operating costs including in hospital supplies and medical technology, in the cost and effectiveness of our compliance program, and in the legal and other costs associated with compliance with increasingly complex laws, rules and regulations; (x) the availability, cost and terms of contractual labor and healthcare service providers including nurses and certain physicians such as anesthesiologists, radiologists and emergency room physicians; (xi) the ability to recruit and retain independent and employed physicians, other healthcare service providers and effective management personnel, and the dependence of many of our hospitals on a small number of admitting physicians; (xii) adverse changes in or requirements of state and federal laws, regulations, policies and procedures applicable to the Company; (xiii) increased scrutiny from governmental regulators, enforcement agencies and accreditation agencies; (xiv) whether we are successfully able to execute our business strategies including those to grow patient volumes and revenues; (xv) changes in the Company's operating or expansion strategies and, if made, our ability to execute such changed strategies successfully; (xvi) the highly competitive nature of the healthcare business, including competition from outpatient facilities, physicians on the medical staffs of our hospitals, physician offices and facilities in larger towns and cities; (xvii) restrictions (including required governmental approvals) on our ability to make acquisitions or divestitures, and to enter into joint ventures, on favorable terms and conditions; (xviii) our ability to successfully integrate and operate newly-acquired and de novo facilities; (xix) the increasing pressure to allow physicians to own a portion of our hospitals, and our ability to effectively manage hospitals with physician partners; (xx) the geographic concentration of LifePoint's operations and general economic and other conditions in the Company's markets; (xxi) the availability and terms of capital; (xxii) the amount and terms of the Company's indebtedness, changes in interest rates, our credit ratings, or the of our indebtedness or our liquidity; (xxiii) changes in, or interpretations of, generally accepted accounting principles or practices; (xxiv) volatility in the market value of LifePoint's common stock; (xxv) the ability to manage successfully risks, including those that could result in losses to us because we are significantly self-insured; (xxvi) the availability, cost and terms of insurance coverage; (xxvii) possible adverse outcomes of pending litigation (including self-insured litigation), and the risks associated with credentialing decisions; (xxviii) the potential adverse impact of government investigations and litigation involving the business practices of healthcare providers, including whistleblower investigations and recovery audit contractors; (xxix) our reliance on information technology systems maintained by HCA-Information Technology & Services, Inc. and the cost and other difficulties associated with converting facilities from one information system to another; (xxx) the costs of complying with the Americans with Disabilities Act and related litigation; and (xxxi) those other risks and uncertainties described from time to time in LifePoint's filings with the Securities and Exchange Commission. Therefore, LifePoint's future results may differ materially from those described in this release. LifePoint undertakes no obligation to update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
