Vanguard reports adjusted Q4 EBITDA of $130.3 million, 57.2% increase

By Aleesia Forni

Columbus, Ohio, Aug. 25 - Vanguard Health Systems Inc. reported adjusted EBITDA of $130.3 million during its fourth quarter earnings conference call, a 57.2% increase from the same quarter last year.

The company reported a cash balance of $936.6 million as of June 30, including $417.6 million in proceeds from its bond offering in July.

These proceeds were used in part to redeem a portion of the company's outstanding 10 3/8% senior discount notes.

The company's remaining 10 3/8% notes total approximately $14.7 million.

The company anticipates capital expenditures of between $400 million to $450 million during fiscal 2012.

"We were a little under our estimate for the last year, mostly due to the fact that the actual cash outflow in Detroit was a little slower in the first six months of ownership, and we anticipate some of that will roll into fiscal year 2012 ," said chief executive officer, Charles Martin.

The company continues to be active in growth initiatives and plans for expansions projects, according to chief operating officer, Ken Wallace.

"We will continue to remain disciplined around our acquisitions strategy," Martin said.

Vanguard is a Nashville-based owner and operator of health care facilities and services.

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