LifePoint Hospitals, Inc.
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
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þ
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ANNUAL REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the fiscal year ended December 31, 2007 |
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or |
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o
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TRANSITION REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from
to |
Commission file number: 000-51251
LifePoint
Hospitals, Inc. Retirement Plan
(Full title of the plan and the address of the plan,
if different from that of the issuer listed below)
LifePoint Hospitals, Inc.
103 Powell Court, Suite 200
Brentwood, Tennessee 37027
(Name of the issuer of the securities held
pursuant to the plan and the address of
its principal executive office)
LifePoint Hospitals, Inc. Retirement Plan
Audited Financial Statements and Supplemental Schedules
Years Ended December 31, 2006 and 2007
Index
Report of Independent Registered Public Accounting Firm
The Plan Sponsor
LifePoint Hospitals, Inc. Retirement Plan
We have audited the accompanying statements of net assets available for benefits of the LifePoint
Hospitals, Inc. Retirement Plan (the Plan) as of December 31, 2006 and 2007, and the related
statements of changes in net assets available for benefits for the years then ended. These
financial statements are the responsibility of the Plans management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31, 2006 and 2007, and
the changes in its net assets available for benefits for the years then ended, in conformity with
U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken
as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December
31, 2007, is presented for purposes of additional analysis and is not a required part of the
financial statements but is supplementary information required by the Department of Labors Rules
and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. This supplemental schedule is the responsibility of the Plans management. The supplemental
schedule has been subjected to the auditing procedures applied in our audit of the financial
statements and, in our opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.
/s/ Lattimore Black Morgan & Cain, PC
Brentwood, Tennessee
June 11, 2008
1
LifePoint Hospitals, Inc. Retirement Plan
Statements of Net Assets Available for Benefits
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December 31, 2006 |
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December 31, 2007 |
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Participants |
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ESOP Shares |
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Participants |
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ESOP Shares |
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Accounts |
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Fund |
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Accounts |
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Fund |
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(Allocated) |
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(Unallocated) |
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Total |
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(Allocated) |
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(Unallocated) |
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Total |
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Assets |
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Investments, at fair value |
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$ |
264,678,502 |
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$ |
21,057,731 |
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$ |
285,736,233 |
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$ |
282,120,035 |
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$ |
8,751,888 |
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$ |
290,871,923 |
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Employer contributions
receivable |
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346,774 |
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346,774 |
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1,008,226 |
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1,008,226 |
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Participant contributions
receivable |
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1,118,769 |
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1,118,769 |
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Prepaid expenses |
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467,306 |
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467,306 |
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Income receivable |
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171,598 |
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171,598 |
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22,185 |
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22,185 |
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Total assets |
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$ |
265,968,869 |
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$ |
21,404,505 |
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$ |
287,373,374 |
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$ |
282,609,526 |
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$ |
9,760,114 |
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$ |
292,369,640 |
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Liabilities |
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Accrued interest payable
to LifePoint Hospitals,
Inc. |
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$ |
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$ |
346,774 |
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$ |
346,774 |
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$ |
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$ |
1,008,226 |
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$ |
1,008,226 |
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Note payable to LifePoint
Hospitals, Inc. |
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8,268,136 |
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8,268,136 |
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4,293,071 |
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4,293,071 |
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Expenses payable |
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235,339 |
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235,339 |
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Excess contributions
payable |
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315,562 |
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315,562 |
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160,226 |
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160,226 |
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Total liabilities |
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$ |
550,901 |
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$ |
8,614,910 |
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$ |
9,165,811 |
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$ |
160,226 |
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$ |
5,301,297 |
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$ |
5,461,523 |
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Net assets available for
benefits at fair value |
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$ |
265,417,968 |
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$ |
12,789,595 |
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$ |
278,207,563 |
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$ |
282,449,300 |
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$ |
4,458,817 |
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$ |
286,908,117 |
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Adjustments from fair
value to contract value
for interest in
collective trust relating
to fully
benefit-responsive
investment contracts |
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480,781 |
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480,781 |
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480,659 |
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480,659 |
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Net assets available for
benefits |
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$ |
265,898,749 |
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$ |
12,789,595 |
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$ |
278,688,344 |
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$ |
282,929,959 |
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$ |
4,458,817 |
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$ |
287,388,776 |
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See accompanying notes.
