HCA Reports Fourth Quarter and 2005 Results4 February 2006
HCA (NYSE: HCA) today announced operating results for the fourth quarter and fiscal year ended December 31, 2005 and a 13 percent increase to its quarterly dividend from $0.15 per share to $0.17 per share.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050825/CLTH069LOGO)
For the fourth quarter of 2005, revenues increased 4.0 percent to $6.2 billion from $5.9 billion in the fourth quarter of 2004. Same facility revenues increased 4.8 percent and same facility revenue per equivalent admission increased 4.1 percent in the fourth quarter of 2005 (8.1 percent increase when 2005 revenues are increased by same facility uninsured discounts of $231 million).
Net income for the fourth quarter of 2005 was $325 million, or $0.74 per diluted share, compared to $322 million, or $0.70 per diluted share, in the previous year's fourth quarter. Financial results for the fourth quarter of 2005 include a pretax gain on the sale of facilities of $49 million, or $0.04 per diluted share (October 25, 2005 guidance assumed a gain of approximately $0.05 per diluted share) and a reduction in the Company's estimated professional liability insurance reserves of $47 million, or $0.07 per diluted share (October 25, 2005 guidance assumed a benefit of approximately $0.03 per diluted share).
During the fourth quarter of 2005, the Company also incurred additional expenses of approximately $27 million, or $0.04 per diluted share, associated with noninsured costs related to its facilities that were affected by hurricanes. These costs (which were not reflected in our October 25, 2005 guidance) include an increase in the reserve for doubtful accounts of $7 million for uninsured patient accounts receivable related to our New Orleans market facilities.
Fourth quarter of 2004 results benefited from the Company's refinements to the provision for doubtful accounts estimation process of $46 million, or $0.06 per diluted share.
In the fourth quarter of 2005, same facility admissions increased 0.3 percent. Fourth quarter 2005 same facility equivalent admissions increased 0.7 percent compared to the fourth quarter of 2004.
Same facility outpatient surgeries decreased 2.4 percent in the fourth quarter of 2005. Included in this statistic are ambulatory surgery center volumes, which decreased 2.1 percent, and hospital based outpatient surgeries, which decreased 2.5 percent. Same facility emergency room visits increased 3.9 percent during the fourth quarter of 2005, compared to the same period of 2004.
The provision for doubtful accounts for the fourth quarter of 2005 totaled $625 million, or 10.1 percent of revenues, compared to $626 million, or 10.5 percent of revenues, in the fourth quarter of 2004. The Company's provision for doubtful accounts, adjusted for the uninsured discount program which was not in effect in 2004, totaled $860 million, or 13.4 percent of revenues, in the fourth quarter of 2005 (see attached Supplemental Non-GAAP Disclosures Schedule). Charity care and discounts provided to the uninsured in the fourth quarter of 2005 were $281 million and $235 million, respectively, compared to charity care of $248 million in the fourth quarter of 2004. Same facility uninsured admissions increased by 2,862 admissions, or 15.3 percent, in the fourth quarter of 2005 when compared to the fourth quarter of 2004. Same facility uninsured emergency room visits increased 11.4 percent in the fourth quarter of 2005 compared to the respective 2004 quarter.
The Company's effective tax rate for the fourth quarter of 2005 was 36.2 percent, compared to 33.1 percent in the fourth quarter of 2004. The Company's effective tax rate, excluding gains on sales of facilities and tax repatriation, was 33.8 percent in the fourth quarter of 2005.
Results for 2005
Revenues in 2005 increased to $24.5 billion versus $23.5 billion in 2004. Net income for 2005 totaled $1.4 billion, or $3.19 per diluted share, compared to $1.2 billion, or $2.58 per diluted share, in 2004.
For the year ended December 31, 2005, charity care totaled $1.1 billion compared to $926 million in 2004. Discounts under the Company's discount program for the uninsured (which became effective January 1, 2005) totaled $769 million in 2005.
In 2005, same facility admissions increased 0.1 percent, while same facility equivalent admissions increased 1.4 percent. For 2005, same facility revenues increased 4.7 percent and same facility revenue per equivalent admission increased 3.2 percent.
