| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies |
| Province Healthcare Company |
| 109 Westpark Drive, Suite 180, Brentwood, TN 37027 * (615) 370-1377 |
| The company is a provider of healthcare services in attractive non-urban markets in the U.S. The company seeks to acquire hospitals which are the sole or primary providers of healthcare within their target markets. |
| Manager | Tier | Phone |
| Alex. Brown & Sons Incorporated | Lead Manager | (410) 895-2700 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-5959 |
| Robertson, Stephens & Company | Co-manager | (415) 989-8500 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6450 |
| NASNTL: | PRHC | Service: | SIC 8062 | |
| Type of Shares: | Common Shares | Filing Date: | 8/27/97 | |
| U.S. Shares: | 4,700,000 | Offer Date: | 2/10/98 | |
| Non-U.S. Shares: | 0 | Filing Range: | $13.00 - $15.00 | |
| Primary Shares: | 4,700,000 | Offer Price: | $16.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.12 | |
| Offering Amount: | $65,800,000 | Selling: | $0.64 | |
| Expenses: | $1,200,000 | Reallowance: | $0.10 | |
| Post-IPO Shares: | 15,698,314 | |||
| Employees: | 1647 |
| Issuer's Law Firm: | Kirkland & Ellis |
| Bank's Law Firm: | Alston & Bird |
| Registrar/Transfer Agent: | First Union National Bank North Carolina |
| Auditor: | KPMG Peat Marwick |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/96 | 6/30/97 | 6/30/96 | 6/30/97 | ||
| Revenue: | $129.85 | $80.86 | $58.29 | Assets: | $101.26 |
| Net Income: | -$3.06 | $1.01 | $2.21 | Curr Assets: | |
| EPS: | -$1.03 | $0.11 | $0.23 | Liabilities: | $115.23 |
| Prior EPS: | Curr Liab: | ||||
| Cash Flow/Oper: | $1.77 | Equity: | -$13.97 | ||
| Cash Flow/Fin: | $24.55 | Cash: | $6.02 | ||
| Cash Flow/Inv: | -$17.34 | ||||
| Competition |
| The primary bases of competition among hospitals in non-urban markets are the quality and scope of medical services, strength of referral network, location, and, to a lesser extent, price. With respect to the delivery of general acute care services, most of the Company's hospitals face less competition in their immediate patient service areas than would be expected in larger communities. While the Company's hospitals are generally the primary provider of health care services in their respective communities, its hospitals face competition from larger tertiary care centers and, in some cases, other non-urban hospitals. Some of the hospitals that compete with the Company are owned by governmental agencies or not-for-profit entities supported by endowments and charitable contributions, and can finance capital expenditures on a tax-exempt basis. The Company faces competition for acquisitions primarily from for-profit hospital management companies as well as not-for-profit entities. Some of the Company's competitors have greater financial and other resources than the Company. Increased competition for the acquisition of non-urban acute care hospitals could have an adverse impact on the Company's ability to acquire such hospitals on favorable terms. |
| Business Plan |
| The company's objective is to be the leading provider of high quality health care in selected non-urban markets. The key elements of the company's strategy are to: (I) Acquire Hospitals in Attractive Non-Urban Markets, (ii) Expand Breadth of Services to Increase Local Market Share, (iii) Improve Hospital Operations, (iv) Recruite Physicians and (v) Develop Health Care Networks. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay certain indebtedness, to redeem a portion of the company's preferred stock and to repurchase a portion of the shares of common stock issued upon conversion of preferred stock. |
| Name of Shareholder | % Owned Before | % Owned After |
| Joseph P. Nolan | 0.59 | 0.38 |
| Golder, Thoma, Cressey, Rauner Fund IV, L.P. | 0.59 | 0.38 |
| Bruce V. Rauner | 0.59 | 0.38 |
| Leeway & Co. | 0.16 | 0.10 |
| Martin S. Rash | 0.09 | 0.05 |
| Richard D. Gore | 0.06 | 0.04 |
| Officer Name | Title | Age |
| Bruce V. Rauner | Chairman of the Board and Director | 41 |
| Richard D. Gore | Executive Vice President and Chief Financial Officer | 45 |
| Martin S. Rash | President, Chief Executive Officer and Director | 42 |
| John M. Rutledge | Senior Vice President and Chief Operating Officer | 39 |
| Steven P. Taylor | Senior Vice President of Managed Operations | 45 |
| Brenda B. Rector | Vice President and Controller | 49 |