LifePoint Hospitals third quarter revenues increase 5.4% to $877.2 million

LifePoint Hospitals, Inc. (NASDAQ: LPNT) today announced results for the third quarter and nine months ended September 30, 2011.

For the third quarter ended September 30, 2011, revenues from continuing operations were $877.2 million, up 5.4% from $832.3 million for the same period a year ago. Income from continuing operations attributable to LifePoint Hospitals, Inc. stockholders for the third quarter ended September 30, 2011, increased 1.1% to $38.9 million, or $0.77 per diluted share, compared with $38.5 million, or $0.72 per diluted share, for the same period last year.

For the first nine months of 2011, revenues from continuing operations were $2,643.4 million, up 9.7% from $2,409.1 million for the same period a year ago. Income from continuing operations attributable to LifePoint Hospitals, Inc. stockholders for the first nine months of 2011 increased 4.8% to $125.0 million, or $2.43 per diluted share, compared with $119.3 million, or $2.21 per diluted share, for the same period last year.

In commenting on the results, William F. Carpenter III, chairman and chief executive officer of LifePoint Hospitals, said, "We're pleased with our third quarter results and with the progress we have made throughout 2011. The quality of patient care provided in our hospitals continues to improve as we work more closely with our physicians. In addition, we are making strategic investments in our existing assets, as well as in new markets, while effectively controlling costs. We are confident that we have the right strategies, teams and tools in place to drive enhanced value for our shareholders."

The Company noted that same store net revenues per equivalent admission were up 2.4% in the quarter versus the same period in the prior year. After normalizing for the $12.4 million of prior period revenue related to Alabama provider tax payments booked in the third quarter of 2010 and a deceleration in the amount of self pay revenue growth that the Company experienced in the third quarter of 2011, same store net revenues per equivalent admission would have increased by approximately 5.3%. The Company also noted that $11.0 million of meaningful use incentives was excluded from the net revenues per equivalent admission calculation.

The Company recognized $11.0 million of Medicaid meaningful use incentives and incurred $3.6 million of operating costs and approximately $1.1 million of depreciation in the quarter. On a year-to-date basis, the Company has recorded $15.2 million of Medicaid meaningful use incentives while incurring $7.9 million of operating costs and $2.8 million of depreciation.

The Company affirms the full year 2011 guidance given in its second quarter release on July 29, 2011, which included Adjusted EBITDA in a range of $525 - $545 million and Diluted EPS in a range of $2.95 - $3.15. The Company expects to be at the high end of the guidance range for both Adjusted EBITDA and Diluted EPS.

Source LifePoint Hospitals, Inc.