Province Healthcare Reports Fourth Quarter EPS of $0.24 From
Continuing Operations BRENTWOOD, Tenn., Feb. 18
/PRNewswire-FirstCall/ -- Province Healthcare Company today
announced results for the fourth quarter and year ended December
31, 2003. Diluted earnings per share (EPS) from continuing
operations for the fourth quarter increased 166.7% to $0.24 from
$0.09 in the prior year's quarter, and for the year increased 19.4%
to $0.86 from $0.72 in the prior year. Revenues from continuing
operations for the fourth quarter of 2003 increased 14.9% to $199.1
million compared with $173.4 million in the same quarter of last
year. Income from continuing operations for the quarter was $12.1
million, a 172.2% increase over last year's fourth quarter income
from continuing operations of $4.5 million. Revenues from
continuing operations for the year ended December 31, 2003,
increased 13.2% to $762.0 million, compared with $673.2 million in
2002. Income from continuing operations for 2003 was $42.7 million,
a 20.0% increase over last year's income from continuing operations
of $35.6 million. Cash flow from operations totaled $106.2 million
for the year, compared with $92.1 million in the prior year. As
previously announced, the Company has signed a letter of intent to
permit the Palm Beach Healthcare District to reacquire Glades
General Hospital in Belle Glade, Florida. This transaction is
expected to close in the first half of 2004. Pursuant to this plan
of divestiture, the operations and non- cash impairment of assets
charge related to this hospital are reported as "discontinued
operations" and the consolidated financial statements and
statistics for all prior periods have been adjusted to reflect this
presentation. The Company's remaining 19 hospitals are now reported
as "continuing operations." During the fourth quarter of 2003, the
Company recorded a non-cash impairment of assets charge from
discontinued operations of ($8.9 million) or ($0.15) per diluted
share. The Company's discontinued operations also incurred a ($0.9
million) or ($0.02) per diluted share loss from operations for the
fourth quarter of 2003. For the years ended December 31, 2003 and
2002, the Company's discontinued operations incurred a ($2.1
million) or ($0.04)per diluted share loss from operations and $0.5
million or $0.01 earnings per diluted share, respectively. For the
fourth quarter of 2003 and 2002, actual and same-store hospital
statistics include 19 hospitals. Inpatient admissions increased
6.1% inthe fourth quarter of 2003 compared to the prior year,
adjusted admissions increased 6.9%, and net patient revenue per
adjusted admission increased 7.4%. The Company announced its 2004
objectives for continuing operations as follows: 1% to 3%
same-store hospital admissions growth, 4% to 6% same-store revenue
growth, and EPS growth of 14% to 16% for the year. Martin S. Rash,
Chairman and Chief Executive Officer of Province Healthcare, said,
"We are extremely pleased with our 2003 results. Cash flow from
operations reached $106.2 million, a Company record; we saw 106 new
physicians begin practicing in our communities, another Province
record; and revenues increased a robust 13.2%. The outlook for 2004
is also positive, as operating trends continue to be strong." A
listen-only simulcast, of Province Healthcare's fourth quarter
conference call, will be available on-line at http://www.prhc.net/
on February 19, 2004, beginning at 11:00 a.m. Eastern Standard
Time. The Company owns or leases 20 general acute care hospitals
(including one classified as "discontinued operations") in 13
states with a total of 2,262 licensed beds. The Company also