Financial results for 2005 include pretax gains on sales of facilities of $78 million, or $0.08 per diluted share, and a reduction in the Company's professional liability reserves of $83 million, or $0.12 per diluted share. During 2005, the Company incurred expenses associated with hurricanes, net of expected insurance recoveries, of approximately $60 million, or $0.08 per diluted share.
During 2004, the Company incurred hurricane-related expenses, net of insurance recoveries, of approximately $40 million, or $0.05 per diluted share. Also during 2004, the Company recognized an asset impairment charge of $12 million, or $0.02 per diluted share.
Cash Flow and Balance Sheet
HCA's cash flow from operations increased to $3.2 billion in 2005 compared to $3.0 billion in 2004. Capital expenditures, excluding acquisitions, totaled $1.6 billion in 2005 and $1.5 billion in 2004.
The Company repurchased 36.7 million shares of its common stock, at a total cost of $1.9 billion, during the fourth quarter of 2005. Common shares outstanding at December 31, 2005 were 417.5 million, compared to 422.6 million at the end of 2004. Shares used for computing diluted earnings per share were 445.8 million for the year 2005, compared to 483.7 million in 2004.
As of December 31, 2005, the Company's balance sheet reflected total debt of $10.5 billion, stockholders equity (including common and minority equity) of $5.7 billion and total assets of $22.2 billion. HCA's ratio of debt to debt plus common and minority equity was 64.8 percent at December 31, 2005, compared to 66.9 percent at December 31, 2004.
Dividend
HCA's Board of Directors has approved a 13 percent increase in the Company's quarterly dividend from $0.15 per share to $0.17 per share. The $0.17 per share dividend is payable on June 1, 2006 to shareholders of record at May 1, 2006.
Facilities at Year End
At December 31, 2005, the Company operated 182 hospitals and 94 freestanding surgery centers (including seven hospitals and seven freestanding surgery centers operated through equity method joint ventures) located in 22 states, London, England and Geneva, Switzerland, compared to 189 hospitals and 92 freestanding surgery centers (including seven hospitals and eight freestanding surgery centers operated through equity method joint ventures) at December 31, 2004.
2006 Guidance
Today, the Company reiterated its prior earnings guidance for 2006 in a range of $3.25 to $3.45 per diluted share. The following items are included in the Company's 2006 earnings guidance:
- An estimated $0.10 to $0.11 per diluted share benefit from the $1.44
billion repurchase of 28.7 million shares completed in November 2005
through its modified "Dutch" auction tender offer.
- Additional compensation costs of approximately $45 million, or $0.08
per diluted share, due to the implementation on January 1, 2006, of
FASB Statement No. 123 (R), "Share-Based Payment".
- Anticipated completion of the sale of 5 hospitals to LifePoint
Hospitals, Inc. for a gain of approximately $105 million pretax, or
$0.14 per diluted share, during the first quarter of 2006.
- Revenue increase of approximately 6 to 7 percent on a same facility
basis.
- Continuing increases in uninsured admissions, resulting in increases in
the Company's provision for doubtful accounts.
Annual Shareholder Meeting
The Company's annual shareholders' meeting will be held at the Company's headquarters in Nashville, Tennessee on May 25, 2006 at 1:30 p.m. local time for shareholders of record as of March 31, 2006.
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=1197446 (due to length of URL, please copy and paste into browser) or through the Company's Investor Relations web page, http://www.hcahealthcare.com.
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 other than those made solely with respect to historical fact, including our guidance for future periods and our estimated results of operations for the quarter and year ended December 31, 2005. 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 the Company's modified "Dutch" auction tender offer and subsequent share repurchases (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 and achieve expected levels of patient volumes and control the costs of providing services, (iv) the highly competitive nature of the health care business, (v) the continuing impact of hurricanes on the Company's facilities and the ability to obtain recoveries under the Company's insurance policies, (vi) the efforts of insurers, health care providers and others to contain health care costs, (vii) possible changes in the Medicare, Medicaid and other state programs that may impact reimbursements to health care providers and insurers, (viii) the outcome of governmental investigations by the United States Attorney for the Southern District of New York and the Securities and Exchange Commission, (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 uninsured discounting policy changes, (xiii) changes in accounting practices, (xiv) changes in general economic conditions, (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, appeals 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 of the Company to successfully consummate the hospital divestitures to LifePoint Hospitals Inc. on a timely basis and in accordance with the definitive agreement entered into in connection therewith, (xxv) 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, (xxvi) the outcome of certain class action and derivative litigation filed with respect to the Company, and (xxvii) 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.
