Prospect Medical Holdings Files Financial Information for Brotman Medical Center
July 01 2009 - 10:49AM
Business Wire
Prospect Medical Holdings, Inc. (NYSE Amex:PZZ)
(�Prospect�), which owns and operates five hospitals and manages
the medical care of HMO enrollees in Southern California, announced
that it has filed a Report on Form 8-K/A with the Securities and
Exchange Commission containing the required stand-alone audited and
unaudited financial statements, together with pro forma financial
information, for Brotman Medical Center (�Brotman�). As previously
announced, effective April 14, 2009, Prospect increased its
ownership stake in Brotman from approximately 33% to approximately
72%, following Brotman�s financial turnaround and successful
emergence from Chapter 11 Proceedings.
Brotman is expected to play an increasingly important role in
the Company�s growth plans, with financial performance expected to
continue to improve as Prospect�s proven hospital operating model
and experienced hospital management team are applied to that
operation. Further details may be found in the 8-K/A filing.
Founded in 1924 and based in Culver City, California, Brotman is
a 420 licensed-bed acute care hospital that offers a wide range of
inpatient and outpatient services, including a 24-hour emergency
room, rehabilitation, psychiatric care and chemical dependency
services. Following several years of significant operating losses,
Brotman voluntarily filed for Chapter 11 Bankruptcy Protection in
October 2007. Prospect's hospital management team, along with
Brotman�s medical, administrative and other staff worked together
to substantially improve the hospital�s operations. After
non-recurring restructuring costs, Brotman is now operating
profitably for the first time in many years.
ABOUT PROSPECT MEDICAL
HOLDINGS
Prospect Medical Holdings operates five hospitals in the greater
Los Angeles area and manages the medical care of approximately
183,000 HMO enrollees in Southern California, through a network of
approximately 14,000 specialist and primary care physicians.
This press release contains forward-looking statements.
Additional written or oral forward-looking statements may be made
by Prospect from time to time, in filings with the Securities and
Exchange Commission, or otherwise. Statements contained herein that
are not historical facts are forward-looking statements. Investors
are cautioned that forward-looking statements, including the
statements regarding anticipated or expected results, involve risks
and uncertainties which may affect the Company's business and
prospects, including those outlined in Prospect's Form 10-K filed
on December 29, 2008, as well as risks and uncertainties arising
from Prospect's acquisition of Alta and ProMed, and the debt
incurred by Prospect in connection with those acquisitions. Any
forward-looking statements contained in this press release
represent our estimates only as of the date hereof, or as of such
earlier dates as are indicated, and should not be relied upon as
representing our estimates as of any subsequent date. While we may
elect to update forward-looking statements at some point in the
future, we specifically disclaim any obligation to do so, even if
our estimates change.
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