CHAMPION HEALTHCARE REPORTS FIRST QUARTER RESULTS.HOUSTON--(BUSINESS WIRE)--May 16, 1995--Champion Healthcare Corporation (AMEX AMEX See: American Stock Exchange :CHC CHC Chicago Cubs CHC Community Health Center CHC Chestnut Hill College (Philadelphia, Pennsylvania) CHC Congressional Hispanic Caucus CHC Community Health Council (UK National Health Service) ) today announced that for the first quarter ended March 31, 1995, revenues increased 123.2% to $54,815,000 compared with $24,563,000 for the same period in 1994. The Company's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become increased by 80% to $6,650,000 in the first quarter of 1995, or 12.1% of net revenues, as compared with $3,697,000 in the first quarter of 1994, or 15.1% of net revenues. Net income for the first quarter decreased 88% to $177,000 as compared with $1,473,000 for the quarter ended March 31, 1994. On a per share basis, after deducting non-cash dividend requirements for holders of the Company~s preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , the Company reported a net loss of $0.31 per share for the first quarter of 1995, compared to net income of $0.21 per share ($0.15 on a fully diluted basis) for the quarter ended March 31, 1994. Charles R. Miller Charles Robert Miller (September 30 1857 – September 18 1927) was an American lawyer and politician from Wilmington, in New Castle County, Delaware. He was a member of the Republican Party, who served in the Delaware General Assembly and as Governor of Delaware. , chairman, president and chief executive officer of Champion, said, "We are pleased with our first quarter results which are in line with the Company's expectations. The decline in the Company's EBITDA margin percentage of 12.1% for the first quarter of 1995 compared to 15.1% for the prior year period, reflects the fact that the combined margins of the five hospitals which were added to the Company's operations in the fourth quarter of 1994 were lower than the three hospitals owned by the Company for the full year in 1994. The benefits from operating efficiencies initiated in these five hospitals have resulted in gradual improvement in our operating margins during the first quarter, a trend we foresee continuing throughout the year. We expect the ongoing process of operating improvement to enhance our margins, further contributing to the Company's 1995 earnings. "First quarter of 1995 net income was reduced by $1,257,000 related primarily to net income allocable to the partner in our recently formed North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). partnership, an operational entity which on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma combined basis generated net revenues of approximately $98,000,000 for 1994. "Additionally, the Company's earnings available for common stockholders were reduced by non-cash preferred stock dividend requirements, which totaled $1,489,000 in the first quarter of 1995 compared to $1,128,000 for the same period in 1994. Since these dividends adversely affect earnings per share, the Company is formulating a capital restructuring plan which, in addition to accomplishing other strategic financial objectives, may include the conversion of preferred stock to common stock, and thereby eliminate the dividend requirement." In closing, Mr. Miller added, "The past year was a period of remarkable growth and accomplishment which has provided strong momentum for 1995. Beginning 1994 with a base of three hospitals, $91 million of capital raised in a private placement of preferred stock and subordinated notes and a $50 million senior bank facility, we completed two mergers, formed a partnership with a not-for-profit hospital in a major market, launched two major expansions/replacement projects, and became a public company. Including one new partnership, the Company ended 1994 with eight hospitals and one skilled nursing facility skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. . We now have the critical mass of hospitals which will allow for greater economies of scale and further operating efficiencies, and the revenue and cash flow to provide a sound financial platform for long-term profitable growth." In April, the Company announced that it had completed the acquisition of Salt Lake Regional Medical Center and five associated clinics from HealthTrust of Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. . Salt Lake Regional Medical Center, located in Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. , is a tertiary care tertiary care Managed care The most specialized health care, administered to Pts with complex diseases who may require high-risk pharmacologic regimens, surgical procedures, or high-cost high-tech resources; TC is provided in 'tertiary care centers', often facility with a total of 200 licensed beds. Champion also recently announced the signing of an affiliation agreement between its Physician and Surgeons Hospital in Midland, Texas Midland is the county seat of Midland CountyGR6 located on the Southern Plains of the western area of the U.S. State of Texas. As of the 2006 U.S. Census estimate, the city had a total population of 102,073. , and the Methodist Hospital Methodist Hospital is the name of numerous medical institutions.
Lubbock is the 10th-largest city in the state of Texas.[1] Located in the northwestern part of the state—a region known historically as the Llano Estacado , a 920-bed teaching facility which has affiliations with 40 hospitals and clinics throughout West Texas. Champion Healthcare Corporation, a public company listed on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. , was founded in 1990 and is headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . Having completed the Salt Lake City Regional Medical Center transaction, and including hospital partnerships, Champion presently owns and operates nine hospitals and one skilled nursing facility in seven states, with a total of 1,348 licensed beds. -0-
CHAMPION HEALTHCARE CORPORATION
Unaudited Selected Operating Data
(Dollars in thousands, except per share data)
Three Months Ended
March 31,
1995 1994 % Change
Net revenue $ 54,815 $ 24,563 123.2%
Operating expenses $ 48,165 $ 20,866 130.8%
EBITDA(1) Margin $ 6,650 $ 3,697 79.7%
EBITDA Margin Percentage 12.1% 15.1% -
Capital Costs(2) $ 5,098 $ 2,145 137.7%
Operating Income $ 1,552 $ 1,552 -
Minority Interests $ 1,257 $ - -
Income before Income Taxes $ 295 $ 1,552 (81%)
Net Income $ 177 $ 1,473 (88%)
(Loss)
Income Applicable to
Common Stockholders(3) $ (1,312) $ 345 -
(Loss) Income Per Common Share $ (0.31) $ 0.21 -
Income Per Share Assuming
Full Dilution $ -(4) $ 0.15 -
Weighted Average Shares Outstanding:
Primary 4,227,975 1,637,940 -
Fully Diluted - 11,626,887 -
(1) Earnings before interest, taxes, depreciation and
amortization and minority interests.
(2) Capital costs include depreciation, amortization and
interest.
(3) Net income less preferred stock dividend requirements of
$1,489,000 and $1,128,000 for the quarters ended March 31, 1995 and
1994, respectively.
(4) Fully diluted earnings per share for the period are not
presented because such amounts are antidilutive.
CONTACT: Champion Healthcare Corp., Houston James G. VanDevender or Deborah H. Frankovich, 713/583-5491 |
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