HCA Inc.
Consolidated Income Statements
Fourth Quarter
(Dollars in millions, except per share amounts)
2005 2004
Amount Ratio Amount Ratio
Revenues $6,178 100.0% $5,940 100.0%
Salaries and benefits 2,538 41.1 2,402 40.4
Supplies 1,024 16.6 988 16.6
Other operating expenses 1,056 17.1 971 16.5
Provision for doubtful
accounts 625 10.1 626 10.5
Gains on investments (1) - (4) (0.1)
Equity in earnings of
affiliates (71) (1.2) (46) (0.8)
Depreciation and amortization 336 5.4 318 5.4
Interest expense 166 2.7 154 2.6
Gains on sales of facilities (49) (0.8) - -
5,624 91.0 5,409 91.1
Income before minority
interests and income taxes 554 9.0 531 8.9
Minority interests in earnings
of consolidated entities 46 0.8 49 0.8
Income before income taxes 508 8.2 482 8.1
Provision for income taxes 183 2.9 160 2.7
Net income $325 5.3 $322 5.4
Diluted earnings per share $0.74 $0.70
Shares used in computing
diluted earnings
per share (000) 440,685 458,489
HCA Inc.
Consolidated Income Statements
For the Years Ended December 31, 2005 and 2004
(Dollars in millions, except per share amounts)
2005 2004
Amount Ratio Amount Ratio
Revenues $24,455 100.0% $23,502 100.0%
Salaries and benefits 9,928 40.6 9,419 40.1
Supplies 4,126 16.9 3,901 16.6
Other operating expenses 4,039 16.5 3,797 16.0
Provision for doubtful
accounts 2,358 9.6 2,669 11.4
Gains on investments (53) (0.2) (56) (0.2)
Equity in earnings of
affiliates (221) (0.9) (194) (0.8)
Depreciation and amortization 1,374 5.6 1,250 5.3
Interest expense 655 2.7 563 2.4
Gains on sales of facilities (78) (0.3) - -
Impairment of long-lived assets - - 12 0.1
22,128 90.5 21,361 90.9
Income before minority
interests and income taxes 2,327 9.5 2,141 9.1
Minority interests in earnings
of consolidated entities 178 0.7 168 0.7
Income before income taxes 2,149 8.8 1,973 8.4
Provision for income taxes 725 3.0 727 3.1
Net income $1,424 5.8 $1,246 5.3
Diluted earnings per share $3.19 $2.58
Shares used in computing
diluted earnings
per share (000) 445,785 483,663
HCA Inc.
Supplemental Operating Results Summary
(Dollars in millions, except per share amounts)
For the Years
Fourth Quarter Ended December 31,
2005 2004 2005 2004
Revenues $6,178 $5,940 $24,455 $23,502
Net income $325 $322 $1,424 $1,246
Gains on sales of facilities
(net of tax) (19) - (37) -
Impairment of long-lived
assets (net of tax) - - - 8
Tax settlement and
repatriation (2) - (72) -
Net income, excluding gains on
sales of facilities, impairment
of long-lived assets and tax
settlement and repatriation 304 322 1,315 1,254
Depreciation and amortization 336 318 1,374 1,250
Interest expense 166 154 655 563
Minority interests in earnings
of consolidated entities 46 49 178 168
Provision for income taxes 155 160 756 731
Adjusted EBITDA (a) $1,007 $1,003 $4,278 $3,966
Diluted earnings per share:
Net income $0.74 $0.70 $3.19 $2.58
Gains on sales of facilities (0.04) - (0.08) -
Impairment of long-lived
assets - - - 0.02
Tax settlement and
repatriation (0.01) - (0.16) -
Net income, excluding gains
on sales of facilities,
impairment of long-lived
assets and tax settlement
and repatriation (a) $0.69 $0.70 $2.95 $2.60
Shares used in computing
diluted earnings per
share (000) 440,685 458,489 445,785 483,663
(a) Net income, excluding gains on sales of facilities, impairment of
long-lived assets and tax settlement and repatriation and adjusted
EBITDA are non-GAAP financial measures. The Company believes that
net income, excluding, gains on sales of facilities, impairment of
long-lived assets and tax settlement and repatriation and adjusted
EBITDA are important 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 gains on sales of
facilities, impairment of long-lived assets and tax settlement and
repatriation 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 gains on sales of
facilities, impairment of long-lived assets and tax settlement and
repatriation, GAAP net income and GAAP EPS) and 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 gains on sales of facilities during the second and
fourth quarters of 2005, asset impairment charges during the third
quarter of 2004, tax repatriations during the third and fourth
quarters of 2005 and a tax settlement during the second quarter of
2005. It is reasonable to expect that gains on sales of facilities,
impairments of long-lived assets and tax settlements and
repatriations 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.
