Province Healthcare Announces Sale of Brim Healthcare
June 30 2004 - 3:38PM
PR Newswire (US)
Province Healthcare Announces Sale of Brim Healthcare BRENTWOOD,
Tenn., June 30 /PRNewswire-FirstCall/ -- Province Healthcare
Company (NYSE:PRV) today announced the sale of the stock of the
hospital management company, Brim Healthcare, Inc. to Brim Holding
Company, Inc., an independent investor owned Delaware corporation,
for approximately $13.2 million in cash. Brim generated
approximately $15.8 million in net revenues in 2003. Province
anticipates recording an after-tax gain on the sale of Brim of
approximately $7.0 million, or $0.12 per share, in the second
quarter ending June 30, 2004. The gain on the sale of Brim will be
reported as discontinued operations. Martin S. Rash, Chairman and
Chief Executive Officer of Province, said, "Brim Healthcare has
been a solid performer for Province since December 1996. However,
the hospital management business is not our core business nor in
line with the Company's long-term strategic plan focusing solely on
rural hospital operations. In the early years of Province, several
hospital acquisitions came from Brim, but we no longer see the
acquisition possibilities as likely." Dave Woodland, President of
Brim Healthcare, Inc., said, "While our relationship with Province
has been solid, we are excited about our future as a stand alone
company and look forward to sustained growth." Province Healthcare
is a provider of health care services in attractive non-urban
markets in the United States. The Company owns or leases 20 general
acute care hospitals in 12 states with a total of 2,486 licensed
beds. Certain information contained in this release constitutes
forward-looking statements. These statements are based only on our
current estimates of future events. Forward-looking statements
involve known and unknown risks and uncertainties which may cause
our actual results in future periods to differ materially from
forecasted results. Those and other risks and uncertainties are
described in our most recent reports and filings with the
Securities and Exchange Commission. You should not rely on the
forward-looking statements contained in this release, as we cannot
predict or control many of the factors that may cause future events
or results to differ from those forecasted. We undertake no
obligation to update any forward-looking statements on the basis of
any information, future events or otherwise. DATASOURCE: Province
Healthcare Company CONTACT: Christopher T. Hannon, Senior Vice
President, CFO of Province Healthcare Company, +1-615-370-1377 Web
site: http://www.provincehealthcare.com/
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