2
LifePoint Hospitals, Inc. Retirement Plan
Statements of Changes in Net Assets Available for Benefits
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Year Ended December 31, 2006 |
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Year Ended December 31, 2007 |
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Participants |
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ESOP Shares |
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Participants |
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ESOP Shares |
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Accounts |
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Fund |
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Accounts |
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Fund |
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(Allocated) |
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(Unallocated) |
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Total |
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(Allocated) |
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(Unallocated) |
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Total |
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Additions |
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Interest and
dividend income |
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$ |
1,094,543 |
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$ |
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$ |
1,094,543 |
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$ |
667,792 |
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$ |
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$ |
667,792 |
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Employer
contributions |
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8,536,517 |
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8,536,517 |
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6,223,043 |
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9,143,944 |
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15,366,987 |
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Participants
contributions |
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29,866,485 |
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29,866,485 |
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30,723,487 |
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30,723,487 |
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Total additions |
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30,961,028 |
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8,536,517 |
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39,497,545 |
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37,614,322 |
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9,143,944 |
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46,758,266 |
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Deductions |
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Benefits paid |
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24,992,063 |
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24,992,063 |
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26,200,087 |
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26,200,087 |
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Interest expense |
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955,900 |
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955,900 |
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661,452 |
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661,452 |
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Administrative
expenses |
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1,833,851 |
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1,833,851 |
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1,943,474 |
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1,943,474 |
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Total deductions |
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26,825,914 |
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955,900 |
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27,781,814 |
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28,143,561 |
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661,452 |
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28,805,013 |
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Net appreciation
(depreciation) in
fair value of
investments |
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15,816,605 |
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(9,016,545 |
) |
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6,800,060 |
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(4,161,903 |
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(5,090,918 |
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(9,252,821 |
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Allocation of ESOP
shares to Plan |
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11,710,498 |
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(11,710,498 |
) |
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11,722,352 |
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(11,722,352 |
) |
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Net increase
(decrease) in net
assets available
for benefits |
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31,662,217 |
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(13,146,426 |
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18,515,791 |
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17,031,210 |
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(8,330,778 |
) |
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8,700,432 |
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Net assets
available for
benefits at
beginning of year |
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234,236,532 |
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25,936,021 |
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260,172,553 |
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265,898,749 |
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12,789,595 |
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278,688,344 |
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Net assets
available for
benefits at end of
year |
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$ |
265,898,749 |
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$ |
12,789,595 |
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$ |
278,688,344 |
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$ |
282,929,959 |
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$ |
4,458,817 |
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$ |
287,388,776 |
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See accompanying notes.
3
LifePoint Hospitals, Inc. Retirement Plan
Notes to Financial Statements
December 31, 2007
Note 1 Description of the Plan
The following description of the LifePoint Hospitals, Inc. Retirement Plan (the Plan) provides
only general information. Participants should refer to the Plan document for a more complete
description of the Plans provisions.
General
The Plan is a defined contribution plan covering all employees of LifePoint Hospitals, Inc. (the
Company) who have completed 60 days of service and are age 21 or older. The Plan is
subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended
(ERISA).
The Plan includes a component that is an employee stock ownership plan (ESOP) within the
meaning of Section 4975(e)(7) of the Internal Revenue Code of 1986, as amended (the Code). As an
ESOP, the Plan generates certain favorable federal income tax consequences for the Company through
an acquisition loan from the Company, as described in Note 5. These shares are held in an ESOP
suspense account and are released as the loan is repaid and then used to fund employer
contributions. The Plan uses Company contributions to repay the loan principal and interest.