Net income, excluding gains on sales of facilities, impairment of
long-lived assets and tax settlement and repatriation 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 cash flows from operating activities, as a measure of
liquidity. Because net income, excluding gains on sales of
facilities, impairment of long-lived assets and tax settlement and
repatriation and adjusted EBITDA are not measurements determined in
accordance with generally accepted accounting principles and are
susceptible to varying calculations, net income, excluding gains on
sales of facilities, impairment of long-lived assets and tax
settlement and repatriation and adjusted EBITDA, as presented, may
not be comparable to other similarly titled measures presented by
other companies.
HCA Inc.
Supplemental Non-GAAP Disclosures
Operating Measures Adjusted for the Impact of Discounts for the Uninsured
Fourth Quarter 2005
(Dollars in millions, except revenue per equivalent admission)
Non-
Uninsured Non-GAAP GAAP % GAAP %
GAAP Discounts Adjusted of Adjusted
Amounts Adjustment(a) Amounts(b) Revenues Revenues
2005 2004 2005
Consolidated:
Revenues $6,178 $235 $6,413 100.0% 100.0% 100.0%
Salaries and benefits 2,538 - 2,538 41.1% 40.4% 39.6%
Supplies 1,024 - 1,024 16.6% 16.6% 16.0%
Other operating
expenses 1,056 - 1,056 17.1% 16.5% 16.4%
Provision for
doubtful accounts 625 235 860 10.1% 10.5% 13.4%
Admissions 402,500 402,500
Equivalent
admissions 605,000 605,000
Revenue per
equivalent
admission $10,212 $10,600
% change from
prior year 4.3% 8.3%
Same Facility:
Revenues $6,023 $231 $6,254
Admissions 397,300 397,300
Equivalent
admissions 592,800 592,800
Revenue per
equivalent
admission $10,160 $10,551
% change from
prior year 4.1% 8.1%
(a) Represents the impact of the discounts for the uninsured for the
period. On January 1, 2005, HCA modified its policies to provide
discounts to uninsured patients who do not qualify for Medicaid or
charity care. These discounts are similar to those provided to many
local managed care plans. In implementing the discount policy HCA
first attempts to qualify uninsured patients for Medicaid, other
federal or state assistance or charity care. If an uninsured patient
does not qualify for these programs, the uninsured discount is
applied.
(b) Revenues, the provision for doubtful accounts, certain operating
expense categories as a percentage of revenues and revenue per
equivalent admission have been adjusted to exclude the discounts
under HCA's uninsured discount policy (non-GAAP financial measures).
The Company believes that these non-GAAP financial measures are
useful to investors to provide disclosures of its results of
operations on the same basis as that used by management. Management
uses this information to compare revenues, the provision for doubtful
accounts, certain operating expense categories as a percentage of
revenues and revenue per equivalent admission for periods prior and
subsequent to the January 1, 2005 implementation of the uninsured
discount policy. Management finds this information to be useful to
enable the evaluation of revenue and certain expense category trends
that are influenced by patient volumes and are generally analyzed as
a percentage of net revenues. These non-GAAP financial measures
should not be considered an alternative to GAAP financial measures.
The Company believes this supplemental information provides it and
the users of its financial statements with useful information for
period-to-period comparisons. Investors are encouraged to use GAAP
measures when evaluating the Company's overall financial performance.