provides management services to 36 non- urban hospitals in 14
states with a total of 2,985 licensed beds. Certain statements
contained in this release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may include projections of revenues,
income or loss, capital expenditures, capital structure or other
financial items, statements regarding the plans and objectives of
management for future operations, statements of future economic
performance, statements of the assumptions underlying or relating
to any of the foregoingstatements, and other statements which are
other than statements of historical fact. These statements are
based on current estimates of future events, and the Company has no
obligation to update or correct these estimates unless considered
material tothe Company. Forward-looking statements involve known
and unknown risks and uncertainties which may cause the Company's
actual results in future periods to differ materially from
forecasted results. Those risks include, among others, risks
associatedwith general economic and business conditions, the effect
of future governmental regulations, changes in reimbursement levels
by government programs, including Medicare and Medicaid or other
third party payers, the Company's continued ability to recruit and
retain physicians and the Company's ability to successfully
complete and integrate acquisitions. Those and other risks are
described in the Company's reports and filings with the Securities
and Exchange Commission. PROVINCE HEALTHCARE COMPANY AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands,
except per share amounts) December 31, December 31, 2003 2002(*)
ASSETS Current assets: Cash and cash equivalents $46,134 $14,648
Accounts receivable, less allowance for doubtful accounts of
$66,875 in 2003 and $64,762 in 2002 111,957 109,948 Inventories
18,424 19,203 Prepaid expenses and other 11,832 13,649 Assets of
discontinued operations 14,569 26,374 202,916 183,822 Property and
equipment, net 460,031 440,358 Goodwill 309,271 311,172 Unallocated
purchase price -- 466 Other assets 36,907 36,681 $1,009,125
$972,499 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable $16,343 $19,735 Accrued salaries and benefits
28,740 24,478 Accrued expenses 14,238 12,877 Currentportion of
long-term debt 743 974 Liabilities of discontinued operations 2,749
4,947 62,813 63,011 Long-term debt, less current portion 447,956
460,370 Other liabilities 49,573 33,304 Minority interests 1,910
2,612 Stockholders' equity: Preferred stock - $0.01 par value,
100,000 shares authorized, none issued and outstanding -- -- Common
stock - $0.01 par value; 150,000,000 shares authorized at December
31, 2003 and 2002, issued and outstanding 48,841,157 shares and
48,581,549 shares at December 31, 2003 and 2002, respectively 488
486 Additional paid-in-capital 306,091 304,102 Retained earnings
141,186 109,567 Accumulated other comprehensive loss (892) (953)
Total stockholders' equity 446,873 413,202 $1,009,125 $972,499 (*)
Derived from the audited consolidated financial statements of
Province and its subsidiaries, contained in the Company's Annual
Report on Form 10-K, filed with the Securities and Exchange
Commission on March 24, 2003. PROVINCE HEALTHCARE COMPANY AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Dollars in
thousands, except per share data) Fourth Quarter 2003 2002 % of %
of Amount Revenues Amount Revenues Revenues: Net patient revenue
$192,174 $167,373 Other 6,941 5,985 199,115 100.0% 173,358 100.0%
Expenses: Salaries, wages and benefits 74,886 37.6 73,113 42.2
Purchased services 18,132 9.1 18,575 10.7 Supplies 24,536 12.3
