EXHIBIT 99.1
(HCA LOGO) NEWS
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FOR IMMEDIATE RELEASE
INVESTOR CONTACT: MEDIA CONTACT:
Mark Kimbrough Jeff Prescott
(615) 344-2688 (615) 344-5708
HCA REPORTS 2004 THIRD QUARTER RESULTS
NASHVILLE, TENN., OCTOBER 22, 2004 - HCA (NYSE: HCA) today announced
consolidated revenues for the quarter ended September 30, 2004 increased 5.9
percent to $5.8 billion from $5.5 billion in the third quarter of 2003. Net
income totaled $227 million, or $0.47 per diluted share, compared to $306
million, or $0.61 per diluted share, in 2003. The quarterly results include an
estimated adverse net income impact from hurricanes Charley, Frances, Ivan and
Jeanne of $40 million, or $0.05 per diluted share. Third quarter results also
include an asset impairment charge of $12 million, or $0.02 per diluted share,
associated with the planned closure of San Jose Medical Center, San Jose, CA.
During the third quarter of 2004, virtually all of HCA's 40 Florida hospitals
and 28 surgery centers encountered disruption as the state coped with successive
hurricanes Charley, Frances, Ivan and Jeanne. The effects of hurricane-related
power outages, physician and patient dislocation due to evacuations, cancelled
inpatient and outpatient surgeries, loss of ICU admissions/days, canceled
outpatient visits, employee assistance, preparation costs for facilities that
were bracing for impact, transfers of patients between hospitals, and property
damage and repairs are estimated to have cost the Company $40 million, or $0.05
per diluted share, net of estimated recoveries from its insurers of $15 million.
The Company is insured for property damage and business interruption with a 5
percent per location deductible and a $10 million overall corporate deductible.
1
The Company's 28 surgery centers located in Florida experienced disruption due
to the storms as scheduled surgical procedures were postponed or canceled in
anticipation of the hurricanes' impact. Following landfall of the hurricanes,
power outages and property damage delayed the opening of many surgery centers.
In the month of September, surgical volume for HCA's Florida surgery centers
decreased 13.2 percent to 6,484 surgeries compared to 7,468 surgeries in
September 2003.
HCA's Florida operations comprise approximately 25 percent of the Company's
revenue. Operating results for the Florida facilities during the month of
September diminished as Florida prepared for the arrival and responded to the
aftermath of the storms. September results for the Company's Florida hospitals
include a reduction in admissions of 0.3 percent as compared to the prior year's
September. For the eight months ended August 31, 2004, admissions in our Florida
hospitals increased 2.8 percent. Florida hospital revenues totaled $462 million
in September 2004 compared to $454 million in September 2003, an increase of
only 1.9 percent. For the eight months ended August 31, 2004, our Florida
hospitals revenues grew 8.9 percent.
Same facility revenues rose 5.9 percent in the third quarter of 2004, same
facility revenue per equivalent admission increased 4.5 percent, same facility
admissions increased 0.9 percent and same facility equivalent admissions
increased 1.3 percent, compared to the third quarter of 2003. Same facility
surgical volume increased 1.2 percent in the third quarter of 2004.
The Company's provision for doubtful accounts in the third quarter of 2004
totaled $688 million, or 11.9 percent of revenues, compared to $566 million, or
10.3 percent of revenues, in the third quarter of 2003 due to a continuation of
trends associated with growth of uninsured and self pay accounts and a
deterioration of the collectability of these accounts.
Same facility uninsured emergency room visits rose 11.4 percent in the third
quarter of 2004, while same facility uninsured admissions rose 7.2 percent
compared to the third quarter of 2003. Same facility uninsured emergency room
visits accounted for 20.8 percent of total emergency room visits and same
facility uninsured admissions accounted for 4.9 percent of total admissions in
the third quarter of 2004. The Company's health care facilities provided $228
million of charity care and
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discounts to the uninsured during the third quarter of 2004, consistent with the
third quarter of 2003. Medicare regulatory changes, effective October 1, 2003,
resulted in a $36 million ($0.05 per diluted share) reduction in the Company's
Medicare operating outlier payments (from $65 million in the third quarter of
2003 to $29 million in the third quarter of 2004). The lower outlier payments
resulted in a 60 basis point reduction in the Company's revenue per equivalent
admission growth in the quarter.
