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 FOURTH QUARTER AND 2004 RESULTS
QUARTERLY DIVIDEND INCREASES TO $0.15 PER SHARE
NASHVILLE, TENN., FEBRUARY 1, 2005 - HCA (NYSE: HCA) today announced operating
results for the fourth quarter and fiscal year ended December 31, 2004 and a 15
percent increase to its quarterly dividend.
For the fourth quarter of 2004, revenues increased 6.1 percent to $5.9 billion
from $5.6 billion in the fourth quarter of 2003. Same facility revenues and same
facility revenue per equivalent admission increased 6.5 percent.
HCA healthcare facilities provided $248 million of charity care and discounts to
the uninsured during the fourth quarter of 2004 compared to $201 million in the
fourth quarter of 2003.
Net income for the fourth quarter of 2004 was $322 million, or $0.70 per diluted
share, compared to $317 million, or $0.63 per diluted share, in the previous
year's fourth quarter. Fourth quarter 2004 financial results benefited from the
Company's refinements to the provision for doubtful accounts estimation process,
reductions to the effective tax rate and reductions in shares outstanding due to
the completion of a $2.5 billion "Dutch" auction tender offer in the quarter.
The fourth quarter of 2003 financial results included a $41 million, or $0.05
per diluted share, favorable change in Medicaid cost report estimates.
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In the fourth quarter of 2004, same facility admissions decreased 1.4 percent
partly due to difficult year-over-year comparisons driven by a strong fourth
quarter of 2003 flu season. Flu-related or pulmonary admissions decreased by
approximately 18.3 percent in the fourth quarter of 2004 as compared to the
fourth quarter of 2003. Fourth quarter 2004 same facility equivalent admissions
increased 0.1 percent reflecting strength in the Company's outpatient services
compared to the fourth quarter of 2003.
Same facility outpatient surgeries increased 1.8 percent in the fourth quarter
of 2004. Included in this statistic are ambulatory surgery center volumes, which
increased 8.2 percent, and hospital based outpatient surgeries, which decreased
0.9 percent. Same facility emergency room visits decreased 5.4 percent during
the fourth quarter of 2004, compared to the same period of 2003, primarily due
to higher flu-related volumes during the fourth quarter of 2003. Flu-related or
pulmonary emergency room visits declined by approximately 31.7 percent in the
fourth quarter of 2004 compared to the fourth quarter of 2003.
The provision for doubtful accounts for the fourth quarter of 2004 was $626
million, or 10.5 percent of revenues, compared to $688 million, or 11.9 percent
of revenues, in the third quarter of 2004 and $636 million, or 11.4 percent of
revenues, in the fourth quarter of 2003. During the fourth quarter of 2004, the
Company recognized a favorable change in its estimated provision for doubtful
accounts totaling approximately $46 million, or $0.06 per diluted share, based
upon refinements to its allowance for doubtful accounts estimation process
related to estimated recoveries associated with Medicare co-pays and deductibles
and collection agency placements.
The Company's effective tax rate was adjusted in the fourth quarter of 2004,
resulting in reduced tax expense of $19 million, or $0.04 per diluted share.
During the fourth quarter of 2004, the Company continued to experience a
moderation in the growth in its uninsured patient admissions and emergency room
visits. Same facility uninsured admissions, compared to the respective 2003
quarter, increased 3.7 percent in the fourth quarter of 2004, 7.2 percent in the
third quarter, 15.2 percent in the second quarter and 13.7 percent in the first
quarter of 2004. Same facility uninsured emergency room visits, compared to the
respective
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2003 quarter, increased 3.8 percent in the fourth quarter of 2004, 11.4 percent
in the third quarter,16.9 percent in the second quarter and 17.9 percent in the
first quarter of 2004.
RESULTS FOR 2004
Revenues in 2004 increased to $23.5 billion versus $21.8 billion in 2003. Net
income for 2004 totaled $1.246 billion, or $2.58 per diluted share, compared to
$1.332 billion, or $2.61 per diluted share, in the previous year.
For the year ended December 31, 2004, charity care and discounts totaled $926
million compared to $821 million in 2003.
In 2004, same facility admissions increased 0.7 percent while same facility
equivalent admissions increased 1.3 percent. For 2004, same facility revenue
increased 7.3 percent and net revenue per equivalent admission increased 6.0
percent.
