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EXHIBIT 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: MERILYN H. HERBERT
VICE PRESIDENT, INVESTOR
RELATIONS
(615) 370-1377
PROVINCE HEALTHCARE ANNOUNCES HOSPITAL SALES
Brentwood, Tennessee, October 3, 2000--Province Healthcare Company
(Nasdaq: PRHC) today announced the sale of Ojai Valley Community Hospital in
Ojai, California to the Ojai Valley Community Hospital Foundation and the
signing of a definitive agreement to sell General Hospital in Eureka, California
to St. Joseph Health Systems. The sales price for the Ojai Hospital was
approximately $2.0 million, including working capital. The Ojai Valley Hospital
sale was effective October 1, 2000. The sale of General Hospital is subject to
regulatory approvals expected by the end of the fourth quarter.
Martin S. Rash, Chairman, President and Chief Executive Officer of
Province Healthcare, said, "The sale of our Ojai hospital was in keeping with
our long term strategic plans for the Company. We continue to look for hospitals
in growth markets with revenues of $12 million or greater. At June 30, 2000, the
Ojai hospital represented approximately 3% of Province's net revenues."
Province Healthcare Company will record an after tax loss of
approximately $6.0 million on the sale of the Ojai hospital in the fourth
quarter.
Province Healthcare is a provider of health care services in attractive
non-urban markets in the United States. The Company now owns or leases 15
general acute care hospitals in nine states with a total of 1,323 licensed beds.
The Company also provides management services to 44 primarily non-urban
hospitals in 17 states with a total of 3,454 licensed beds.
Contact: Merilyn H. Herbert, Province Healthcare Company (PRHC) at
(615) 370-1377.