During the third quarter of 2004, same facility outpatient surgeries increased
0.7 percent. Included in this statistic are ambulatory surgery volumes, which
increased 0.9 percent, and hospital based outpatient surgeries, which increased
0.7 percent. Same facility emergency room visits increased 1.9 percent during
the third quarter of 2004 compared to the same period of 2003.
Revenues for the nine months ended September 30, 2004 were $17.6 billion
compared to $16.2 billion in 2003. Net income totaled $924 million, or $1.88 per
diluted share, compared to $1.015 billion, or $1.98 per diluted share, for the
nine months ended September 30, 2003.
The Company's cash flow from operations increased to $1.056 billion for the
third quarter of 2004 from $285 million in 2003. During the third quarter of
2003, the Company made settlement payments to the Federal government of $680
million. Capital expenditures, excluding acquisitions, totaled $338 million in
the third quarter of 2004 and totaled $1.125 billion for the nine months ended
September 30, 2004.
At September 30, 2004, the Company's balance sheet reflected total debt of $8.3
billion, stockholders equity (including common and minority equity) of $7.3
billion and total assets of $21.3 billion. HCA's ratio of debt-to-debt plus
common and minority equity was 53.2 percent at September 30, 2004 compared to
55.8 percent at December 31, 2003.
Subsequent to the end of the quarter, HCA's Board of Directors approved the
initiation of a modified "Dutch" auction tender offer to purchase up to
61,000,000 shares of its outstanding common stock at a price not greater than
$41.00 nor less than $35.00 per share net to the seller in cash, without
interest and as specified in the offer to purchase relating to the tender offer
distributed to shareholders. HCA has obtained a commitment letter from JP Morgan
for $2.25 billion in credit facilities, a portion of which will be used to
finance the tender offer. In addition, HCA has obtained a commitment letter from
JP Morgan and Merrill Lynch for a $1.5 billion short-term loan facility which
will also be used to finance the tender offer. Accordingly, the tender offer
will be conditioned upon receipt of this
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financing pursuant to the terms and conditions contained in the commitment
letters and on terms satisfactory to HCA on or prior to the expiration date of
the tender offer, and on other customary conditions. The tender offer commenced
on October 13, 2004 and will expire, unless extended, at 12:00 midnight, New
York City time, on Wednesday, November 10, 2004.
"The tender offer is consistent with the Company's commitment to enhancing
shareholder value and reflects our confidence in the long-term future of HCA,"
stated Jack O. Bovender, Jr., HCA Chairman and CEO. "The tender offer represents
an opportunity for the Company to deliver value to shareholders who elect to
tender their shares, while at the same time increasing the proportional
ownership of non-tendering shareholders in HCA. We believe the Company possesses
the financial strength to successfully complete the tender offer and the related
borrowings without jeopardizing our strong commitment to future capital
investments in our existing hospitals and communities."
The Company repurchased 14.5 million shares of its common stock at a cost of
$600 million (average cost of $41.45 per share) during the nine months ended
September 30, 2004. Since 1997, HCA has repurchased approximately 249 million
shares at a cost of $7.5 billion (average cost of $30.20 per share). HCA had
approximately 483 million shares outstanding at September 30, 2004.
As noted in our preview of third quarter results last week, the Company now
believes that its 2004 earnings will range from $2.40 to $2.45 per diluted
share. Fourth quarter earnings are expected to approximate $0.52 to $0.57 per
diluted share, which includes an estimated adverse financial impact of
approximately $15 million, pretax, due to the effects of the recent hurricanes.
The Company's newly issued earnings guidance for 2005 is an anticipated range of
$2.75 to $2.90 per diluted share. Included in the guidance for 2005 is an
estimated $0.14 to $0.21 per diluted share benefit from the $2.5 billion share
repurchase (fewer shares outstanding partially offset by higher interest
expense), which will vary depending on the final results of the tender offer.
While the Company is unable to specifically estimate the longer-term impact of
the hurricanes' residual effects, the Company's 2005 earnings guidance range
reflects continuing physician dislocation and general economic disruption in
some of its Florida markets and potential reduction in seasonal volumes.
4
At September 30, 2004, the Company operated 190 hospitals and 91 freestanding
surgery centers (including 7 hospitals and 10 freestanding surgery centers owned
through equity method joint ventures) located in 23 states, London, England and
Geneva, Switzerland compared to 190 hospitals and 82 freestanding surgery
centers (including 7 hospitals and 4 freestanding surgery centers owned through
equity method joint ventures) at September 30, 2003.