23,103 13.3 Provision for doubtful accounts 21,582 10.8 14,268 8.2
Other operating expenses 24,927 12.6 20,745 11.9 Rentals and leases
2,415 1.2 2,393 1.4 Depreciation and amortization 10,414 5.2 8,074
4.7 Interest expense 6,916 3.5 5,839 3.4 Minority interests 59 --
(38) -- Gain on sale of assets and other -- -- (130) (0.1) Income
before provision for income taxes 15,248 7.7 7,416 4.3 Income taxes
3,126 1.6 2,962 1.7 Income from continuing operations 12,122 6.1%
4,454 2.6% Discontinued operations, net of tax: Loss from
operations (870) (411) Impairment of assets (8,952) -- Net income
$2,300 $4,043 Diluted earnings (loss) per common share: Continuing
operations (a) $0.24 $0.09 Discontinued operations: Loss from
operations (0.02) (0.01) Impairment of assets (0.15) -- Net income
$0.07 $0.08 (a) See calculation of diluted earnings per common
share from continuing operations in the Selected Operating
Statistics section(attached). PROVINCE HEALTHCARE COMPANY AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Dollars in
thousands, except per share data) Year Ended December 31, 2003 2002
% of % of Amount Revenues Amount Revenues Revenues: Net patient
revenue $735,841 $649,954 Other 26,137 23,279 761,978 100.0%
673,233 100.0% Expenses: Salaries, wages and benefits 287,466 37.7
266,651 39.6 Purchased services 69,388 9.1 70,205 10.4 Supplies
95,675 12.6 84,524 12.6 Provision for doubtful accounts 72,678 9.5
53,059 7.9 Other operating expenses 96,568 12.7 77,341 11.4 Rentals
and leases 9,323 1.2 8,592 1.3 Depreciation and amortization 37,753
5.0 32,313 4.8 Interest expense 26,262 3.4 21,285 3.2 Minority
interests 260 -- 34 -- Loss (gain) on sale of assets 86 -- (77) --
Loss on early extinguishment of debt 486 0.1 -- -- Income before
provision for income taxes 66,033 8.7 59,306 8.8 Income taxes
23,345 3.1 23,731 3.5 Income from continuing operations 42,688 5.6%
35,575 5.3% Discontinued operations, net of tax: (Loss) earnings
from operations (2,117) 537 Impairment of assets (8,952) -- Net
income $31,619 $36,112 Diluted earnings (loss) per common share:
Continuing operations(a) $0.86 $0.72 Discontinued operations:
(Loss) earnings from operations (0.04) 0.01 Impairment of assets
(0.15) -- Net income $0.67 $0.73 See accompanying footnotes on
previous page. PROVINCE HEALTHCARE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In
thousands) Fourth Quarter 2003 2002 Cash flows from operating
activities: Income from continuing operations $12,122 $4,454
Adjustments to reconcile income from continuing operations to net
cash provided by operating activities: Depreciation and
amortization 10,414 8,074 Deferred income taxes 10,748 7,107
Provision for professional liability 670 1,806 Gain on sale of
assets -- (130) Changes in operating assets and liabilities, net of
effects from acquisitions and disposals: Accounts receivable
(4,740) 8,166 Inventories 35 29 Prepaid expenses and other (3,948)
867 Accounts payable and accrued expenses (15,128) (13,622) Accrued
salaries and benefits 3,426 1,597 Other 2,618 (536) Net cash
provided by operating activities 16,217 17,812 Cash flows from
investing activities: Purchase of property and equipment (9,798)
(9,859) Purchase of hospitals and healthcare entities -- 550 Net
cash used in investing activities (9,798) (9,309) Cash flows from
financing activities: Repayments of debt (398) (5,522) Issuance of
common stock 1,218 532 Net cash provided by (used in) financing
activities 820 (4,990) Net cash provided by continuing operations
7,239 3,513 Net cash used in discontinued operations (179) (864)
Increase in cash and cash equivalents 7,060 2,649 Cash and cash