All references to "LifePoint," "LifePoint Hospitals" and the "Company" as used throughout this release refer to LifePoint Hospitals, Inc. and its subsidiaries.
LIFEPOINT HOSPITALS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Dollars in millions, except per share amounts
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
(As Adjusted) (As Adjusted)
Amount % of Amount % of Amount % of Amount % of
Revenues Revenues Revenues Revenues
Revenues $ 745.0 100.0 % $ 675.1 100.0 % $ 2,215.8 100.0 % $ 2,025.9 100.0 %
Salaries and 295.8 39.7 265.6 39.3 875.0 39.5 797.5 39.4
benefits
Supplies 102.3 13.7 93.0 13.8 304.2 13.7 279.3 13.8
Other
operating 134.4 18.0 128.3 19.0 405.7 18.3 372.2 18.3
expenses
Provision for
doubtful 98.7 13.3 78.9 11.7 281.1 12.7 234.7 11.6
accounts
Depreciation
and 35.1 4.8 32.2 4.8 106.1 4.8 97.8 4.8
amortization
Interest 25.5 3.4 27.0 4.0 77.2 3.5 80.7 4.0
expense, net
Impairment - - 0.9 0.1 - - 1.2 0.1
charge
691.8 92.9 625.9 92.7 2,049.3 92.5 1,863.4 92.0
Income from
continuing
operations 53.2 7.1 49.2 7.3 166.5 7.5 162.5 8.0
before income
taxes
Provision for 20.5 2.7 20.1 3.0 64.2 2.9 64.6 3.2
income taxes
Income from
continuing 32.7 4.4 29.1 4.3 102.3 4.6 97.9 4.8
operations
Discontinued
operations,
net of income
taxes:
Loss from
discontinued (0.7 ) (0.1 ) (3.3 ) (0.5 ) (3.9 ) (0.2 ) (6.5 ) (0.3 )
operations
Impairment - - (16.8 ) (2.5 ) - - (14.5 ) (0.7 )
charge
Loss on sale - - - - (0.6 ) - (0.3 ) -
of hospital
Loss from
discontinued (0.7 ) (0.1 ) (20.1 ) (3.0 ) (4.5 ) (0.2 ) (21.3 ) (1.0 )
operations
Net income 32.0 4.3 9.0 1.3 97.8 4.4 76.6 3.8
Less: Net
income
attributable (0.6 ) (0.1 ) (0.5 ) - (1.7 ) (0.1 ) (1.6 ) (0.1 )
to
noncontrolling
interests
Net income
attributable
to LifePoint $ 31.4 4.2 % $ 8.5 1.3 % $ 96.1 4.3 % $ 75.0 3.7 %
Hospitals,
Inc.
Basic earnings
(loss) per
share
attributable
to LifePoint
Hospitals,
Inc.
stockholders:
Continuing $ 0.60 $ 0.55 $ 1.91 $ 1.82
operations
Discontinued (0.01 ) (0.39 ) (0.08 ) (0.40 )
operations
Net income $ 0.59 $ 0.16 $ 1.83 $ 1.42
Diluted
earnings
(loss) per
share
attributable
to LifePoint
Hospitals,
Inc.
stockholders:
Continuing $ 0.59 $ 0.54 $ 1.88 $ 1.80
operations
Discontinued (0.01 ) (0.38 ) (0.08 ) (0.40 )
operations
Net income $ 0.58 $ 0.16 $ 1.80 $ 1.40
Amounts
attributable
to LifePoint
Hospitals,
Inc.
stockholders:
Income from
continuing
operations, $ 32.1 $ 28.6 $ 100.6 $ 96.3
net of income
taxes
Loss from
discontinued
operations, (0.7 ) (20.1 ) (4.5 ) (21.3 )
net of income
taxes
Net income $ 31.4 $ 8.5 $ 96.1 $ 75.0
LIFEPOINT HOSPITALS, INC.
UNAUDITED EARNINGS (LOSS) PER SHARE CALCULATION
Dollars and shares in millions, except per share amounts
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
(As Adjusted) (As Adjusted)
Income from
continuing $ 32.7 $ 29.1 $ 102.3 $ 97.9
operations
Less: Net income
attributable to (0.6 ) (0.5 ) (1.7 ) (1.6 )
noncontrolling
interests
Income from
continuing
operations 32.1 28.6 100.6 96.3
attributable to
LifePoint Hospitals,
Inc.
Loss from
discontinued (0.7 ) (20.1 ) (4.5 ) (21.3 )
operations, net of
income taxes
Net income
attributable to $ 31.4 $ 8.5 $ 96.1 $ 75.0
LifePoint Hospitals,
Inc.
