CHAMPION HEALTHCARE REPORTS THIRD QUARTER RESULTS.HOUSTON--(BUSINESS WIRE)--Nov. 7, 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 revenues increased 96.3% to $45,789,000 for the quarter ended September September: see month. 30, 1995, compared with $23,331,000 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 for the quarter ended September 30, 1995, was $7,150,000, an increase of 99.6% compared to EBITDA for the quarter ended September 30, 1994, of $3,582,000. As a percentage of net revenues, EBITDA margin was 15.6% of net revenues for the quarter ended September 30, 1995, as compared with 15.4% of net revenues for the same period in 1994. For the quarter ended September 30, 1995, the Company had net income of $791,000 compared with net income of $1,028,000 for the quarter ended September 30, 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 $0.17 for the quarter ended September 30, 1995, compared with a net loss of $0.12 for the same period in 1994. For the nine months ended September 30, 1995, revenues increased 65.3% to $117,835,000 compared with $71,297,000 for the same period in 1994. The Company's EBITDA increased by 63.5% to $17,704,000 in the first nine months of 1995, as compared with $10,826,000 in the first nine months of 1994. As a percentage of net revenues, EBITDA margin was 15.0% of net revenues for the nine months ended September 30, 1995, as compared with 15.2% of net revenues for the same period in 1994. For the nine months ended September 30, 1995, the Company had net income of $679,000, which included an extraordinary non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $738,000 (net of an income tax benefit of $380,000) related to the refinancing Refinancing An extension and/or increase in amount of existing debt. and expansion of its senior credit facility from $50,000,000 to $100,000,000 during the second quarter of 1995, compared with net income of $3,258,000 for the nine months ended September 30, 1994. On a per share basis, after deducting non-cash dividend requirements for holders of the Company's preferred stock, the Company reported a net loss of $0.90 per share for the first nine months of 1995, compared with a net loss of $0.18 per share for the same period ended September 30, 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, "The Company's third quarter performance is on target with respect to management's expectations and reflects the contributions from ongoing operating efficiencies being implemented in our hospitals. Considering the six new hospitals phased into the Company's operations during 1995, we are particularly pleased with the continued improvement in our EBITDA margins. The third quarter also marks the first time this year that our EBITDA margins have favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. compared with the same period in the previous year, which I believe demonstrates our ability to improve the Company's performance and our commitment to enhancing shareholder value. The Company's EBITDA margin of 15.6% in the third quarter, up from 14.0% in the second quarter of this year, also represents substantial margin improvement between quarters." In closing, Miller said, "We expect continuing growth in revenues, EBITDA and margins as recently acquired hospitals benefit from focused management actions to improve their performance and also from the contribution of the Company's new 101 bed Westwood Westwood. 1 Residential town (1990 pop. 12,557), Norfolk co., E Mass., in the greater Boston area; settled 1640, inc. 1897. It has several early 18th-century buildings. 2 Residential borough (1990 pop. 10,446), Bergen co., NE N.J. 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. . The Midland, Texas-facility opened in mid-October n. 1. the middle part of October. Noun 1. mid-October - the middle part of October period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" and replaces the former 60 bed Physicians and Surgeons Physicians and surgeons are medical practitioners who treat illness and injury by prescribing medication, performing diagnostic tests and evaluations, performing surgery, and providing other medical services and advice. Hospital. We also believe there are a growing number of attractive acquisition opportunities, which we are actively exploring as an avenue for continued expansion and profitable growth." 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 . Including hospital partnerships, Champion presently owns or operates nine 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. in seven states, with a total of 1,389 licensed beds. -0-
CHAMPION HEALTHCARE CORPORATION
Unaudited Selected Operating Data
(Dollars in thousands, except per share data)
Quarter Ended Nine Months Ended
September 30, September 30,
Percent Percent
1995 1994 Change 1995 1994 Change
Net Revenue $ 45,789 $ 23,331 96.3% $ 117,835 $ 71,297 65.3%
Operating Expenses 38,639 19,749 95.7% 100,131 60,471 65.6%
EBITDA(1) Margin 7,150 3,582 99.6% 17,704 10,826 63.5%
EBITDA Margin
Percentage 15.6% 15.4% - 15.0% 15.2% -
Capital Costs(2) 5,846 2,469 136.8% 15,377 7,320 110.1%
Operating Income 1,304 1,113 17.2% 2,327 3,506 (33.6%)
Minority Interests (15) - - 77 - -
Income Before
Income Taxes and
Extraordinary
Item 1,319 1,113 18.5% 2,250 3,506 (35.8%)
Income Before
Extraordinary
Item 791 1,028 (23.1%) 1,417 3,258 (56.5%)
Extraordinary Item
(net of tax
benefit of $380) - - - 738 - -
Net Income 791 1,028 (23.1%) 679 3,258 (79.2%)
Loss Applicable to
Common
Stockholders(3) (712) (150) - (3,804) (214) -
Loss Per Common Share
Before
Extraordinary Item (0.17) (0.12) - (0.73) (0.18) -
Loss Per Common
Share $ (0.17) $ (0.12) - $ (0.90) $ (0.18) -
Weighted
Average Shares
Outstanding 4,257,526 1,209,294 4,243,267 1,209,294
(1) Earnings before interest, taxes, depreciation and amortization.
(2) Capital costs include depreciation, amortization and interest.
(3) Net income less preferred stock dividend requirements of $1,503,000
and $1,178,000 for the quarters ended September 30, 1995 and 1994,
respectively, and $4,483,000 and $3,472,000 for the nine months
ended September 30, 1995 and 1994, respectively.
CONTACT: Champion Healthcare Corp., Houston James G. VanDevender or Deborah H. Frankovich, 713/583-5491 |
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