During the third quarter of 2004, many of HCA's 40 Florida hospitals and 28
surgery centers encountered property damage and business interruption as the
state coped with successive hurricanes Charley, Frances, Ivan and Jeanne. The
Company estimated the cost, net of estimated recoveries from its insurers,
incurred in the third quarter to be approximately $40 million, or $0.05 per
diluted share. Also during the third quarter of 2004, the Company recognized an
asset impairment charge of $12 million, or $0.02 per diluted share, associated
with the announced closure of San Jose Medical Center, San Jose, CA.
Results for 2003 included gains on sales of facilities of $85 million, or $0.10
per diluted share, an asset impairment charge of $130 million, or $0.16 per
diluted share, and a net favorable $33 million, or $0.04 per diluted share,
related to the favorable settlement of certain Medicaid cost report balances and
investigation related costs.
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CASH FLOW AND BALANCE SHEET
HCA's cash flow from operations increased to $3.0 billion in 2004 compared to
$2.2 billion in 2003. During 2003, government settlement payments and related
taxes reduced cash flow from operations by approximately $650 million. Capital
expenditures, excluding acquisitions, totaled $1.5 billion in 2004 and $1.8
billion in 2003.
During 2004, the Company repurchased 77.4 million shares of its common stock at
a cost of $3.1 billion (average cost of $40.18 per share). Since 1997, HCA has
repurchased approximately 312 million shares at a cost of $10 billion (average
cost of $32.13 per share). HCA had 422.6 million shares outstanding at December
31, 2004, compared to 490.7 million at December 31, 2003. The Company has
completed its previously announced stock repurchase plan.
As of December 31, 2004, the Company's balance sheet reflected total debt of
$10.5 billion, stockholders equity (including common and minority equity) of
$5.2 billion and total assets of $21.5 billion. HCA's ratio of debt to debt plus
common and minority equity was 66.9 percent at December 31, 2004, compared to
53.2 percent at September 30, 2004 and 55.8 percent at December 31, 2003.
DIVIDEND
HCA's Board of Directors has approved a 15 percent increase in the Company's
quarterly dividend from $0.13 per share to $0.15 per share. The $0.15 per share
dividend is payable on June 1, 2005 to shareholders of record at May 1, 2005.
"We believe the strength of the Company's cash flows enables us to increase the
dividend, while continuing to reinvest capital in our healthcare facilities. Due
to the significant reduction in shares outstanding following the Company's
recently completed "Dutch" auction tender offer, the increased dividend is
expected to provide a total annual cash dividend payout generally consistent
with the approximately $250 million of dividends declared in 2004," stated Jack
O. Bovender, HCA's Chairman and Chief Executive Officer.
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2005 EARNINGS GUIDANCE
The Company also reaffirmed its previous earnings guidance for the full year
2005 within a range of $2.75 to $2.90 per diluted share.
FACILITIES AT YEAR END
At December 31, 2004, the Company operated 189 hospitals and 92 freestanding
surgery centers (including seven hospitals and eight freestanding surgery
centers operated through equity method joint ventures) located in 23 states,
London, England and Geneva, Switzerland compared to 191 hospitals and 83
freestanding surgery centers (including seven hospitals and four freestanding
surgery centers operated through equity method joint ventures) at December 31,
2003.
ANNUAL SHAREHOLDER MEETING
The Company's annual shareholders' meeting will be held at the Company's
headquarters in Nashville, Tennessee on May 26, 2005 at 1:30 p.m. local time for
shareholders of record as of March 28, 2005.