Contributions
Each participant may elect to contribute up to 50% of his or her pre-tax compensation to the Plan
(Salary Deferral Contribution). An automatic 2% Salary Deferral Contribution is applied to all
participants who do not make a contrary election. Participants who have attained age 50 before the
close of the Plan year are eligible to make catch-up contributions subject to the Codes
limitations.
The Plan
provides a matching contribution of Company stock in the form of the
allocation of ESOP shares in an amount equal to 100% of the amount
the participant has elected as a Salary Deferral Contribution for that payroll period, up to 3% of
the participants eligible compensation (Salary Deferral Matching Contributions).
In any Plan year and in addition to the Salary Deferral Matching Contributions, the Company may
contribute to participants accounts cash or Company stock as
determined by the Company (Non-Matching ESOP
Contributions). In addition, discretionary Company profit sharing contributions may be made by the
Company (Profit Sharing Contributions). Non-Matching ESOP Contributions and Profit Sharing Contributions are
allocated to participant accounts on a pro rata basis based on eligible compensation earned in the
year for which the contributions apply. To be eligible for an
allocation of the Non-Matching ESOP Contributions
and Profit Sharing Contributions, a participant must meet the following requirements:
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(i) |
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Participant is age 21 or older on the last day of the Plan year; and |
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(ii) |
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Participant is an employee as of the last day of the Plan year. |
An additional contribution by the Company in an amount determined by the Company to ensure that the
Plan satisfies certain nondiscrimination requirements of the Code may be allocated solely to the
accounts of participants who are considered non-highly compensated employees and have elected to
make Salary Deferral Contributions for the Plan year (Unilateral Employer Contributions).
Alternatively, certain highly compensated employees may be refunded a portion of their Salary
Deferral Contributions in order to comply with the same nondiscrimination requirements of the Code.
During the years ended December 31, 2006 and 2007, the Companys ESOP Contribution consisted of
cash in the amount of $3,900,000 and $5,130,000, respectively, and an allocation of shares of the
Companys common stock of 289,852 and 277,245, respectively. Additionally, during the years ended
December 31, 2006 and 2007, the Company made Profit Sharing Contributions of $2,520,275 and
$6,223,026, respectively.
4
Participant Accounts
Each participants account is credited (charged) with the participants contributions, the
Companys contributions, Plan fees and Plan earnings (losses). Allocations are based on
participants earnings (losses) or account balances, as defined. The benefit to which a participant
is entitled is the benefit that can be provided from the participants vested account.
Contributions and allocations are subject to certain limitations under the Code. The Plan allows
participants who have three or more years of service to diversify up
to 100% of their allocated ESOP contributions by investing in other securities available under the Plan.
Payment of Benefits
Upon retirement, disability, death, or termination of employment, the total vested value of a
participants account that exceeds $5,000 is distributed, upon
request, to the participant or the beneficiary, as
applicable, in cash unless the participant or the beneficiary elects certain other forms of
distribution available under the Plan. If the vested value of a participants account is less than
$1,000 the total vested balance is distributed as an automatic lump sum payment in cash. For
participant accounts greater than $1,000 but less than $5,000, the vested value of the
participants account is rolled into an individual retirement account on behalf of the participant.
A participants contributions may also be withdrawn for certain hardship situations.
Participant Loans
Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum amount equal
to the lesser of $50,000 or one-half of the respective participants vested account balance. Loan
terms range from one half a year to five years or up to ten years if the loan is used for the
purchase of a primary residence. The loans are secured by the vested balance in the respective
participants account and bear interest at a rate commensurate with local prevailing rates, ranging
from 4.0% to 9.5% as of December 31, 2007, as determined by the plan administrator. Principal and
interest are paid by the participant ratably through payroll deductions.