HCA will host a conference call for investors at 9:00 a.m. CDT (10:00 a.m. EDT)
today. All interested investors are invited to access a live audio broadcast of
the call via webcast. The broadcast also will be available on a replay basis
beginning this afternoon and for the next year. The webcast can be accessed at
http://www.firstcallevents.com/service/ajwz409747035gf12.html
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This press release contains forward-looking statements based on current
management expectations. Those forward-looking statements include all statements
regarding our estimated results of operations for future periods and all
statements other than those made solely with respect to historical fact.
Numerous risks, uncertainties and other factors may cause actual results to
differ materially from those expressed in any forward-looking statements. These
factors include, but are not limited to (i) the number of shares tendered and
the price at which the Company determines to purchase shares in the tender
offer, (ii) availability and cost of adequate financing on terms acceptable to
the Company, including the ability of the Company to successfully refinance its
existing credit facility and to borrow approximately $2.5 billion pursuant to
the terms and conditions of the commitment letters and on terms satisfactory to
us, (iii) increases in the amount and risk of collectability of uninsured
accounts and deductibles and co-pay amounts for insured accounts, (iv) the
ability to achieve operating and financial targets and achieve expected levels
of patient volumes and control the costs of providing services, (v) the highly
competitive nature of the health care business, (vi) the continuing impact of
the hurricanes on the Company's Florida facilities and the ability to obtain
recoveries under the Company's insurance policies, (vii) the efforts of
insurers, health care providers and others to contain health care costs, (viii)
possible changes in the Medicare and Medicaid programs that may impact
reimbursements to health care providers and insurers, (ix) the ability to
attract and retain qualified management and personnel, including affiliated
physicians, nurses and medical support personnel, (x) potential liabilities and
other claims that may be asserted against the Company, (xi) fluctuations in the
market value of the Company's common stock, (xii) the impact of the Company's
charity care and self-pay discounting policy changes, (xiii) changes in
accounting practices, (xiv) changes in general economic conditions,
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(xv) future divestitures which may result in charges, (xvi) changes in revenue
mix and the ability to enter into and renew managed care provider arrangements
on acceptable terms, (xvii) the availability and terms of capital to fund the
expansion of the Company's business, (xviii) changes in business strategy or
development plans, (xix) delays in receiving payments for services provided,
(xx) the possible enactment of Federal or state health care reform, (xxi) the
outcome of pending and any future tax audits and litigation associated with the
Company's tax positions, (xxii) the outcome of the Company's continuing efforts
to monitor, maintain and comply with appropriate laws, regulations, policies and
procedures and the Company's corporate integrity agreement with the government,
(xxiii) changes in Federal, state or local regulations affecting the health care
industry, (xxiv) the ability to successfully integrate the operations of Health
Midwest, (xxv) the ability to develop and implement the payroll and human
resources information system within the expected time and cost projections and,
upon implementation, to realize the expected benefits and efficiencies, and
(xxvi) other risk factors detailed in the Company's filings with the SEC. Many
of the factors that will determine the Company's future results are beyond the
ability of the Company to control or predict. In light of the significant
uncertainties inherent in the forward-looking statements contained herein,
readers should not place undue reliance on forward-looking statements, which
reflect management's views only as of the date hereof. The Company undertakes no
obligation to revise or update any forward-looking statements, or to make any
other forward-looking statements, whether as a result of new information, future
events or otherwise.
All references to "Company" and "HCA" as used throughout this document refer to
HCA Inc. and its affiliates.
