NAPLES, Fla., Jan. 3 /PRNewswire-FirstCall/ -- Health Management Associates, Inc. announced today that it has completed the acquisition of Barrow Community Hospital located in Winder, Georgia. The transaction was effective as of January 1, 2006.
"HMA is very pleased to welcome Barrow Community Hospital into HMA's family of non-urban hospitals that provide high-quality health care close to home," said Joseph V. Vumbacco, HMA's Chief Executive Officer and Vice Chairman. "Barrow Community is a sole community provider in its service area, and is located in the 24th fastest growing county in the United States. The anticipated population growth for this area is expected to generate a significant need for additional health care services, and HMA is ready to address those health care needs."
Barrow Community Hospital is a fully accredited, general acute care hospital operating 56-licensed beds. It is located approximately 40 miles east of Atlanta and 20 miles north of HMA's Walton Regional Medical Center, which is located in Monroe, Georgia.
"As with all of HMA's acquisitions, our proprietary Pulse System(R) was installed and operational upon completion of this transaction," added Vumbacco. "HMA is grateful for the cooperation it received from the senior leadership at the Ty Cobb Health Care System in completing this transaction in such a smooth and timely manner. We look forward to serving the health care needs of the Winder community and the surrounding region."
During the first quarter of fiscal year 2006, HMA signed or finalized negotiations on definitive agreements regarding four acquisition opportunities. The completion of this transaction to acquire the Barrow Community Hospital marks the second completed transaction of HMA's first quarter of fiscal year 2006. The hospital acquisition environment for HMA remains active, and as announced on November 15, 2005, HMA anticipates acquiring between five and seven hospitals during fiscal year 2006.
HMA is the premier operator of non-urban general acute care hospitals in communities situated throughout the United States. HMA has generated 17 years of uninterrupted operating earnings growth and upon completion of the previously announced transactions to acquire the 231-bed St. Joseph Hospital and a controlling interest in the 84-bed Orlando Regional St. Cloud Hospital, HMA will operate 61 hospitals in 16 states with approximately 8,912 licensed beds.
All references to "HMA" used in this release refer to Health Management Associates, Inc. or its affiliates.
Certain statements contained in this release, including, without limitation, statements containing the words "believes," "anticipates," "intends," "expects," and words of similar import, 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 loss, 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.
Statements made throughout this release are based on current estimates of future events, and HMA has no obligation to update or correct these estimates. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially as a result of these various factors.
Photo: http://www.newscom.com/cgi-bin/prnh/20030418/HMALOGOHealth Management Associates, Inc.CONTACT: John C. Merriwether, Vice President of Financial Relations,Health Management Associates, Inc., +1-239-598-3104
Web site: http://www.hma-corp.com/