EARNINGS CONFERENCE CALL
HCA will host a conference call for investors at 8:30 a.m. Central Standard Time
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 through the next year. The webcast can be accessed
at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=
63489&eventID=997932.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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 in 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 increased leverage resulting
from the financing of our recently completed tender offer, (ii) increases in the
amount and risk of collectability of uninsured accounts and deductibles and
co-pay amounts for insured accounts, (iii) the ability to achieve operating and
financial targets, achieve expected levels of patient volumes and control the
costs of providing services, (iv) the highly competitive nature of the health
care business, (v)
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the efforts of insurers, health care providers and others to contain health care
costs, (vi) possible changes in the Medicare, Medicaid and other state programs
that may impact reimbursements to health care providers and insurers, (vii) the
ability to attract and retain qualified management and other personnel,
including affiliated physicians, nurses and medical support personnel, (viii)
potential liabilities and other claims that may be asserted against the Company,
(ix) fluctuations in the market value of the Company's common stock, (x) the
impact of the Company's charity care and uninsured discounting policy changes,
(xi) changes in accounting practices, (xii) changes in general economic
conditions, (xiii) future divestitures which may result in charges, (xiv)
changes in revenue mix and the ability to enter into and renew managed care
provider arrangements on acceptable terms, (xv) the availability and terms of
capital to fund the expansion of the Company's business, (xvi) changes in
business strategy or development plans, (xvii) delays in receiving payments for
services provided, (xviii) the possible enactment of Federal or state health
care reform, (xix) the outcome of pending and any future tax audits, appeals and
litigation associated with the Company's tax positions, (xx) 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, (xxi) changes in Federal, state or local
regulations affecting the health care industry, (xxii) the ability to
successfully integrate the operations of Health Midwest, (xxiii) the ability to
develop and implement the payroll and human resources information systems within
the expected time and cost projections and, upon implementation, to realize the
expected benefits and efficiencies, (xxiv) maintaining the increased quarterly
cash dividend rate for the entire fiscal year, and (xxv) 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.
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HCA INC.
CONSOLIDATED INCOME STATEMENTS
FOURTH QUARTER
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
2004 2003
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AMOUNT RATIO Amount Ratio
Revenues ........................................................ $ 5,940 100.0% $ 5,597 100.0%
Salaries and benefits ........................................... 2,402 40.4 2,219 39.6
Supplies ........................................................ 988 16.6 925 16.5
Other operating expenses ........................................ 971 16.5 945 16.9
Provision for doubtful accounts ................................. 626 10.5 636 11.4
Gains on investments ............................................ (4) (0.1) (1) --
Equity in earnings of affiliates ................................ (46) (0.8) (36) (0.6)
Depreciation and amortization ................................... 318 5.4 290 5.1
Interest expense ................................................ 154 2.6 127 2.3
Government settlement and investigation related costs ........... -- -- (41) (0.7)
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5,409 91.1 5,064 90.5
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Income before minority interests and income taxes ............... 531 8.9 533 9.5
Minority interests in earnings of consolidated entities ......... 49 0.8 30 0.5
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Income before income taxes ...................................... 482 8.1 503 9.0
Provision for income taxes ...................................... 160 2.7 186 3.3
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Net income ................................................. $ 322 5.4 $ 317 5.7
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Diluted earnings per share ...................................... $ 0.70 $ 0.63
Shares used in computing diluted earnings per share (000) ....... 458,489 501,373
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HCA INC.
CONSOLIDATED INCOME STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
2004 2003
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AMOUNT RATIO Amount Ratio
Revenues ........................................................ $ 23,502 100.0% $ 21,808 100.0%
Salaries and benefits ........................................... 9,419 40.1 8,682 39.8
Supplies ........................................................ 3,901 16.6 3,522 16.2
Other operating expenses ........................................ 3,797 16.0 3,676 16.8
Provision for doubtful accounts ................................. 2,669 11.4 2,207 10.1
Gains on investments ............................................ (56) (0.2) (1) --
Equity in earnings of affiliates ................................ (194) (0.8) (199) (0.9)
Depreciation and amortization ................................... 1,250 5.3 1,112 5.1
Interest expense ................................................ 563 2.4 491 2.3
Government settlement and investigation related costs ........... -- -- (33) (0.2)
Gains on sales of facilities .................................... -- -- (85) (0.4)
Impairment of long-lived assets ................................. 12 0.1 130 0.6
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21,361 90.9 19,502 89.4
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Income before minority interests and income taxes ............... 2,141 9.1 2,306 10.6
Minority interests in earnings of consolidated entities ......... 168 0.7 150 0.7
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Income before income taxes ...................................... 1,973 8.4 2,156 9.9
Provision for income taxes ...................................... 727 3.1 824 3.8
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Net income ................................................. $ 1,246 5.3 $ 1,332 6.1
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Diluted earnings per share ...................................... $ 2.58 $ 2.61
Shares used in computing diluted earnings per share (000) ....... 483,663 510,874
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HCA INC.
