The Company has from time to time sold noncontrolling interests in certain of its subsidiaries or acquired subsidiaries with existing noncontrolling interest ownership positions.
Community Health Systems (CYH) delivered earnings and revenue surprises of 169.67% and -0.27%, respectively, for the quarter ended June 2020. Community Health Systems, Inc. (the “Company”) today announced financial and operating results for the three and six months ended June 30, 2020.The following highlights the financial and operating results for the three months ended June 30, 2020.
These impairment charges do not have an impact on the calculation of the Company’s financial covenants under the ABL Facility.The following highlights the financial and operating results for the three months ended June 30, 2020. The items excluded from Adjusted EBITDA are significant components in understanding and evaluating financial performance. Press Release reported on 07/14/20 that Community Health Systems to Broadcast Second Quarter 2020 Conference Call Live on the Internet >> Stay Up To Date On The Best Stocks Under $5 + Market Moving Updates 100% Free. Accordingly, the Company cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements.
There were no discontinued operations reported for 2019 and 2020.Adjusted EBITDA for the six months ended June 30, 2020, was $763 million compared with $793 million for the same period in 2019.
The company’s Market capitalization was $498.11M with the total Outstanding Shares of 114.30M.
All statements in this press release other than statements of historical fact, including statements regarding expected operating results, and other events that depend upon or refer to future events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “thinks,” and similar expressions, are forward-looking statements. Join Today!
(b) The following table provides information needed to calculate earnings (loss) per share, which is adjusted for income attributable to noncontrolling interests (in millions):Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in communities across the country. (h) At June 30, 2020, the Company had no outstanding borrowings and approximately $434 million of borrowing capacity (after taking into consideration $180 million of outstanding letters of credit) under the ABL Facility, with the ability to increase borrowings up to $1.0 billion.Net income attributable to Community Health Systems, Inc. common stockholders was $70 million, or $0.61 per share (diluted), for the three months ended June 30, 2020, compared with net loss of $(167) million, or $(1.47) per share (diluted), for the same period in 2019. Approximately $448 million of the PHSSEF payments qualified as income for reimbursement of lost revenues and incremental expenses and was recognized as a reduction in operating costs and expenses during the three and six months ended June 30, 2020. The Company believes that it is useful to present Adjusted EBITDA because it adds back the portion of EBITDA attributable to these third-party interests and clarifies for investors the Company’s portion of EBITDA generated by continuing operations.
These divestitures, subject to definitive agreements, which are expected to be completed at various times during the third and fourth quarters of 2020, will mark the end of the Company’s formal portfolio rationalization strategy, which commenced in 2017.
Same-store operating results and statistical information exclude the results of a hospital acquired in 2019 and the hospitals divested in 2019 and 2020. Effective April 26, 2020, CMS is reevaluating pending and new applications for accelerated payments in light of significant other relief provided by the CARES Act and the PPPHCE Act. It should not be considered in isolation or as a substitute for net income, operating income, or any other performance measure calculated in accordance with U.S. GAAP. Excluding the adjusting items as presented in the table in footnote (e) on page 16, net loss attributable to Community Health Systems, Inc. common stockholders was $(0.73) per share (diluted), for the six months ended June 30, 2020, compared to $(1.00) per share (diluted) for the same period in 2019.
Excluding the adjusting items as presented in the table in footnote (e) on page 16, net income attributable to Community Health Systems, Inc. common stockholders was $0.85 per share (diluted), for the three months ended June 30, 2020, compared to net loss of $(0.47) per share (diluted) for the same period in 2019. It is usually expressed as a percentage and is then referred to as the EPS growth rate. The Company generated a net loss attributable to Community Health Systems, Inc. common stockholders for the three and six months ended June 30, 2019, so the effect of dilutive securities is not considered because their effect would be antidilutive. On a same-store basis, admissions decreased 11.5 percent and adjusted admissions decreased 14.5 percent for the six months ended June 30, 2020, compared with the same period in 2019.
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