Vesting and Forfeitures
Participants are immediately fully vested in their Salary Deferral Contributions, Unilateral
Employer Contributions, rollover contributions and investment earnings (losses) arising from these
contributions. Salary Deferral Matching Contributions, Non-Matching ESOP Contributions and Profit Sharing
Contributions are subject to a vesting schedule based on the participants number of years of
service as follows:
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Vested |
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Years of Service |
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Percentage |
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Less than 2 years |
|
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0 |
% |
2 years but less than 3 |
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20 |
% |
3 years but less than 4 |
|
|
40 |
% |
4 years but less than 5 |
|
|
60 |
% |
5 years but less than 6 |
|
|
80 |
% |
6 years or more |
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|
100 |
% |
Participants interest in their accounts become fully vested and nonforfeitable without regard to
their credited years of service if they are employed by the Company on or after age 65, attain age
55 and have completed 10 years of service, incur a total and permanent disability or die while
employed by the Company.
If a participant who is not fully vested terminates employment with the Company, the participant is
entitled to the vested portion of their account. The non-vested portion is forfeited and is used to
reduce future Company contributions, pay administrative expenses of the Plan or is reallocated to
participants in the Plan if forfeitures from ESOP accounts occur. Unused forfeitures totaled
$5,419,624 and $4,722,450 at December 31, 2006 and 2007, respectively, and $217,750 and $4,580,198
of forfeitures were used to reduce employer contributions and administrative expenses of the Plan
during the years then ended, respectively.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to
discontinue its contributions at any time and to terminate the Plan. In the event of Plan
termination, participants will receive the vested and non-vested portions of their accounts.
5
Note 2 Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared on the accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect reported amounts of
assets and liabilities and changes therein, and disclosure of contingent assets and liabilities in
the financial statements and accompanying notes. Actual results could differ from those estimates.
Investment Valuation and Income Recognition
The Plans investments are held, and transactions are executed, by U.S. Trust Company, N.A. (the
ESOP Trustee) for the ESOP portion of the Plan and by Northern Trust (the Trustee) for the
non-ESOP portion of the Plan. Investments in mutual funds and equity securities are stated at fair
value by the ESOP Trustee and the Trustee and are based on quoted prices in an active market. The
value of collective trust funds are based upon the current value of and net investment gains or
losses relating to the units of participation held by the Plan. Securities traded on a national
securities exchange are valued at the last reported sales price on the last business day of the
Plan year. Participant loans are valued at their outstanding balances, which approximates fair
value.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded
on the accrual basis. Dividends are recorded on the ex-dividend date.
Fully Benefit-Responsive Investment Contracts
As described in Financial Accounting Standards Board Staff Position (FSP) AAG INV-1 and Statement
of Position (SOP) 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by
Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution
Health and Welfare and Pension Plans, investment contracts held by a defined contribution plan are
required to be reported at fair value. However, contract value is the relevant measurement
attribute for that portion of the net assets available for benefits of a defined contribution plan
attributable to fully benefit-responsive investment contracts because contract value is the amount
participants would receive if they were to initiate permitted transactions under the terms of the
Plan. The Plan invests in investment contracts through a collective trust. The Statement of Net
Assets Available for Benefits presents the fair value of the investment in the collective trust as
well as the adjustment of the investment in the collective trust from fair value to contract value
relating to investment contracts. The Statement of Changes in Net Assets Available for Benefits is
prepared on a contract value basis.
Administrative Expenses
Administrative expenses, including legal and participant accounting expenses and all expenses
directly relating to the investments are charged to and paid by the Plan unless paid by the
Company.
Benefit Payments
Benefits are recorded when paid.
