WESTWOOD, N.J., June 10 /PRNewswire/ -- Pascack Valley Hospital (the “Hospital”) announced today that, based upon the audited financial statements of the Hospital for the fiscal year ended December 31, 2003, the Hospital determined that it did not meet the debt service ratio requirements contained in the applicable bond documents with respect to the New Jersey Health Care Facilities Financing Authority Revenue Bonds, Pascack Valley Hospital Association Issue, Series 2003 and 1998. Based upon the unaudited financial statements of the Hospital for the fiscal year ended December 31, 2003, the Hospital previously reported it was in compliance with the debt service ratio requirements set forth in the bond documents. Consistent with the requirements of these bond documents, the Hospital has appointed CBIZ, a financial consulting firm, as consultant to prepare a report making recommendations with respect to the operations of the Hospital. Pursuant to said appointment, the Hospital shall remain in compliance with the material terms of the bond documents.
The audited financial statements of the Hospital for the fiscal year ended December 31, 2003 included a significant adjustment to the amount for net patient accounts receivable, resulting in related adjustments to the amount of net patient service revenue and the amount for the provision for uncollectible accounts, from the amounts contained in the unaudited financial statements. Such adjustments, which on the aggregate amounted to approximately ($11,000,000), adversely affected the financial results of the Hospital for the fiscal year ended December 31, 2003.
The Hospital had originally scheduled an investor conference call for June 11. However, due to the national holiday declared in honor of President Ronald Reagan, this conference call has been postponed. The conference call has been rescheduled for Wednesday, June 16, at 1:30, EDT to answer questions in regard to the audited financial statements, the adjustments to the Hospital’s unaudited financial statements, the operations of the hospital, the progress of the construction project, and other questions which the investors may ask. The call-in number is 800-967-7187 access code 684957.
Pascack Valley Hospital is a 291-bed general, acute care, non-profit hospital located in Westwood, Bergen County, New Jersey, approximately 11 miles northwest of the George Washington Bridge leading to New York City.
Pascack Valley Hospital
CONTACT: Frank Ciesla of Pascack Valley Hospital, +1-732-741-3900
