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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 COMPLETES HOSPITAL SALE
Brentwood, TN, December 21, 2000 - Province Healthcare Company (Nasdaq:
PRHC) announced the completion of the sale of General Hospital in Eureka,
California to St. Joseph Health Systems. The effective date of the sale is
December 22, 2000 and the sales price is approximately $26.5 million plus
approximately $5.0 million of working capital.
Province Healthcare Company will record an after tax gain of
approximately $3.4 million on the sale of General Hospital in the fourth quarter
of 2000. The Company does not expect future earnings to be impacted as a result
of this sale and the sale of Ojai Valley Community Hospital which closed on
October 1, 2000. Annually, the two hospitals had revenues of approximately $48.5
million, EBITDA of approximately $5.5 million, and depreciation and amortization
of $3.2 million. Interest expense will decrease by approximately $2.3 million as
a result of reducing outstanding debt from the proceeds of the sales.
Province Healthcare is a provider of health care services in attractive
non-urban markets in the United States. The Company owns or leases 14 general
acute care hospitals in nine states with a total of 1,326 licensed beds. The
Company also provides management services to 40 primarily non-urban hospitals in
16 states with a total of 3,166 licensed beds.
Contact: Merilyn H. Herbert, Province Healthcare Company (PRHC) at
(615) 370-1377.
