LifePoint Hospitals, Inc. (NASDAQ: LPNT) today announced results for the first quarter ended March 31, 2010.
“We are pleased with the strong first quarter results. Our performance reflects the successful execution of our strategic focus on quality care, organic growth and growth through acquisitions, operations excellence and talent development. We believe we are well positioned for the rest of 2010.”
For the first quarter ended March 31, 2010, revenues from continuing operations were $786.2 million, up 6.9% from $735.5 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, 2010, increased 9.7% to $43.3 million, or $0.80 per diluted share, compared with income from continuing operations attributable to LifePoint Hospitals, Inc. stockholders of $39.5 million, or $0.74 per diluted share, for the same period last year. Net income attributable to LifePoint Hospitals, Inc. stockholders for the first quarter ended March 31, 2010, was $42.9 million, or $0.79 per diluted share, compared with $38.4 million, or $0.72 per diluted share, for the same period last year.
In commenting on the results, William F. Carpenter III, president and chief executive officer of LifePoint Hospitals, said, "We are pleased with the strong first quarter results. Our performance reflects the successful execution of our strategic focus on quality care, organic growth and growth through acquisitions, operations excellence and talent development. We believe we are well positioned for the rest of 2010."
The Company's results for the first quarter include three months of financial performance at Rockdale Medical Center versus two months in the first quarter of 2009. The Company has elected to include Rockdale in its same store numbers for 2010. The Company's reported admissions declined by 0.5% and adjusted admissions increased by 2.3% over the prior year quarter. After adjusting for the one additional month of Rockdale operations in 2010, the Company's volume metrics for the first quarter would reflect a decrease in admissions of 1.9% and an increase in adjusted admissions of 0.9%.
The Company stated that its recently announced acquisition of Clark Regional Medical Center is expected to close later today.