SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-15925
COMMUNITY HEALTH SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware |
13-3893191 |
|
(State or other
jurisdiction of |
(I.R.S. Employer |
|
|
|
155 Franklin Road, Suite 400
|
|
|
(Address of principal executive offices) |
|
|
|
|
|
37027 |
|
|
(Zip Code) |
|
|
|
|
|
615-373-9600 |
|
|
(Registrant’s telephone number) |
|
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.
Yes |
ý |
No |
o |
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act) Yes ý Noo
As of November 2, 2004, there were outstanding 87,246,256 shares of the Registrant’s Common Stock, $.01 par value.
Community Health Systems, Inc.
Form 10-Q
For the Three and Nine Months Ended September 30, 2004
|
|
|||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets - September 30, 2004 and December 31, 2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management’s Discussion and Analysis of Financial Condition And Results of Operations |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
1
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
|
|
|
September 30, |
|
December 31, |
|
||
|
|
|
(Unaudited) |
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
Current assets |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
19,952 |
|
$ |
16,331 |
|
|
Patient accounts receivable, net of allowance for doubtful accounts of $282,320 and $103,677 at September 30, 2004 and December 31, 2003, respectively |
|
577,910 |
|
559,097 |
|
||
|
Supplies |
|
85,653 |
|
77,418 |
|
||
|
Prepaid expenses and taxes |
|
35,029 |
|
24,314 |
|
||
|
Other current assets |
|
19,642 |
|
18,920 |
|
||
|
Total current assets |
|
738,186 |
|
696,080 |
|
||
|
Property and equipment |
|
1,890,735 |
|
1,772,461 |
|
||
|
Less accumulated depreciation and amortization |
|
(411,988 |
) |
(377,116 |
) |
||
|
Property and equipment, net |
|
1,478,747 |
|
1,395,345 |
|
||
|
Goodwill |
|
1,213,479 |
|
1,155,797 |
|
||
|
Other assets, net |
|
104,283 |
|
102,989 |
|
||
|
Total assets |
|
$ |
3,534,695 |
|
$ |
3,350,211 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Current liabilities |
|
|
|
|
|
||
|
Current maturities of long-term debt |
|
$ |
20,687 |
|
$ |
29,677 |
|
|
Accounts payable |
|
147,011 |
|
154,711 |
|
||
|
Current income taxes payable |
|
39,676 |
|
9,126 |
|
||
|
Deferred income taxes |
|
669 |
|
669 |
|
||
|
Accrued interest |
|
13,618 |
|
7,558 |
|
||
|
Accrued liabilities |
|
197,945 |
|
196,323 |
|
||
|
Total current liabilities |
|
419,606 |
|
398,064 |
|
||
|
Long-term debt |
|
1,760,518 |
|
1,444,981 |
|
||
|
Deferred income taxes |
|
110,341 |
|
110,341 |
|
||
|
Other long-term liabilities |
|
58,468 |
|
46,236 |
|
||
|
Stockholders’ equity |
|
|
|
|
|
||
|
Preferred stock, $.01 par value per share, 100,000,000 shares authorized, none issued |
|
— |
|
— |
|
||
|
Common stock, $.01 par value per share, 300,000,000 shares authorized; 88,158,166 shares issued and 87,182,617 shares outstanding at September 30, 2004 and 99,657,532 shares issued and 98,681,983 shares outstanding at December 31, 2003 |
|
882 |
|
997 |
|
||
|
Additional paid-in capital |
|
1,037,196 |
|
1,315,959 |
|
||
|
Treasury stock, at cost, 975,549 shares at September 30, 2004 and December 31, 2003 |
|
(6,678 |
) |
(6,678 |
) |
||
|
Unearned stock compensation |
|
— |
|
(2 |
) |
||
|
Accumulated other comprehensive income (loss) |
|
2,742 |
|
(103 |
) |
||
|
Accumulated earnings |
|
151,620 |
|
40,416 |
|
||
|
Total stockholders’ equity |
|
1,185,762 |
|
1,350,589 |
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
3,534,695 |
|
$ |
3,350,211 |
|
See accompanying notes.
2
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||
|
|
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net operating revenues |
|
$ |
844,034 |
|
$ |
712,697 |
|
$ |
2,460,968 |
|
$ |
2,010,922 |
|
|
Operating costs and expenses: |
|
||||||||||||