Basic weighted
average number of 53.0 51.7 52.7 52.7
shares outstanding
Other share 0.9 1.1 0.8 1.0
equivalents
Diluted weighted
average number of 53.9 52.8 53.5 53.7
shares outstanding
and equivalents
Basic earnings
(loss) per share
attributable to
LifePoint Hospitals,
Inc. stockholders:
Continuing $ 0.60 $ 0.55 $ 1.91 $ 1.82
operations
Discontinued (0.01 ) (0.39 ) (0.08 ) (0.40 )
operations
Net income $ 0.59 $ 0.16 $ 1.83 $ 1.42
Diluted earnings
(loss) per share
attributable to
LifePoint Hospitals,
Inc. stockholders:
Continuing $ 0.59 $ 0.54 $ 1.88 $ 1.80
operations
Discontinued (0.01 ) (0.38 ) (0.08 ) (0.40 )
operations
Net income $ 0.58 $ 0.16 $ 1.80 $ 1.40
LIFEPOINT HOSPITALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
In millions
Sept. 30, Dec. 31,
2009 2008(A)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 119.5 $ 75.7
Accounts receivable, less allowances for doubtful
accounts of $428.5 and $374.4 at September 30, 2009 332.3 315.9
and December 31, 2008, respectively
Inventories 72.5 69.6
Assets held for sale - 21.6
Prepaid expenses 14.0 12.0
Income taxes receivable 2.6 19.9
Deferred tax assets 124.0 103.4
Other current assets 20.3 19.2
685.2 637.3
Property and equipment:
Land 74.9 71.1
Buildings and improvements 1,355.4 1,257.2
Equipment 811.6 737.9
Construction in progress 34.6 39.7
2,276.5 2,105.9
Accumulated depreciation (786.4) (689.9)
1,490.1 1,416.0
Deferred loan costs, net 25.5 31.3
Intangible assets, net 71.3 68.8
Other 5.4 10.4
Goodwill 1,524.2 1,516.5
Total assets $ 3,801.7 $ 3,680.3
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 72.1 $ 92.3
Accrued salaries 76.6 73.2
Other current liabilities 111.9 94.5
Current maturities of long-term debt 1.1 1.1
261.7 261.1
Long-term debt 1,393.6 1,392.1
Deferred income tax liabilities 150.4 153.2
Reserves for self-insurance claims and other 139.4 146.2
liabilities
Long-term income tax liability 60.3 59.4
Total liabilities 2,005.4 2,012.0
Redeemable noncontrolling interests 12.0 12.8
Equity:
LifePoint Hospitals, Inc. stockholders' equity:
Preferred stock - -
Common stock 0.6 0.6
Capital in excess of par value 1,241.5 1,212.6
Accumulated other comprehensive loss (21.7) (28.3)
Retained earnings 710.5 614.4
Common stock in treasury, at cost (150.3) (147.3)
Total LifePoint Hospitals, Inc. stockholders' equity 1,780.6 1,652.0
Noncontrolling interests 3.7 3.5
Total equity 1,784.3 1,655.5
Total liabilities and equity $ 3,801.7 $ 3,680.3
(A) Derived from audited consolidated financial statements, as adjusted.
LIFEPOINT HOSPITALS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
In millions
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
(As Adjusted) (As Adjusted)
Cash flows from
operating
activities:
Net income $ 32.0 $ 9.0 $ 97.8 $ 76.6
Adjustments to
reconcile net
income to net cash
provided by
operating
activities:
Loss from
discontinued 0.7 20.1 4.5 21.3
operations
Stock-based 5.9 5.5 16.5 17.6
compensation
ESOP expense - 2.2 - 6.1
(non-cash portion)
Depreciation and 35.1 32.2 106.1 97.8
amortization
Amortization of
physician minimum 3.5 2.6 9.7 6.8
revenue guarantees
Amortization of
convertible debt 5.3 5.0 15.6 14.6
discounts
Amortization of 2.1 1.8 5.8 5.5
deferred loan costs
Deferred income tax (14.2 ) (13.0 ) (24.9 ) (6.9 )
benefit
Reserves for
self-insurance 0.7 (0.2 ) 11.8 7.9
claims, net of
payments
Increase (decrease)
in cash from
operating assets
and liabilities,
net of effects from
acquisitions and
divestitures:
Accounts receivable 5.3 (9.5 ) (10.1 ) (12.3 )