Recently Issued Accounting Pronouncements
In September 2006, the Financial Accounting Standards Board issued Statement of Financial
Accounting Standard (SFAS) No. 157, Fair Value Measurements (SFAS No. 157). SFAS No. 157
defines fair value, establishes a framework for measuring fair value and expands disclosures about
fair value measurements. SFAS No. 157 is effective for fiscal years beginning after November 15,
2007 and interim periods within those fiscal years. The provisions for SFAS No. 157, as they relate
to the Plan, are to be applied prospectively. The Plans management does not anticipate that the
adoption of SFAS No. 157 will have a material impact to the Plan.
6
Note 3 Investments
For the years ended December 31, 2006 and 2007, the Plans investments (including investments
purchased, sold and held during the year) appreciated (depreciated) as follows:
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2007 |
|
Common stock |
|
$ |
(9,819,568 |
) |
|
$ |
(17,377,541 |
) |
Collective trust funds |
|
|
16,619,628 |
|
|
|
8,124,720 |
|
|
|
|
|
|
|
|
Net
appreciation (depreciation) in fair value of investments |
|
$ |
6,800,060 |
|
|
$ |
(9,252,821 |
) |
|
|
|
|
|
|
|
The fair value of individual investments that represent 5% or more of the Plans net assets at
December 31, 2006 and 2007 are as follows:
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2007 |
|
LifePoint Hospitals, Inc. Common Stock* |
|
$ |
83,895,173 |
|
|
$ |
72,262,074 |
|
Northern Trust Company Stock Index Fund |
|
|
49,924,317 |
|
|
|
64,746,458 |
|
Northern Trust Company Stable Value Asset Fund |
|
|
43,423,272 |
|
|
|
59,529,785 |
|
Northern Trust Company Short Term Investment Fund |
|
|
40,118,258 |
|
|
|
** |
|
Northern Trust Company Small Company Index Fund |
|
|
31,273,749 |
|
|
|
37,779,008 |
|
Northern Trust Company International Equity Index Fund |
|
|
17,018,183 |
|
|
|
25,308,001 |
|
Northern Trust Company Aggregate Bond Index Fund |
|
|
** |
|
|
|
18,933,069 |
|
|
|
|
* |
|
Includes non-participant directed investments. |
|
** |
|
Investment does not represent 5% or more of the Plans net assets for the respective year. |
Note 4 Nonparticipant-Directed Investments
Information about net assets and the significant components of the changes in net assets relating
to the nonparticipant-directed investments at December 31, 2006 and 2007 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2007 |
|
|
|
Allocated |
|
|
Unallocated |
|
|
Allocated |
|
|
Unallocated |
|
Short Term Investment Fund |
|
$ |
|
|
|
$ |
1,263 |
|
|
$ |
991,246 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LifePoint Hospitals, Inc. Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares |
|
|
1,671,439 |
|
|
|
624,821 |
|
|
|
1,817,292 |
|
|
|
294,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
$ |
19,110,693 |
|
|
$ |
7,185,441 |
|
|
$ |
20,781,023 |
|
|
$ |
3,373,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value |
|
$ |
56,327,494 |
|
|
$ |
21,056,468 |
|
|
$ |
54,046,264 |
|
|
$ |
8,751,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fair value of
nonparticipant-directed investments |
|
$ |
56,327,494 |
|
|
$ |
21,057,731 |
|
|
$ |
55,037,510 |
|
|
$ |
8,751,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2007 |
|
Nonparticipant-directed investments at beginning of year |
|
$ |
90,144,753 |
|
|
$ |
77,385,225 |
|
Change in net assets: |
|
|
|
|
|
|
|
|
Transfers
(to) from other funds |
|
|
(1,395,843 |
) |
|
|
242,537 |
|
Distributions to participants |
|
|
(3,927,171 |
) |
|
|
(3,097,239 |
) |
Employer cash contributions |
|
|
3,900,000 |
|
|
|
5,130,000 |
|
Net depreciation in fair value |
|
|
(11,336,514 |
) |
|
|
(15,871,125 |
) |
|
|
|
|
|
|
|
Nonparticipant-directed investments at end of year |
|
$ |
77,385,225 |
|
|
$ |
63,789,398 |
|
|
|
|
|
|
|
|
Note 5 Note Payable to LifePoint Hospitals, Inc.