SUPPLEMENTAL OPERATING RESULTS INFORMATION
(Dollars in millions, except per share amounts)
FOURTH QUARTER YEAR
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2004 2003 2004 2003
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Revenues .................................................................... $ 5,940 $ 5,597 $ 23,502 $ 21,808
Net income .................................................................. $ 322 $ 317 $ 1,246 $ 1,332
Government settlement and investigation related costs (net of tax) ... -- (25) -- (19)
Gains on sales of facilities (net of tax) ........................... -- -- -- (49)
Impairment of long-lived assets (net of tax) ......................... -- -- 8 79
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Net income, excluding government settlement and investigation related
costs, gains on sales of facilities and impairment of long-lived assets (a) 322 292 1,254 1,343
Depreciation and amortization ........................................ 318 290 1,250 1,112
Interest expense ..................................................... 154 127 563 491
Minority interests in earnings of consolidated entities .............. 49 30 168 150
Provision for income taxes ........................................... 160 170 731 825
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Adjusted EBITDA (a) ......................................................... $ 1,003 $ 909 $ 3,966 $ 3,921
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Diluted earnings per share:
Net income ........................................................... $ 0.70 $ 0.63 $ 2.58 $ 2.61
Government settlement and investigation related costs ................ -- (0.05) -- (0.04)
Gains on sales of facilities ......................................... -- -- -- (0.10)
Impairment of long-lived assets ...................................... -- -- 0.02 0.16
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Net income, excluding government settlement and investigation
related costs, gains on sales of facilities and impairment of
long-lived assets (a) .......................................... $ 0.70 $ 0.58 $ 2.60 $ 2.63
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Shares used in computing diluted earnings per share (000) ................... 458,489 501,373 483,663 510,874
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(a) Net income, excluding government settlement and investigation related
costs, gains on sales of facilities and impairment of long-lived assets,
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
government settlement and investigation related costs during the fourth
quarter of 2003 and twelve months ended December 31, 2003, gains on
sales of facilities during the twelve months ended December 31, 2003 and
asset impairment charges during the twelve months ended December 31,
2004 and 2003. It is reasonable to expect that gains on sales of
facilities and asset impairment charges 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 government settlement and
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.
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HCA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(DOLLARS IN MILLIONS)
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2004 2004 2003
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ASSETS
Current assets:
Cash and cash equivalents ...................... $ 129 $ 300 $ 115
Accounts receivable, net ....................... 3,083 2,983 3,095
Inventories .................................... 577 544 520
Deferred income taxes .......................... 467 675 534
Other .......................................... 427 290 558
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Total current assets ...................... 4,683 4,792 4,822
Property and equipment, at cost ..................... 19,970 19,605 18,685
Accumulated depreciation ............................ (8,574) (8,308) (7,620)
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11,396 11,297 11,065
Investments of insurance subsidiary ................. 2,047 1,941 1,790
Investments in and advances to affiliates ........... 486 498 527
Goodwill ............................................ 2,540 2,498 2,481
Deferred loan costs ................................. 99 73 75
Other ............................................... 214 233 303
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$ 21,465 $ 21,332 $ 21,063
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable ............................... $ 855 $ 757 $ 877
Accrued salaries ............................... 579 576 510
Other accrued expenses ......................... 1,254 1,404 1,116
Long-term debt due within one year ............. 486 728 665
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Total current liabilities ................. 3,174 3,465 3,168
Long-term debt ...................................... 10,044 7,549 8,042
Professional liability risks ........................ 1,283 1,280 1,314
Deferred income taxes and other liabilities ......... 1,748 1,761 1,650
Minority interests in equity of consolidated entities 809 758 680
Stockholders' equity ................................ 4,407 6,519 6,209
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$ 21,465 $ 21,332 $ 21,063
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Current ratio ....................................... 1.48 1.38 1.52
Ratio of debt to debt plus common and minority equity 66.9% 53.2% 55.8%
