Community Health Systems Announces New Share Repurchase Program
November 09 2015 - 7:00AM
Business Wire
Community Health Systems, Inc. (NYSE: CYH) announced today that
on November 6, 2015, its Board of Directors approved a new open
market share repurchase program for up to ten million (10,000,000)
shares of the Company’s Common Stock, not to exceed total purchases
of $300,000,000.
The open market repurchase program will succeed an existing
share repurchase program for up to five million (5,000,000) shares
of the Company’s Common Stock, not to exceed total purchases of
$150,000,000, which program was initiated in December 2014. Under
the existing open market repurchase program, 1,400,000 shares have
been repurchased at a total cost (including commissions) of
$42,653,340.
The new open market repurchase program will terminate on the
earlier of November 5, 2018, when the maximum number of shares has
been repurchased, or when the maximum dollar amount has been
expended. The timing and amount of any shares repurchased will be
determined by the Company's management based on its evaluation of
market conditions, applicable securities laws requirements, and
other factors. The repurchase program may be suspended or
discontinued at any time.
About Community Health Systems, Inc.
Community Health Systems, Inc. is one of the largest
publicly-traded hospital companies in the United States and a
leading operator of general acute care hospitals in communities
across the country. Through its subsidiaries, the Company currently
owns, leases or operates 198 affiliated hospitals in 29 states with
an aggregate of approximately 30,000 licensed beds. The Company has
announced plans for a spin-off transaction to create a new,
publicly-traded company, Quorum Health Corporation, with 38
affiliated hospitals and related outpatient services in 16 states,
together with Quorum Health Resources, LLC, a subsidiary providing
management and consulting services to non-affiliated hospitals. The
transaction is expected to close during the first quarter of 2016.
The Company’s headquarters are located in Franklin, Tennessee, a
suburb south of Nashville. Shares in Community Health Systems, Inc.
are traded on the New York Stock Exchange under the symbol “CYH.”
More information about the Company can be found on its website at
www.chs.net.
Forward-Looking Statements
Statements contained in this news release regarding potential
share repurchases, transactions and other events are
forward-looking statements that involve risk and uncertainties.
There are a number of factors that could cause actual future events
or results to differ materially from these statements. These
include, among others, the market price of the Company's stock
prevailing from time to time, the nature of other investment
opportunities presented to the Company from time to time, the
Company's cash flows from operations and general economic
conditions.
Readers are referred to the documents filed by Community Health
Systems, Inc. with the Securities and Exchange Commission,
including the Company’s annual report on Form 10-K, current reports
on Form 8-K and quarterly reports on Form 10-Q. These filings
identify important risk factors and other uncertainties that could
cause actual results to differ from those contained in the
forward-looking statements. The Company undertakes no obligation to
revise or update any forward-looking statements, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151109005481/en/
Community Health Systems, Inc.Investor Contact:W. Larry Cash,
615-465-7000President of Financial Services and Chief Financial
OfficerorMedia Contact:Tomi Galin, 615-628-6607Senior Vice
President, Corporate Communications, Marketing and Public
Affairs
Community Health Systems (NYSE:CYH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Community Health Systems (NYSE:CYH)
Historical Stock Chart
From Apr 2023 to Apr 2024