On June 9, 1999, the Plan purchased 2,796,719 shares of the Companys common stock from the Company
at $11.50 per share for an aggregate purchase price of approximately $32,162,000. The Plan issued a
note payable to the Company (the ESOP Note) in an amount equal to the purchase price. The ESOP
Note is secured by a pledge of the unallocated stock. The ESOP Note is payable in ten annual
payments of $4,636,517, which includes interest on the outstanding principal balance at an annual
rate of 8%.
The purchased shares are held by the ESOP Trustee in a suspense account and a portion of these
shares is allocated on a quarterly and annual basis for Salary Deferral Matching Contributions,
Non-Matching ESOP Contributions or Profit Sharing Contributions. Through December 31, 2006 and 2007, 2,330,719
and 2,517,044 shares, respectively, had been allocated to participant accounts.
The purchase price for the Companys common stock was acknowledged to be no greater than the
prevailing price of the Companys common stock quoted on NASDAQ at June 9, 1999. The Company makes
contributions in cash to the Plan which, when aggregated with the Plans dividends and interest
earnings, equal the amount necessary to enable the Plan to make regularly scheduled payments of
principal and interest due on the ESOP Note. Based on this determination, and subject to
limitations contained in the Code, the Company is entitled to claim an income tax deduction for
contributions to the Plan for the year to which such contributions relate. The participants and
beneficiaries of the Plan are not subject to income tax with respect to contributions made on their
behalf until they receive distributions from the Plan.
The ESOP Note is scheduled to mature in 2008 with final principal payments totaling in the
aggregate $4,293,071. As of December 31, 2006 and 2007 unpaid interest totaled $346,774 and
$1,008,226, respectively, and is reflected as an employer contributions receivable and accrued
interest payable to LifePoint Hospitals, Inc in the accompanying statements of net assets available
for benefits.
Note 6 Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various
risks such as interest rate, market and credit risks. Due to the level of risk associated with
certain investment securities, it is at least reasonably possible that changes in the values of
investment securities will occur in the near term and that such changes could materially affect
participants account balances and the amounts reported in the statements of net assets available
for benefits.
Note 7 Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service, dated January 15,
2003, stating that the Plan is qualified under Section 401(a) of the Code and that the related
trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service,
the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code
to maintain its qualification. The Company has indicated that it will take the necessary steps, if
any, to bring the Companys operations into compliance with the Code.
Note 8 Party-In-Interest Transactions
The issuance of the ESOP Note payable to the Company for the purchase of the Companys common stock
and contributions received by the Plan from the Company to fund principal and interest payments on
the ESOP Note are considered transactions with parties-in-interest. Certain Plan investments are
shares of trust funds managed by the Trustee and, therefore, such transactions qualify as
party-in-interest transactions. Purchases and sales of assets through the ESOP Trustee and Trustee
are also considered party-in-interest transactions. The Plan also holds investments in the form of
participant loans, such transactions qualify as party-in-interest transactions. All of these
transactions are permissible under specific exemptions included in ERISA and the Code.
