BIRMINGHAM, Ala., Oct. 21, 2014 /PRNewswire/ -- HealthSouth
Corporation (NYSE:HLS) today announced that its board of directors
has declared a quarterly cash dividend of $0.21 per share on its common stock and a
quarterly cash dividend of $16.25 per
share on its 6.5% Series A Convertible Perpetual Preferred Stock,
each payable on January 15, 2015, to
holders of record on January 2,
2015.
The 6.5% Series A Convertible Perpetual Preferred Stock is
convertible, at the option of the holder, at any time into shares
of common stock at a conversion rate of 33.67 shares of common
stock per share of preferred stock and also includes antidilutive
protection that provides for an increase in the number of shares of
common stock issuable upon conversion resulting from common stock
dividends after a de minimis threshold. The payment of a
$0.21 per share dividend on
HealthSouth's common stock likely will not trigger the antidilutive
adjustment because such amount would likely result in a de minimis
adjustment of less than 1% under the terms of the preferred stock.
Subsequent declaration and payment of dividends on HealthSouth
common stock will likely require an adjustment.
In addition, the Company's 2.0% Convertible Senior Subordinated
Notes are convertible at the option of the holder, at any time
prior to the close of business on the business day immediately
preceding December 1, 2043 into
shares of common stock at a conversion rate of 25.7582 shares of
common stock per $1,000 principal and
include antidilutive protection that provides for an increase in
the number of shares of common stock issuable upon conversion
resulting from common stock dividends after a de minimis
threshold. The payment of a $0.21 per
share dividend on HealthSouth's common stock likely will not
trigger the antidilutive adjustment because such amount would
likely result in a de minimis adjustment of less than 1% under the
terms of these notes. Subsequent declaration and payment of
dividends on HealthSouth common stock will likely require an
adjustment.
About HealthSouth
HealthSouth is the nation's largest
owner and operator of inpatient rehabilitation hospitals in terms
of patients treated and discharged, revenues and number of
hospitals. Operating in 28 states across the country and in
Puerto Rico, HealthSouth serves
patients through its network of inpatient rehabilitation hospitals,
outpatient rehabilitation satellite clinics and home health
agencies. HealthSouth's hospitals provide a higher level of
rehabilitative care to patients who are recovering from conditions
such as stroke and other neurological disorders, cardiac and
pulmonary conditions, brain and spinal cord injuries, complex
orthopedic conditions, and amputations. HealthSouth can be found on
the Web at www.healthsouth.com.
Forward-Looking Statements
Statements contained in
this press release which are not historical facts, such as the
dividend payment plans and related antidilution adjustment
prospects, are forward-looking statements. In addition,
HealthSouth, through its senior management, may from time to time
make forward-looking public statements concerning the matters
described herein. All such estimates, projections, and
forward-looking information speak only as of the date hereof, and
HealthSouth undertakes no duty to publicly update or revise such
forward-looking information, whether as a result of new
information, future events, or otherwise. Such forward-looking
statements are necessarily estimates based upon current
information, involve a number of risks and uncertainties, and
relate to, among other things, future events, HealthSouth's plan to
repurchase its debt or equity securities, dividend strategies,
HealthSouth's business strategy, its financial plans, its future
financial performance, or its projected business results. Actual
events or results may differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors. While it is impossible to identify all such factors,
factors which could cause actual events or results to differ
materially from those estimated by HealthSouth include, but are not
limited to, general conditions in the economy and capital markets;
changes in the market price of HealthSouth's common stock; and
other factors which may be identified from time to time in
HealthSouth's SEC filings and other public announcements,
including HealthSouth's Annual Report on Form 10-K for the year
ended December 31, 2013 and Form 10-Q
for the quarters ended March 31, 2014
and June 30, 2014.
Media Contact
Casey Lassiter, 205-410-2777
Investor Relations Contact
Mary Ann Arico, 205-969-6175
maryann.arico@healthsouth.com
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SOURCE HealthSouth Corporation