Inventories and
other current (0.5 ) (6.3 ) (3.4 ) (1.8 )
assets
Accounts payable
and accrued (13.4 ) 10.3 (19.1 ) 6.4
expenses
Income taxes 6.3 21.5 17.3 17.5
payable/receivable
Other 1.5 0.9 1.7 3.2
Net cash provided
by operating
activities - 70.3 82.1 229.3 260.3
continuing
operations
Net cash provided
by (used in)
operating 3.9 (6.1 ) 1.0 (11.2 )
activities -
discontinued
operations
Net cash provided
by operating 74.2 76.0 230.3 249.1
activities
Cash flows from
investing
activities:
Purchase of
property and (33.7 ) (37.5 ) (118.8 ) (111.5 )
equipment
Acquisitions, net - (1.3 ) (79.7 ) (10.6 )
of cash acquired
Other - (4.9 ) 3.9 (4.9 )
Net cash used in
investing
activities - (33.7 ) (43.7 ) (194.6 ) (127.0 )
continuing
operations
Net cash provided
by (used in)
investing 9.1 - 19.5 (5.0 )
activities -
discontinued
operations
Net cash used in
investing (24.6 ) (43.7 ) (175.1 ) (132.0 )
activities
Cash flows from
financing
activities:
Proceeds from - - - 10.4
borrowings
Payments on - (10.0 ) (13.5 ) (10.0 )
borrowings
Repurchases of (0.4 ) (0.1 ) (3.0 ) (118.2 )
common stock
Proceeds from
exercise of stock 0.3 3.3 9.9 3.4
options
Proceeds from
employee stock 0.6 0.5 1.0 0.8
purchase plans
Distributions to
noncontrolling (0.7 ) (1.4 ) (1.4 ) (2.4 )
interests, net of
proceeds
Proceeds from
(purchase of)
redeemable - 2.2 (0.8 ) 2.2
noncontrolling
interests
Capital lease (1.9 ) 0.1 (3.6 ) (4.9 )
payments and other
Net cash used in
financing (2.1 ) (5.4 ) (11.4 ) (118.7 )
activities
Change in cash and 47.5 26.9 43.8 (1.6 )
cash equivalents
Cash and cash
equivalents at 72.0 24.6 75.7 53.1
beginning of period
Cash and cash
equivalents at end $ 119.5 $ 51.5 $ 119.5 $ 51.5
of period
Supplemental
disclosure of cash
flow information:
Interest payments $ 15.7 $ 17.5 $ 54.4 $ 58.6
Capitalized $ 0.2 $ 0.3 $ 0.8 $ 0.6
interest
Income taxes paid, $ 24.9 $ 13.3 $ 68.5 $ 55.0
net
LIFEPOINT HOSPITALS, INC.
UNAUDITED STATISTICS
Three Months Ended Nine Months Ended
September 30, September 30,
% %
2009 2008 2009 2008
Change Change
Continuing
Operations:
(1)
Number of
hospitals at 47 46 2.2 % 47 46 2.2 %
end of period
Admissions 46,354 45,980 0.8 141,587 143,039 (1.0 )
Equivalent 99,693 93,885 6.2 295,492 284,218 4.0
admissions (2)
Revenues per
equivalent $ 7,474 $ 7,191 3.9 $ 7,499 $ 7,128 5.2
admission
Outpatient 2.15 2.04 5.4 2.09 1.99 5.0
factor (2)
Emergency room 242,878 219,852 10.5 703,122 663,703 5.9
visits
Inpatient 14,036 13,997 0.3 41,245 41,463 (0.5 )
surgeries
Outpatient 38,406 36,926 4.0 113,697 108,982 4.3
surgeries
Average length 4.2 4.2 - 4.3 4.3 -
of stay
Medicare case 1.29 1.26 2.4 1.28 1.27 0.8
mix index
Same-Hospital:
(3)
Number of
hospitals at 46 46 - % 46 46 - %
end of period
Admissions 44,278 45,980 (3.7 ) 135,814 143,039 (5.1 )
Equivalent 95,376 93,885 1.6 284,123 284,218 -
admissions (2)
Revenues per
equivalent $ 7,486 $ 7,191 4.1 $ 7,500 $ 7,128 5.2
admission
Outpatient 2.15 2.04 5.4 2.09 1.99 5.0
factor (2)
Emergency room 231,848 219,852 5.5 674,720 663,703 1.7
visits
Inpatient 13,368 13,997 (4.5 ) 39,450 41,463 (4.9 )
surgeries
Outpatient 36,704 36,926 (0.6 ) 108,677 108,982 (0.3 )
surgeries
Average length 4.2 4.2 - 4.3 4.3 -
of stay
Medicare case 1.30 1.26 3.2 1.29 1.27 1.6
mix index
(1) Continuing operations information includes the results of our same-hospital operations, Rockdale Medical Center and our corporate office and excludes the results of our operations of hospitals that have been disposed of.
