Province Healthcare Signs Definitive Agreement to Acquire Hospital in Las Cruces, New Mexico
21 May 2004 - 5:35AM
PR Newswire (US)
Province Healthcare Signs Definitive Agreement to Acquire Hospital
in Las Cruces, New Mexico BRENTWOOD, Tenn., May 20
/PRNewswire-FirstCall/ -- Province Healthcare Company today
announced the signing of a definitive agreement to acquire, through
a long-term lease, substantially all of the assets of Memorial
Medical Center in Las Cruces, New Mexico from The City of Las
Cruces, New Mexico and The County of Dona Ana. The 286-bed hospital
reported net revenues of approximately $150 million for the year
ended December 31, 2003. The transaction is anticipated to close
before the end of the second quarter ending June 30, 2004, subject
to customary closing conditions and regulatory approvals. Martin S.
Rash, Chairman and Chief Executive Officer of Province, said, "We
are most pleased that the Board of Finance of New Mexico
unanimously approved this transaction between Province Healthcare
and the City of Las Cruces and Dona Ana County. We are excited to
be in another New Mexico community as we have found the state to be
an excellent environment for the delivery of healthcare by the
Company. We look forward to continuing the delivery of quality
healthcare, recruiting new physicians and bringing additional
services to the community." Province Healthcare is a provider of
healthcare services in attractive non-urban markets in the United
States. The Company owns or leases 19 general acute care hospitals
in 12 states with a total of 2,200 licensed beds. The Company also
provides management services to 36 non-urban hospitals in 14 states
with a total of 3,033 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
Lass, 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
foregoing statements, 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 to the 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
associated with 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 payors, 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. DATASOURCE: Province Healthcare
Company CONTACT: Pamela L. Jeter, Vice President, Investor
Relations, of Province Healthcare Company, +1-615-370-1377 Web
site: http://www.provincehealthcare.com/
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