equivalents at beginning of period 39,074 11,999 Cash and cash
equivalents at end of period $46,134 $14,648 PROVINCE HEALTHCARE
COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited) (In thousands) Year Ended December 31, 2003 2002
Cash flows from operating activities: Income from continuing
operations $42,688 $35,575 Adjustments to reconcile income from
continuing operations to net cash provided by operating activities:
Depreciation and amortization 37,753 32,313 Deferred income taxes
14,217 8,947 Provision for professional liability 5,476 7,209 Loss
on early extinguishment of debt 486 -- Loss (gain) of sale of
assets 86 (77) Changes in operating assets and liabilities, net of
effects from acquisitions and disposals: Accounts receivable (994)
6,410 Inventories 712 (1,311) Prepaid expenses and other (2,662)
7,555 Accounts payable and accrued expenses (3,992) (5,254) Accrued
salaries and benefits 4,262 (141) Other 8,205 885 Net cash provided
by operating activities 106,237 92,111 Cash flows from investing
activities: Purchase of property and equipment (53,766) (45,522)
Purchase of hospitals and healthcare entities (3,247) (171,157) Net
cash used in investing activities (57,013) (216,679) Cash flows
from financing activities: Proceeds from long-term debt 194,199
134,321 Repayments of debt (213,049) (44,048) Issuance of common
stock 2,574 11,037 Net cash (used in) provided by financing
activities (16,276) 101,310 Net cash provided by continuing
operations 32,948 (23,258) Net cash used in discontinued operations
(1,462) (1,076) Increase (decrease) in cash and cash equivalents
31,486 (24,334) Cash and cash equivalents at beginning of period
14,648 38,982 Cash and cash equivalents at end of period $46,134
$14,648 PROVINCE HEALTHCARE COMPANY AND SUBSIDIARIES SELECTED
OPERATING STATISTICS (Unaudited) Actual Same Store(1) Fourth
Quarter Fourth Quarter December 31, December 31, 2003 2002 %Change
2003 2002 %Change Consolidated Hospitals (Continuing Operations):
Number of hospitals at end of period 19 19 --% 19 19 --% Licensed
beds at end of period 2,189 2,207 (0.8) 2,189 2,207 (0.8) Beds in
serviceat end of period 1,933 1,933 -- 1,933 1,933 -- Inpatient
admissions 18,598 17,526 6.1 18,598 17,526 6.1 Adjusted admissions
(2) 33,426 31,272 6.9 33,426 31,272 6.9 Net patient revenue per
adjusted admission $5,749 $5,352 7.4 $5,749 $5,352 7.4 Patient days
78,964 75,103 5.1 78,964 75,103 5.1 Adjusted patient days (3)
141,925 134,051 5.9 141,925 134,051 5.9 Average length of stay
(days) 4.25 4.29 (0.9) 4.25 4.29 (0.9) Net patient revenue (000's)
$192,174 $167,373 14.8 $192,174 $167,373 14.8 Gross revenue
(000's): Inpatient $240,819 $207,456 16.1% $240,819 $207,456 16.1%
Outpatient 191,824 162,759 17.9 191,824 162,759 17.9 $432,643
$370,215 16.9 $432,643 $370,215 16.9 Net Patient Revenue by Payor
(Continuing Operations): Medicare 37.9% 40.8% 37.9% 40.8% Medicaid
9.1 10.8 9.1 10.8 Other 53.0 48.4 53.0 48.4 Total 100.0% 100.0%
100.0% 100.0% Three Months Ended December 31, 2003 2002 % Change
Diluted Earnings Per Share From Continuing Operations Calculation
(000's, except for share amounts): Income from continuing
operations $12,122 $4,454 172.2% Add convertible notes interest,
net of tax (4) 1,838 -- $13,960 $4,454 Basic shares plus stock
options 49,791 49,183 Convertible shares (4) 9,099 -- 58,890 49,183
Diluted earnings per share from continuing operations $0.24 $0.09
166.7% (1) Represents hospitals owned or leased during both
periods. (2) Used by management and investors as a general measure
of combined inpatient and outpatient volume. Adjusted admissions
are computed by multiplying admissions (inpatient volume) by the