6
HCA INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
THIRD QUARTER
(Dollars in millions, except per share amounts)
2004 2003
------------------- ------------------
Amount Ratio Amount Ratio
--------- ----- -------- -----
Revenues ................................................ $ 5,792 100.0% $ 5,471 100.0%
Salaries and benefits ................................... 2,350 40.6 2,189 40.0
Supplies ................................................ 966 16.7 882 16.1
Other operating expenses ................................ 984 17.0 952 17.5
Provision for doubtful accounts ......................... 688 11.9 566 10.3
Gains on investments .................................... (24) (0.4) (1) --
Equity in earnings of affiliates ........................ (49) (0.9) (52) (1.0)
Depreciation and amortization ........................... 314 5.4 283 5.3
Interest expense ........................................ 138 2.4 127 2.3
Gains on sales of facilities ............................ -- -- (10) (0.2)
Impairment of long-lived assets ......................... 12 0.2 -- --
Investigation related costs ............................. -- -- 3 --
------------------- ------------------
5,379 92.9 4,939 90.3
------------------- ------------------
Income before minority interests and income taxes ....... 413 7.1 532 9.7
Minority interests in earnings of consolidated entities . 46 0.8 34 0.6
------------------- ------------------
Income before income taxes .............................. 367 6.3 498 9.1
Provision for income taxes .............................. 140 2.4 192 3.5
------------------- ------------------
Net income ......................................... $ 227 3.9 $ 306 5.6
=================== ==================
Diluted earnings per share .............................. $ 0.47 $ 0.61
Shares used in computing diluted earnings per share (000) 488,484 505,612
7
HCA INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
(Dollars in millions, except per share amounts)
2004 2003
---------------- ----------------
Amount Ratio Amount Ratio
-------- ----- -------- -----
Revenues ................................................ $ 17,562 100.0% $ 16,211 100.0%
Salaries and benefits ................................... 7,017 40.0 6,463 39.9
Supplies ................................................ 2,913 16.6 2,597 16.0
Other operating expenses ................................ 2,826 16.0 2,731 16.8
Provision for doubtful accounts ......................... 2,043 11.6 1,571 9.7
Gains on investments .................................... (52) (0.3) -- --
Equity in earnings of affiliates ........................ (148) (0.8) (163) (1.0)
Depreciation and amortization ........................... 932 5.3 822 5.1
Interest expense ........................................ 409 2.3 364 2.2
Gains on sales of facilities ............................ -- -- (85) (0.5)
Impairment of long-lived assets ......................... 12 0.1 130 0.8
Investigation related costs ............................. -- -- 8 0.1
---------------- ----------------
15,952 90.8 14,438 89.1
---------------- ----------------
Income before minority interests and income taxes ....... 1,610 9.2 1,773 10.9
Minority interests in earnings of consolidated entities . 119 0.7 120 0.7
---------------- ----------------
Income before income taxes .............................. 1,491 8.5 1,653 10.2
Provision for income taxes .............................. 567 3.2 638 3.9
---------------- ----------------
Net income ......................................... $ 924 5.3 $ 1,015 6.3
================ ================
Diluted earnings per share .............................. $ 1.88 $ 1.98
Shares used in computing diluted earnings per share (000) 492,113 514,077
8
HCA INC.
SUPPLEMENTAL OPERATING RESULTS INFORMATION
(Dollars in millions, except per share amounts)
THIRD QUARTER YEAR TO DATE
---------------------- ----------------------
2004 2003 2004 2003
-------- -------- -------- --------
Revenues ................................................................ $ 5,792 $ 5,471 $ 17,562 $ 16,211
Net income .............................................................. $ 227 $ 306 $ 924 $ 1,015
Gains on sales of facilities (net of tax) ....................... -- (7) -- (49)
Impairment of long-lived assets (net of tax) .................... 8 -- 8 79
Investigation related costs (net of tax) ........................ -- 3 -- 6
---------------------- ----------------------
Net income, excluding gains on sales of facilities, impairment of
long-lived assets and investigation related costs (a) ................. 235 302 932 1,051
Depreciation and amortization ................................... 314 283 932 822
Interest expense ................................................ 138 127 409 364
Minority interests in earnings of consolidated entities ......... 46 34 119 120
Provision for income taxes ...................................... 144 189 571 655
---------------------- ----------------------
Adjusted EBITDA (a) ..................................................... $ 877 $ 935 $ 2,963 $ 3,012
====================== ======================
Diluted earnings per share:
Net income ...................................................... $ 0.47 $ 0.61 $ 1.88 $ 1.98
Gains on sales of facilities .................................... -- (0.01) -- (0.09)
Impairment of long-lived assets ................................. 0.02 -- 0.02 0.15
---------------------- ----------------------
Net income, excluding gains on sales of facilities,
impairment of long-lived assets and investigation
related costs (a) ........................................ $ 0.49 $ 0.60 $ 1.90 $ 2.04
====================== ======================
Shares used in computing diluted earnings per share (000) ............... 488,484 505,612 492,113 514,077
- ------------------
(a) Net income, excluding gains on sales of facilities, impairment of
long-lived assets and investigation related costs, and adjusted EBITDA
are non-GAAP financial measures. The Company believes that net income,
excluding certain measures required to be disclosed by GAAP, and
adjusted EBITDA are important operating measures that supplement
discussions and analysis of the Company's results of operations. The
Company believes that it is useful to investors to provide disclosures
of its results of operations on the same basis as that used by
management. HCA's management relies upon net income, excluding certain
measures required to be disclosed by GAAP, and adjusted EBITDA as the
primary measures to review and assess operating performance of its
hospital facilities and their management teams.