HCA Inc.
Supplemental Non-GAAP Disclosures
Operating Measures Adjusted for the Impact of Discounts for the Uninsured
Year Ended December 31, 2005
(Dollars in millions, except revenue per equivalent admission)
Non-
Uninsured Non-GAAP GAAP % GAAP %
GAAP Discounts Adjusted of Adjusted
Amounts Adjustment(a)Amounts(b) Revenues Revenues
2005 2004 2005
Consolidated:
Revenues $24,455 $769 $25,224 100.0% 100.0% 100.0%
Salaries and benefits 9,928 - 9,928 40.6% 40.1% 39.4%
Supplies 4,126 - 4,126 16.9% 16.6% 16.4%
Other operating
expenses 4,039 - 4,039 16.5% 16.0% 15.9%
Provision for
doubtful accounts 2,358 769 3,127 9.6% 11.4% 12.4%
Admissions 1,647,800 1,647,800
Equivalent
admissions 2,476,600 2,476,600
Revenue per
equivalent
admission $9,874 $10,185
% change from prior
year 3.1% 6.3%
Same Facility:
Revenues $23,686 $756 $24,442
Admissions 1,610,800 1,610,800
Equivalent
admissions 2,409,800 2,409,800
Revenue per
equivalent
admission $9,829 $10,143
% change from
prior year 3.2% 6.5%
(a) Represents the impact of the discounts for the uninsured for the
period. On January 1, 2005, HCA modified its policies to provide
discounts to uninsured patients who do not qualify for Medicaid or
charity care. These discounts are similar to those provided to many
local managed care plans. In implementing the discount policy HCA
first attempts to qualify uninsured patients for Medicaid, other
federal or state assistance or charity care. If an uninsured patient
does not qualify for these programs, the uninsured discount is applied.
(b) Revenues, the provision for doubtful accounts, certain operating
expense categories as a percentage of revenues and revenue per
equivalent admission have been adjusted to exclude the discounts under
HCA's uninsured discount policy (non-GAAP financial measures). The
Company believes that these non-GAAP financial measures are useful to
investors to provide disclosures of its results of operations on the
same basis as that used by management. Management uses this
information to compare revenues, the provision for doubtful accounts,
certain operating expense categories as a percentage of revenues and
revenue per equivalent admission for periods prior and subsequent to
the January 1, 2005 implementation of the uninsured discount policy.
Management finds this information to be useful to enable the evaluation
of revenue and certain expense category trends that are influenced by
patient volumes and are generally analyzed as a percentage of net
revenues. These non-GAAP financial measures should not be considered
an alternative to GAAP financial measures. The Company believes this
supplemental information provides it and the users of its financial
statements with useful information for period-to-period comparisons.
Investors are encouraged to use GAAP measures when evaluating the
Company's overall financial performance.
HCA Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions)
December 31, September 30, December 31,
ASSETS 2005 2005 2004
Current assets:
Cash and cash equivalents $336 $950 $258
Accounts receivable, net 3,332 3,136 3,083
Inventories 616 584 577
Deferred income taxes 372 466 467
Other 559 369 673
Total current assets 5,215 5,505 5,058
Property and equipment, at cost 20,818 20,687 19,970
Accumulated depreciation (9,439) (9,413) (8,574)
11,379 11,274 11,396
Investments of insurance subsidiary 2,134 2,081 2,047
Investments in and advances
to affiliates 627 560 486
Goodwill 2,626 2,645 2,540
Deferred loan costs 85 89 99
Other 159 165 214
$22,225 $22,319 $21,840
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,484 $1,166 $1,230
Accrued salaries 561 644 579
Other accrued expenses 1,264 1,304 1,254
Long-term debt due within one year 1,211 576 486
Total current liabilities 4,520 3,690 3,549
Long-term debt 9,264 8,702 10,044