outpatient factor. The outpatient factor is the sum of gross
inpatient revenue and gross outpatient revenue divided by gross
inpatient revenue. The adjusted admissions computation equates
outpatient revenue to the volume measure (admissions) used to
measure inpatient volume, resulting in a general measure of
combined inpatient and outpatient volume. (3) Adjusted patient days
are computed by multiplying patient days (inpatient volume) by the
outpatient factor. The outpatient factor is the sum of gross
inpatient revenue and gross outpatient revenue divided by gross
inpatient revenue. The adjusted patient days computation equates
outpatient revenue to the volume measure (patient days) used to
measure inpatient volume, resulting in a general measure of
combined inpatient and outpatient volume. (4) The Company's two
outstanding series of convertible notes are anti-dilutive for the
three and twelve months ended December 31, 2002 and thus, are not
included in the diluted earnings per share calculation for such
periods. PROVINCE HEALTHCARE COMPANY AND SUBSIDIARIES SELECTED
OPERATING STATISTICS (Unaudited) Actual Same Store(1) Year Ended
Year Ended December 31, December 31, 2003 2002 %Change 2003 2002
%Change Consolidated Hospitals (Continuing Operations): Number of
hospitals at end of period 19 19 --% 19 19 --% Licensed beds at end
of period 2,189 2,207 (0.8) 2,189 2,207 (0.8) Beds in service at
end of period 1,933 1,933 -- 1,933 1,933 -- Inpatient admissions
72,630 69,107 5.1 68,205 67,694 0.8 Adjusted admissions(2) 131,557
120,990 8.7 121,707 118,035 3.1 Net patient revenue per adjusted
admission $5,593 $5,372 4.1 $5,521 $5,363 2.9 Patient days 307,195
299,138 2.7 287,880 293,248 (1.8) Adjusted patient days(3) 556,331
523,307 6.3 513,539 510,906 0.5 Average length of stay (days) 4.23
4.33 (2.3) 4.22 4.33 (2.5) Net patient revenue (000's) $735,841
$649,954 13.2 $671,910 $633,005 6.1 Gross revenue (000's):
Inpatient $903,740 $799,358 13.1% $857,340 $787,050 8.9% Outpatient
732,844 599,333 22.3 672,018 584,687 14.9 $1,636,584 $1,398,691
17.0 $1,529,358 $1,371,737 11.5 Net Patient Revenue by Payor
(Continuing Operations): Medicare 38.5% 45.4% 38.5% 45.4% Medicaid
10.311.3 10.3 11.3 Other 51.2 43.3 51.2 43.3 Total 100.0% 100.0%
100.0% 100.0% Twelve Months Ended December 31, 2003 2002 % Change
Diluted Earnings Per Share From Continuing Operations Calculation
(000's, except per share amounts): Income from continuing
operations $42,688 $35,575 20.0% Add convertible notes interest,
net of tax (4) 8,325 -- $51,013 $35,575 Basic shares plus stock
options 49,305 49,453 Convertible shares (4) 10,243 -- 59,548
49,453 Diluted earnings per share from continuing operations $0.86
$0.72 19.4% See accompanying footnotes on previous page. PROVINCE
HEALTHCARE COMPANY AND SUBSIDIARIES SUPPLEMENTAL OPERATING RESULTS
FROM CONTINUING OPERATIONS (Dollars in thousands, except per share
data) For the Year Ended December 31, 2003 First Quarter Second
Quarter Third Quarter $ % of rev $ % of rev $ % of rev Revenues:
Net Patient revenue $179,680 $181,758 $182,229 Other 6,784 6,112
6,300 186,464 100.0% 187,870 100.0% 188,529 100.0% Expenses:
Salaries, wages & benefits $72,355 38.8% 71,925 38.3% 68,300
36.2% Purchased services 16,650 8.9% 17,682 9.4% 16,924 9.0%
Supplies 24,022 13.0% 23,065 12.3% 24,052 12.7% Provision for
doubtful accts 16,041 8.6% 16,263 8.7% 18,792 10.0% Rentals and
leases 2,319 1.2% 2,313 1.2% 2,276 1.2% Other operating expense
23,698 12.7% 23,524 12.5% 24,419 13.0% 155,085 83.2% 154,772 82.4%
154,763 82.1% Adjusted EBITDA (a) 31,379 16.8% 33,098 17.6% 33,766
17.9% Depreciation & amortization 8,878 4.8% 9,112 4.9% 9,349