Management and investors review both the Company's overall performance
(including net income, excluding certain measures required to be
disclosed by GAAP, GAAP net income and GAAP EPS) and the operating
performance of the Company's health care facilities (adjusted EBITDA).
Adjusted EBITDA and the adjusted EBITDA margin (adjusted EBITDA divided
by revenues) are utilized by management and investors to compare the
Company's current operating results with the corresponding periods
during the previous year and to compare the Company's operating results
with other companies in the health care industry. The Company recorded
asset impairment charges during the third quarters of 2004 and 2003,
gains on sales of facilities during the third quarter of 2003 and nine
months ended September 30, 2003 and investigation related costs during
the third quarter of 2003 and nine months ended September 30, 2003. It
is reasonable to expect that asset impairment charges and gains on
sales of facilities will occur in future periods, but the amounts
recognized for these items can vary significantly from quarter to
quarter, do not directly relate to the ongoing operations of the
Company's health care facilities and complicate quarterly comparisons
of the Company's results of operations and operations comparisons with
other health care companies. In addition, the Company does not
currently expect to incur investigation related costs in future
periods.
Net income, excluding certain measures required to be disclosed by
GAAP, and adjusted EBITDA are not measures of financial performance
under accounting principles generally accepted in the United States,
and should not be considered as alternatives to net income as a measure
of operating performance or to cash flows from operating, investing and
financing activities as a measure of liquidity. Because net income,
excluding certain measures required to be disclosed by GAAP, and
adjusted EBITDA are not measurements determined in accordance with
generally accepted accounting principles and are susceptible to varying
calculations, net income, excluding certain measures required to be
disclosed by GAAP, and adjusted EBITDA, as presented, may not be
comparable to other similarly titled measures presented by other
companies.
9
HCA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
SEPTEMBER 30, JUNE 30, DECEMBER 31,
2004 2004 2003
------------- --------- ------------
ASSETS
Current assets:
Cash and cash equivalents ............................ $ 300 $ 120 $ 115
Accounts receivable, net ............................. 2,983 3,113 3,095
Inventories .......................................... 544 541 520
Deferred income taxes ................................ 675 573 534
Other ................................................ 290 385 558
--------- --------- ---------
Total current assets ............................ 4,792 4,732 4,822
Property and equipment, at cost ........................... 19,605 19,346 18,685
Accumulated depreciation .................................. (8,308) (8,081) (7,620)
--------- --------- ---------
11,297 11,265 11,065
Investments of insurance subsidiary ....................... 1,941 1,866 1,790
Investments in and advances to affiliates ................. 498 508 527
Goodwill .................................................. 2,498 2,496 2,481
Deferred loan costs ....................................... 73 76 75
Other ..................................................... 233 236 303
--------- --------- ---------
$ 21,332 $ 21,179 $ 21,063
========= ========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable ..................................... $ 757 $ 746 $ 877
Accrued salaries ..................................... 576 537 510
Other accrued expenses ............................... 1,404 1,140 1,116
Long-term debt due within one year ................... 728 710 665
--------- --------- ---------
Total current liabilities ....................... 3,465 3,133 3,168
Long-term debt ............................................ 7,549 7,961 8,042
Professional liability risks .............................. 1,280 1,270 1,314
Deferred income taxes and other liabilities ............... 1,761 1,746 1,650
Minority interests in equity of consolidated entities ..... 758 726 680
Stockholders' equity ...................................... 6,519 6,343 6,209
--------- --------- ---------
$ 21,332 $ 21,179 $ 21,063
========= ========= =========
Current ratio ............................................. 1.38 1.51 1.52
Ratio of debt to debt plus common and minority equity ..... 53.2% 55.1% 55.8%
Shares outstanding (thousands) ............................ 482,860 482,095 490,718
10
HCA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
(Dollars in millions)
2004 2003