(2) Management and investors use equivalent admissions as a general measure of combined inpatient and outpatient volume. Equivalent admissions is computed by multiplying admissions (inpatient volume) by the outpatient factor (the sum of gross inpatient revenue and gross outpatient revenue divided by gross inpatient revenue). The equivalent admissions computation "equates" outpatient revenue to the volume measure (admissions) used to measure inpatient volume resulting in a general measure of combined inpatient and outpatient volume.
(3) Same-hospital information includes the results of the Company's corporate office and the same 46 hospitals operated during the three and nine month periods ended September 30, 2009 and 2008, and excludes the results of the Company's February 1, 2009, acquisition of Rockdale Medical Center and the hospitals that have been disposed of.
LIFEPOINT HOSPITALS, INC.
UNAUDITED SUPPLEMENTAL
INFORMATION
Dollars in millions
Adjusted EBITDA is defined by the Company as earnings before depreciation and amortization; interest expense, net; impairment charge; provision for income taxes; loss from discontinued operations and net income attributable to noncontrolling interests. LifePoint's management and Board of Directors use Adjusted EBITDA to evaluate the Company's operating performance and as a measure of performance for incentive compensation purposes. LifePoint's credit facilities use Adjusted EBITDA for certain financial covenants. The Company believes Adjusted EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. In addition, multiples of current or projected Adjusted EBITDA are used to estimate current or prospective enterprise value. Adjusted EBITDA should not be considered as a measure of financial performance under U.S. generally accepted accounting principles, and the items excluded from Adjusted EBITDA are significant components in understanding and assessing financial performance. Adjusted EBITDA should not be considered in isolation or as an alternative to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with U.S. generally accepted accounting principles and is susceptible to varying calculations, Adjusted EBITDA as presented may not be comparable to other similarly titled measures of other companies.
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Amount % of Amount % of Amount % of Amount % of
Revenues Revenues Revenues Revenues
Revenues $ 745.0 100.0 % $ 675.1 100.0 % $ 2,215.8 100.0 % $ 2,025.9 100.0 %
Salaries
and 295.8 39.7 265.6 39.3 875.0 39.5 797.5 39.4
benefits
Supplies 102.3 13.7 93.0 13.8 304.2 13.7 279.3 13.8
Other
operating 134.4 18.0 128.3 19.0 405.7 18.3 372.2 18.3
expenses
Provision
for 98.7 13.3 78.9 11.7 281.1 12.7 234.7 11.6
doubtful
accounts
631.2 84.7 565.8 83.8 1,866.0 84.2 1,683.7 83.1
Adjusted $ 113.8 15.3 % $ 109.3 16.2 % $ 349.8 15.8 % $ 342.2 16.9 %
EBITDA
The following table reconciles Adjusted EBITDA as presented above to net income attributable to LifePoint Hospitals, Inc. as reflected in the unaudited condensed consolidated statements of operations:
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Adjusted EBITDA $ 113.8 $ 109.3 $ 349.8 $ 342.2
Less:
Depreciation and amortization 35.1 32.2 106.1 97.8
Interest expense, net 25.5 27.0 77.2 80.7
Impairment charge - 0.9 - 1.2
Provision for income taxes 20.5 20.1 64.2 64.6
Loss from discontinued operations 0.7 20.1 4.5 21.3
Net income attributable to 0.6 0.5 1.7 1.6
noncontrolling interests
Net income attributable to LifePoint $ 31.4 $ 8.5 $ 96.1 $ 75.0
Hospitals, Inc.
Source: LifePoint Hospitals, Inc.
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