5.0% Interest expense 5,722 3.0% 6,635 3.5% 6,989 3.7% Other
(income) expense -- --% 477 0.3% 10 --% Loss on sale of assets 3
--% -- --% 82 --% Minority interests 67 --% 82 --% 52 --% Income
before income taxes 16,709 9.0% 16,792 8.9% 17,284 9.2% Income
taxes 6,670 3.6% 6,682 3.5% 6,867 3.7% Income from continuing
operations $10,039 5.4% $10,110 5.4% $10,417 5.5% EPS Calculations:
Income from continuing operations $10,039 $10,110 $10,417 Add
convertible notes interest, net of tax -- -- -- $10,039 $10,110
$10,417 Diluted shares 48,758 49,032 49,639 Convertible shares --
-- -- 48,758 49,032 49,639 Diluted EPS from continuing operations
$0.20 $0.21 $0.21 % change from prior year: Revenues 18.2% 13.0%
7.2% Operating expenses 21.0 14.8 6.6 Adjusted EBITDA 6.2 5.1 10.1
Income from continuing operations (8.8) (6.0) 11.2 Diluted EPS from
continuing operations (9.1) (4.5) 10.5 PROVINCE HEALTHCARE COMPANY
AND SUBSIDIARIES SUPPLEMENTAL OPERATING RESULTS FROM CONTINUING
OPERATIONS (Dollars in thousands, except per share data) For the
Year Ended December 31, 2003 Fourth Quarter Year $ % of rev $ % of
rev Revenues: Net Patient revenue $192,174 $735,841 Other 6,941
26,137 199,115 100.0% 761,978 100.0% Expenses: Salaries, wages
& benefits 74,886 37.6% 287,466 37.7% Purchased services 18,132
9.1% 69,388 9.1% Supplies 24,536 12.3% 95,675 12.6% Provision for
doubtful accts 21,582 10.8% 72,678 9.5% Rentals and leases 2,415
1.2% 9,323 1.2% Other operating expense 24,927 12.6% 96,568 12.7%
166,478 83.6% 631,098 82.8% Adjusted EBITDA (a) 32,637 16.4%
130,880 17.2% Depreciation & amortization 10,414 5.2% 37,753
5.0% Interest expense 6,916 3.5% 26,262 3.4% Other (income) expense
(1) --% 486 0.1% Loss on sale of assets 1 --% 86 --% Minority
interests 59 --% 260 --% Income before income taxes 15,248 7.7%
66,033 8.7% Income taxes 3,126 1.6% 23,345 3.1% Income from
continuing operations $12,122 6.1% $42,688 5.6% EPS Calculations:
Income from continuing operations $12,122 $42,688 Add convertible
notes interest, net of tax 1,838 8,325 $13,960 $51,013 Diluted
shares 49,791 49,305 Convertible shares 9,099 10,243 58,890 59,548
Diluted EPS from continuing operations $0.24 $0.86 % change from
prior year: Revenues 14.9% 13.2% Operating expenses 9.4 12.6
Adjusted EBITDA 54.2 16.0 Income from continuing operations 172.2
20.0 Diluted EPS from continuing operations 166.7 19.4 PROVINCE
HEALTHCARE COMPANY AND SUBSIDIARIES SUPPLEMENTAL OPERATING RESULTS
FROM CONTINUING OPERATIONS (continued) For the Year Ended December
31, 2003 First Quarter Second Quarter Third Quarter % change %
change % change from from from prior prior prior $ year $ year$
year Volumes (Continuing Operations): Inpatient admissions 18,724
9.7% 17,579 4.1% 17,729 0.7% Adjusted admissions 33,109 19.2%
32,143 7.9% 32,879 2.2% Net patient revenue per adjusted admission
$5,427 (0.8)% $5,655 4.9% $5,542 4.8% Patient days 80,583 4.8%
74,713 2.4% 72,935 (1.7)% Adjusted patient days 142,518 13.9%
136,619 6.2% 135,269 (0.2)% Average daily census 895 4.8% 821 2.4%
793 (1.7)% Average length of stay 4.30 (4.4)% 4.25 (1.6)% 4.11
(2.4)% ER visits 73,365 20.6% 73,192 6.5% 74,031 (1.0)% Occupancy
rate (average licensed beds) 40.6% (1.0)% 37.2% 3.9% 35.9% (0.3)%
Occupancy rate (average .beds in service) 46.3% (4.1)% 42.5% 4.4%
41.0% (6.2)% Other Indicators (Continuing Operations): Number of
hospitals at end of period 19 11.8% 19 --% 19 --% Licensed beds at
end of period 2,208 6.0% 2,208 (1.5)% 2,208 (1.5)% Beds in service
at end of period 1,933 9.1% 1,933(1.9)% 1,933 4.8% Net Patient
Revenue by Payor (Continuing Operations): Medicare 39.5% 38.5%