Professional liability risks 1,336 1,321 1,283
Deferred taxes and other liabilities 1,414 1,434 1,748
Minority interests in equity of
consolidated entities 828 813 809
Stockholders' equity 4,863 6,359 4,407
$22,225 $22,319 $21,840
Current ratio 1.15 1.49 1.43
Ratio of debt to debt plus common
and minority equity 64.8% 56.4% 66.9%
Shares outstanding (thousands) 417,513 452,667 422,642
HCA Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2005 and 2004
(Dollars in millions)
2005 2004
Cash flows from operating activities:
Net income $1,424 $1,246
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for doubtful accounts 2,358 2,669
Depreciation and amortization 1,374 1,250
Income taxes 162 333
Gains on sales of facilities (78) -
Impairment of long-lived assets - 12
Change in operating assets and liabilities (2,278) (2,670)
Other 197 114
Net cash provided by operating activities 3,159 2,954
Cash flows from investing activities:
Purchase of property and equipment (1,592) (1,513)
Acquisition of hospitals and health care entities (126) (44)
Disposal of hospitals and health care entities 320 48
Change in investments (311) (178)
Other 28 (1)
Net cash used in investing activities (1,681) (1,688)
Cash flows from financing activities:
Issuance of long-term debt 858 2,500
Net change in revolving bank credit facility (225) 190
Repayment of long-term debt (739) (912)
Repurchase of common stock (1,856) (3,109)
Issuance of common stock 1,009 224
Payment of cash dividends (258) (199)
Other (189) (41)
Net cash used in financing activities (1,400) (1,347)
Change in cash and cash equivalents 78 (81)
Cash and cash equivalents at beginning of period 258 339
Cash and cash equivalents at end of period $336 $258
Interest payments $624 $533
Income tax payments, net of refunds $563 $394
HCA Inc.
Operating Statistics
For the Years
Fourth Quarter Ended December 31,
2005 2004 2005 2004
Consolidated Hospitals:
Number of Hospitals 175 182 175 182
Weighted Average Licensed
Beds 41,713 42,060 41,902 41,997
Licensed Beds at End of
Period 41,265 41,852 41,265 41,852
Reported:
Admissions 402,500 407,600 1,647,800 1,659,200
% Change -1.3% -0.7%
Equivalent Admissions 605,000 606,600 2,476,600 2,454,000
% Change -0.3% 0.9%
Revenue per Equivalent
Admission $10,212 $9,792 $9,874 $9,577
% Change 4.3% 3.1%
Inpatient Revenue per
Admission $9,572 $9,007 $9,274 $8,797
% Change 6.3% 5.4%
Patient Days 1,980,300 2,010,600 8,112,200 8,232,400
Equivalent Patient Days 2,976,400 2,992,300 12,192,600 12,175,700
Inpatient Surgery Cases 133,200 133,700 541,400 541,000
% Change -0.4% 0.1%
Outpatient Surgery Cases 203,100 206,500 836,600 834,800
% Change -1.7% 0.2%
Emergency Room Visits 1,320,100 1,292,100 5,415,200 5,219,500
% Change 2.2% 3.8%
Outpatient Revenues as a
Percentage of Patient
Revenues 36.3% 37.3% 36.4% 37.0%
Average Length of Stay 4.9 4.9 4.9 5.0
Occupancy 51.6% 52.0% 53.0% 53.6%
Equivalent Occupancy 77.5% 77.4% 79.7% 79.3%
Same Facility:
Admissions 397,300 396,000 1,610,800 1,609,500
% Change 0.3% 0.1%
Equivalent Admissions 592,800 588,500 2,409,800 2,377,200
% Change 0.7% 1.4%
Revenue per Equivalent
Admission $10,160 $9,762 $9,829 $9,520
% Change 4.1% 3.2%
Inpatient Revenue per
Admission $9,605 $8,984 $9,291 $8,768
% Change 6.9% 6.0%
Inpatient Surgery Cases 132,400 130,300 530,400 525,800
% Change 1.6% 0.9%
Outpatient Surgery Cases 195,900 200,600 800,500 798,100
% Change -2.4% 0.3%
Emergency Room Visits 1,298,900 1,249,900 5,276,800 5,035,600
% Change 3.9% 4.8%
Number of Consolidated
and Non-Consolidated (50/50
Equity Joint Ventures)
Hospitals:
Consolidated 175 182 175 182
Non-Consolidated
(50/50 Equity Joint Ventures) 7 7 7 7
Total Number of Hospitals 182 189 182 189
Source: prnewswire
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