HCA Reports First Quarter 2008 Results(quarter of2008 compared to $557 million ...),Health

Same facility admissions increased 0.8 percent and same facility equivalent admissions increased 1.1 percent in the first quarter of 2008 compared to the prior year's first quarter. Same facility inpatient surgeries declined 0.7 percent and outpatient surgeries declined 2.7 percent in the first quarter. Same facility revenue per equivalent admission increased 6.9 percent in the first quarter of 2008 compared to the first quarter of 2007. Same facility charity and uninsured discounts totaled $799 million in the first quarter of 2008 compared to $665 million in the first quarter of 2007.

As of March 31, 2008, HCA's balance sheet reflected cash and cash equivalents of $471 million, total debt of $27.489 billion, and total assets of $24.492 billion. During the first quarter, capital expenditures totaled $308 million. HCA now expects capital expenditures to approximate $1.65 billion in 2008 compared to previous guidance of $1.8 billion.

The 2008 gains on sales of facilities primarily reflect the divestiture of one hospital for proceeds totaling $80 million and the recognition of a net pretax gain of $43 million, or $25 million net-of-tax. Proceeds were used to reduce debt.

During November 2006, the Company's shareholders approved a merger with an acquiring consortium led by Bain Capital, Kohlberg Kravis Roberts & Co. and Merrill Lynch Global Private Equity, along with HCA founder, Dr. Thomas F. Frist, Jr. and certain members of his family and HCA management in which a cash payment of $51.00 per share was made for each share of HCA common stock held. The merger was accounted for as a recapitalization transaction.

As of March 31, 2008, HCA operated 169 hospitals and 109 freestanding surgery centers (including eight hospitals and eight freestanding surgery centers operated through equity method joint ventures).

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