38.0% Medicaid 10.7% 10.7% 11.0% Other 49.8% 50.8% 51.0% 100.0%
100.0% 100.0% (a) Adjusted EBITDA for 2003 and 2002, represents
income from continuing operations before provision for income
taxes, depreciation and amortization, interest, minority interests,
loss on sale of assets and loss on extinguishment of debt. The
Company's bank credit facility also uses Adjusted EBITDA for
numerous financial covenants. Adjusted EBITDA serves as a measure
of leveragecapacity and debt service ability, and is commonly used
as an analytical indicator within the healthcare industry. Adjusted
EBITDA, however, is not a measure of financial performance under
accounting principles generally accepted in the United States, and
should not be considered an alternative to net income as a measure
of operating performance or to cash flows from operating, investing
or financing activities as a measure of liquidity. Because Adjusted
EBITDA is not a measurement determined in accordance with
accounting principles generally accepted in the United States and
is susceptible to varying calculations, Adjusted EBITDA as
presented may not be comparable to other similarly titled measures
of other companies. PROVINCE HEALTHCARE COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING RESULTS FROM CONTINUING OPERATIONS
(continued) For theYear Ended December 31, 2003 Fourth Quarter Year
% change % change from from prior prior $ year $ year Volumes
(Continuing Operations): Inpatient admissions 18,598 6.1% 72,630
5.1% Adjusted admissions 34,426 6.9% 131,557 8.7% Net patient
revenue per adjusted admission $5,749 7.4% $5,593 4.1% Patient days
78,964 5.1% 307,195 2.7% Adjusted patient days 141,925 5.9% 556,331
6.3% Average daily census 858 5.1% 842 2.7% Average length of stay
4.25 (0.9)% 4.23 (2.3)% ER visits 77,231 7.5% 297,819 7.9%
Occupancy rate (average licensed beds) 39.2% 5.9% 38.4% 3.5%
Occupancy rate (average .beds in service) 44.4% 5.2% 43.5% 2.3%
Other Indicators (Continuing Operations): Number of hospitals at
end of period 19 --% 19 --% Licensed beds at end of period 2,189
(0.8)% 2,189 (0.8)% Beds in service at end of period 1,933 --%
1,933 --% Net Patient Revenue by Payor (Continuing Operations):
Medicare 37.9% 38.4% Medicaid 9.1% 10.3% Other 53.0% 51.3% 100.0%
100.0% (a) Adjusted EBITDA for 2003 and 2002, represents income
from continuing operations before provision for income taxes,
depreciation and amortization, interest, minority interests, loss
on sale of assets and loss on extinguishment of debt. The Company's
bank credit facility also uses Adjusted EBITDA for numerous
financial covenants. Adjusted EBITDA serves as a measure of
leverage capacity anddebt service ability, and is commonly used as
an analytical indicator within the healthcare industry. Adjusted
EBITDA, however, is not a measure of financial performance under
accounting principles generally accepted in theUnited States, and
should not be considered an alternative to net income as a measure
of operating performance or to cash flows from operating, investing
or financing activities as a measure of liquidity. Because Adjusted
EBITDA is not a measurement determined in accordance with
accounting principles generally accepted in the United States and
is susceptible to varying calculations, Adjusted EBITDA as
presented may not be comparable to other similarlytitled measures
of other companies. DATASOURCE: Province Healthcare Company
CONTACT: Merilyn H. Herbert, Vice President, Investor Relations of
Province Healthcare Company, +1-615-370-1377 Web site:
http://www.provincehealthcare.com/ http://www.prhc.net/
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