NAPLES, Fla., Dec. 1 /PRNewswire-FirstCall/ -- Health Management Associates, Inc. announced today that it has completed the acquisition of Gilmore Memorial Hospital located in Amory, Mississippi. The transaction is effective as of December 1, 2005.
“HMA is very pleased to welcome Gilmore Memorial 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. “Gilmore Memorial is a classic HMA acquisition. It is a stand- alone, non-urban, hospital that enjoys strong community support with an excellent medical staff and dedicated employees. HMA intends to build upon this strong foundation to continue to enhance the quality of health care and improve access to needed medical services.”
Gilmore Memorial hospital is a fully accredited, general acute-care hospital operating 95 licensed beds, and it is located in Amory, Mississippi, which is approximately 30 miles southeast of Tupelo. The hospital has been in operation since 1916, and currently generates approximately $40 million of annual net revenue.
“As is customary, HMA’s proprietary Pulse System(R) has been installed and was operational upon completion of the transaction,” added Vumbacco. “The transition to complete the transaction has been very smooth, and HMA is grateful for the cooperation from Gilmore Memorial’s Board of Directors and senior leadership in bringing this important transaction to completion so quickly. We look forward to serving the health care needs of Amory and the surrounding region.”
HMA has previously disclosed that it was engaged in exclusive negotiations to acquire four hospitals. To date, HMA has finalized negotiations on definitive agreements regarding three of those acquisition opportunities, and anticipates completing negotiations regarding the fourth definitive agreement shortly. The completion of the Gilmore Memorial Hospital transaction represents the first of the three existing definitive agreements to have been completed. The hospital acquisition environment for HMA remains very 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 completing the previously announced transactions to acquire a controlling interest in the 84-bed Orlando Regional St. Cloud Hospital and acquire the 56-bed Barrow Community Hospital, will operate 60 hospitals in 16 states with approximately 8,545 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.
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CONTACT: John C. Merriwether, Vice President of Financial Relations, ofHealth Management Associates, Inc., +1-239-598-3104
Web site: http://www.hma-corp.com//