FRANKLIN, Tenn.--(BUSINESS WIRE)--Nov. 9, 2015--
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
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.
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
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/
Source: Community Health Systems, Inc.
Community Health Systems, Inc.
President of Financial Services and Chief
Senior Vice President, Corporate Communications,
Marketing and Public Affairs