8
Note 9
Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements
to the Form 5500 at December 31, 2006 and 2007:
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2007 |
|
Net assets available for benefits per the financial statements |
|
$ |
278,688,344 |
|
|
$ |
287,388,776 |
|
Less deemed distributions of participant loans |
|
|
(150,080 |
) |
|
|
(152,553 |
) |
|
|
|
|
|
|
|
Net assets available for benefits per the Form 5500 |
|
$ |
278,538,264 |
|
|
$ |
287,236,223 |
|
|
|
|
|
|
|
|
The following is a reconciliation of the change in net assets available for benefits per the
financial statements to the Form 5500 for the years ended December 31, 2006 and 2007:
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2007 |
|
Net increase in net assets available for benefits per
the financial statements |
|
$ |
18,515,791 |
|
|
$ |
8,700,432 |
|
Add deemed
distributions of participant loans at beginning of year |
|
|
|
|
|
|
150,080 |
|
Less deemed
distributions of participant loans at end of year |
|
|
(150,080 |
) |
|
|
(152,553 |
) |
|
|
|
|
|
|
|
Net increase in net assets available for benefits per the Form 5500 |
|
$ |
18,365,711 |
|
|
$ |
8,697,959 |
|
|
|
|
|
|
|
|
Note 10 Subsequent Events
Effective January 1, 2008, The Charles Schwab Trust Company replaced U.S. Trust Company, N.A. and
Northern Trust as trustee for the Plan. The Plan assets were transferred to Charles Schwab Trust
Company on January 2, 2008.
Effective January 1, 2008, the Plan was merged with the Province Healthcare Company 401(k)
Retirement Plan, a separate plan administered by the Company. The LifePoint Hospitals, Inc.
Retirement Plan is the surviving plan of the two merged plans.
9
LifePoint Hospitals, Inc. Retirement Plan
EIN: 52-2165845 Plan No.: 001
Schedule H, Line 4i
Schedule of Assets (Held at End of Year)
December 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
|
|
|
|
|
|
|
|
(b) |
|
Description of Investment |
|
|
|
|
|
|
|
|
|
|
Including Maturity Date, |
|
|
|
|
|
|
|
|
Identity of Issue, |
|
Rate of Interest, |
|
|
|
|
|
(e) |
|
|
Borrower, Lessor |
|
Collateral, Par |
|
(d) |
|
Current |
(a) |
|
or Similar Party |
|
or Maturity Value |
|
Cost |
|
Value |
*
|
|
LifePoint
Hospitals, Inc.
|
|
Common Stock
|
|
$ |
30,784,994 |
|
|
$ |
72,262,074 |
|
*
|
|
Northern Trust Company
|
|
Stock Index Fund
|
|
|
** |
|
|
|
64,746,458 |
|
*
|
|
Northern Trust Company
|
|
Stable Value Asset Fund
|
|
|
** |
|
|
|
59,529,785 |
*** |
*
|
|
Northern Trust Company
|
|
Small Company Index Fund
|
|
|
** |
|
|
|
37,779,008 |
|
*
|
|
Northern Trust Company
|
|
International Equity Index Fund
|
|
|
** |
|
|
|
25,308,001 |
|
*
|
|
Northern Trust Company
|
|
Aggregate Bond Index Fund
|
|
|
** |
|
|
|
18,933,069 |
|
*
|
|
Northern Trust Company
|
|
Short Term Investment Fund
|
|
|
** |
|
|
|
4,510,661 |
|
|
|
Self-directed Brokerage Accounts
|
|
Various investments
|
|
|
** |
|
|
|
4,508,510 |
|
*
|
|
Participant Loans
|
|
Interest rate ranges from
4.0% to 9.5%
|
|
|
** |
|
|
|
3,294,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
290,871,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Indicates a party-in-interest to the Plan. |
|
** |
|
Not required for participant-directed investments. |
|
*** |
|
In accordance with FSP AAG INV-1 and SOP 94-4-1, the current value of
the Stable Value Asset Fund has been stated at fair value. |
10
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees have
duly caused this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
|
|
|
|
Date: June 11, 2008
|
|
LIFEPOINT HOSPITALS, INC. RETIREMENT PLAN |
|
|
|
|
|
|
|
By:
|
|
/s/ John Bumpus |
|
|
|
|
|
|
|
|
|
John Bumpus
Executive Vice President and
Chief Administrative Officer |
11
EXHIBIT INDEX
|
|
|
EXHIBIT |
|
|
NUMBER |
|
DESCRIPTION |
23.1
|
|
Consent of Independent Registered Public Accounting Firm |
12