LifePoint Hospitals, Inc. (NASDAQ: LPNT) today announced results for the first quarter ended March 31, 2014.
For the first quarter ended March 31, 2014, revenues from continuing operations were $1,007.2 million, up 8.2% from $931.1 million for the same period a year ago. Adjusted EBITDA for the first quarter ended March 31, 2014, increased 6.2% to $145.8 million compared with $137.4 million for the same period a year ago. Income from continuing operations attributable to LifePoint Hospitals, Inc. stockholders for the first quarter ended March 31, 2014, increased 14.9% to $37.1 million, or $0.78 per diluted share, compared with $32.3 million, or $0.69 per diluted share, for the same period a year ago. The Company's results of operations for the first quarter ended March 31, 2014, included the reversal of a previously established federal tax valuation allowance, which resulted in an increase to net income of $6.0 million, or $0.13 per diluted share.
In commenting on the results, William F. Carpenter III, chairman and chief executive of LifePoint Hospitals, said, "We had a good start to 2014, with over $1 billion in revenues driven by our disciplined growth strategy. Medicaid expansion and insurance exchange enrollment are each yielding participation rates at the high end of our reform estimates, and we are well positioned to capitalize on these trends moving forward. We are making progress on our previously announced acquisitions and are excited about additional opportunities in our pipeline. Our team has done an outstanding job of skillfully managing costs in a challenging volume environment. Throughout our hospitals, the implementation of quality initiatives has enabled us to enhance our patient care while delivering solid results."