Community Health Systems Acquires Arkansas Hospital
Community Health Systems, Inc. (NYSE:CYH) announced today the closing of the acquisition of Baptist Memorial Hospital – Forrest City, a 118-bed acute care hospital. Forrest City is located approximately 40 miles west of Memphis, Tennessee. The hospital will be leased from its owner, St. Francis County, Arkansas, and certain other assets are being acquired from Baptist Memorial Health Care Corporation, Memphis, Tennessee, the former operator of the hospital. The hospital is being renamed “Forrest City Medical Center.” The effective date of the transaction is March 1, 2006.
“This acquisition typifies the implementation of our proven acquisition strategy – to acquire sole community providers in demographically appealing markets,” said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. “We look forward to serving the patients of this community, enhancing their access to locally provided healthcare, and to working with the dedicated employees, licensed professionals and community leaders.”
Located in the Nashville, Tennessee, suburb of Brentwood, Community Health Systems is a leading operator of general acute care hospitals in non-urban communities throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 72 hospitals in 21 states. Its hospitals offer a broad range of inpatient and outpatient medical and surgical services. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.”
Statements contained in this news release are forward-looking statements that involve risks and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, specifically the most recent filings which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including execution of our growth, acquisition, and business strategies. These and other applicable risks are summarized under the caption “risk factors” in the Company’s Securities and Exchange Commission filings.