Shares outstanding (thousands) ...................... 422,642 482,860 490,718
HCA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003
(DOLLARS IN MILLIONS)
2004 2003
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Cash flows from operating activities:
Net income ...................................................................... $ 1,246 $ 1,332
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for doubtful accounts ......................................... 2,669 2,207
Depreciation and amortization ........................................... 1,250 1,112
Income taxes ............................................................ 333 496
Settlement with government agencies ..................................... -- (971)
Gains on sales of facilities ............................................ -- (85)
Impairment of long-lived assets ......................................... 12 130
Change in operating assets and liabilities .............................. (2,575) (2,136)
Other ................................................................... 114 81
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Net cash provided by operating activities ........................... 3,049 2,166
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Cash flows from investing activities:
Purchase of property and equipment .............................................. (1,513) (1,838)
Acquisitions of hospitals and health care entities .............................. (44) (908)
Disposal of hospitals and health care entities .................................. 48 163
Change in investments ........................................................... (178) (298)
Other ........................................................................... (1) 19
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Net cash used in investing activities ............................... (1,688) (2,862)
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Cash flows from financing activities:
Issuance of long-term debt ...................................................... 2,500 1,624
Net change in revolving bank credit facility .................................... 190 410
Repayment of long-term debt ..................................................... (912) (461)
Payment of cash dividends ....................................................... (199) (39)
Repurchases of common stock ..................................................... (3,109) (1,114)
Issuances of common stock ....................................................... 224 165
Other ........................................................................... (41) 65
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Net cash (used in) provided by financing activities ................. (1,347) 650
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Change in cash and cash equivalents .................................................. 14 (46)
Cash and cash equivalents at beginning of period ..................................... 115 161
-------- --------
Cash and cash equivalents at end of period ........................................... $ 129 $ 115
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Interest payments .................................................................... $ 533 $ 458
Income tax payments, net of refunds .................................................. $ 394 $ 328
HCA INC.
OPERATING STATISTICS
FOR THE TWELVE MONTHS
FOURTH QUARTER ENDED DECEMBER 31,
----------------------------- -----------------------------
2004 2003 2004 2003
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CONSOLIDATED HOSPITALS:
Number of Hospitals 182 184 182 184
Weighted Average Licensed Beds 42,060 42,011 41,997 41,568
Licensed Beds at End of Period 41,852 42,108 41,852 42,108
REPORTED:
Admissions 407,600 414,000 1,659,200 1,635,200
% Change -1.5% 1.5%
Equivalent Admissions 607,400 606,600 2,457,300 2,405,400
% Change 0.2% 2.2%
Revenue per Equivalent Admission $ 9,779 $ 9,228 $ 9,564 $ 9,066
% Change 6.0% 5.5%
Inpatient Revenue per Admission $ 8,921 $ 8,348 $ 8,689 $ 8,224
% Change 6.9% 5.7%
Patient Days 2,010,600 2,066,200 8,232,400 8,115,400
Equivalent Patient Days 2,996,300 3,027,300 12,192,200 11,937,800
Inpatient Surgery Cases 133,700 132,200 541,000 528,600
% Change 1.2% 2.3%
Outpatient Surgery Cases 206,500 205,300 834,800 814,300
% Change 0.6% 2.5%
Emergency Room Visits 1,292,100 1,368,200 5,219,500 5,160,200
% Change -5.6% 1.1%
Outpatient Revenues as a
Percentage of Patient Revenues 37.9% 37.1% 37.7% 37.2%
Average Length of Stay 4.9 5.0 5.0 5.0
Occupancy 52.0% 53.5% 53.6% 53.5%
Equivalent Occupancy 77.5% 78.5% 79.4% 78.7%
SAME FACILITY:
Admissions 404,600 410,500 1,580,700 1,570,500
% Change -1.4% 0.7%
Equivalent Admissions 602,500 602,200 2,336,300 2,307,100
% Change 0.1% 1.3%
Revenue per Equivalent Admission $ 9,755 $ 9,161 $ 9,545 $ 9,007
% Change 6.5% 6.0%
Inpatient Revenue per Admission $ 8,901 $ 8,315 $ 8,771 $ 8,290
% Change 7.0% 5.8%
Inpatient Surgery Cases 133,300 130,700 521,100 509,900
% Change 2.0% 2.2%
Outpatient Surgery Cases 205,100 201,400 783,700 772,700
% Change 1.8% 1.4%
Emergency Room Visits 1,273,500 1,346,400 4,941,700 4,933,300
% Change -5.4% 0.2%
NUMBER OF CONSOLIDATED AND
NON-CONSOLIDATED (50/50 EQUITY
JOINT VENTURES) HOSPITALS:
Consolidated 182 184 182 184
Non-Consolidated (50/50 Equity
Joint Ventures) 7 7 7 7
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Total Number of Hospitals 189 191 189 191
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