------- -------
Cash flows from operating activities:
Net income ...................................................................... $ 924 $ 1,015
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for doubtful accounts ........................................... 2,043 1,571
Depreciation and amortization ............................................. 932 822
Income taxes .............................................................. 362 221
Gains on sales of facilities .............................................. -- (85)
Impairment of long-lived assets ........................................... 12 130
Payment to Federal government ............................................. -- (930)
Change in operating assets and liabilities ................................ (1,855) (1,477)
Other ..................................................................... 92 93
------- -------
Net cash provided by operating activities .............................. 2,510 1,360
------- -------
Cash flows from investing activities:
Purchase of property and equipment .............................................. (1,125) (1,318)
Acquisitions of hospitals and health care entities .............................. (49) (895)
Disposition of hospitals and health care entities ............................... 31 152
Change in investments ........................................................... (155) (236)
Other ........................................................................... 1 (1)
------- -------
Net cash used in investing activities .................................. (1,297) (2,298)
------- -------
Cash flows from financing activities:
Issuance of long-term debt ...................................................... 519 1,020
Net change in revolving bank credit facility .................................... (510) 1,065
Repayment of long-term debt ..................................................... (443) (418)
Payment of cash dividends ....................................................... (134) (30)
Repurchases of common stock ..................................................... (600) (751)
Issuances of common stock ....................................................... 152 86
Other ........................................................................... (12) (13)
------- -------
Net cash (used in) provided by financing activities .................... (1,028) 959
------- -------
Change in cash and cash equivalents ................................................. 185 21
Cash and cash equivalents at beginning of period .................................... 115 161
------- -------
Cash and cash equivalents at end of period .......................................... $ 300 $ 182
======= =======
Interest payments ................................................................... $ 375 $ 319
Income tax payments, net of refunds ................................................. $ 205 $ 417
11
HCA INC.
OPERATING STATISTICS
FOR THE NINE MONTHS
THIRD QUARTER ENDED SEPTEMBER 30,
-------------------------- -------------------------
2004 2003 2004 2003
--------- --------- --------- ---------
CONSOLIDATED HOSPITALS:
Number of Hospitals 183 183 183 183
Weighted Average Licensed Beds 42,030 42,098 41,975 41,419
Licensed Beds at End of Period 42,044 41,997 42,044 41,997
REPORTED:
Admissions 410,800 407,700 1,251,600 1,221,200
% Change 0.8% 2.5%
Equivalent Admissions 613,100 606,200 1,849,900 1,798,800
% Change 1.1% 2.8%
Revenue per Equivalent Admission $ 9,448 $ 9,025 $ 9,494 $ 9,012
% Change 4.7% 5.3%
Inpatient Revenue per Admission $ 8,604 $ 8,146 $ 8,614 $ 8,182
% Change 5.6% 5.3%
Patient Days 2,014,800 2,001,800 6,221,800 6,049,200
Equivalent Patient Days 3,007,400 2,976,900 9,195,900 8,910,500
Emergency Room Visits 1,320,900 1,294,900 3,927,400 3,792,000
% Change 2.0% 3.6%
Outpatient Revenues as a
Percentage of Patient Revenues 38.0% 38.1% 37.7% 37.2%
Average Length of Stay 4.9 4.9 5.0 5.0
Occupancy 52.1% 51.7% 54.1% 53.5%
Equivalent Occupancy 77.7% 76.8% 80.0% 78.8%
SAME FACILITY:
Admissions 408,300 404,500 1,194,000 1,178,300
% Change 0.9% 1.3%
Equivalent Admissions 608,300 600,700 1,760,000 1,731,000
% Change 1.3% 1.7%
Revenue per Equivalent Admission $ 9,434 $ 9,024 $ 9,511 $ 9,001
% Change 4.5% 5.7%
Inpatient Revenue per Admission $ 8,606 $ 8,177 $ 8,741 $ 8,280
% Change 5.2% 5.6%
Emergency Room Visits 1,303,200 1,279,400 3,726,100 3,646,800
% Change 1.9% 2.2%
NUMBER OF CONSOLIDATED AND
NON-CONSOLIDATED (50/50 EQUITY
JOINT VENTURES) HOSPITALS:
Consolidated 183 183 183 183
Non-Consolidated (50/50 Equity
Joint Ventures) 7 7 7 7
--------- --------- --------- ---------
Total Number of Hospitals 190 190 190 190
========= ========= ========= =========
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