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HCA Reports Fourth Quarter - Year End 2007 Results
Date:2/7/2008

sset impairment charge of $24 million and gains on investments of $103 million.

The provision for doubtful accounts increased to $912 million, or 13.2 percent of revenues, in the fourth quarter of 2007 from $710 million, or 10.9 percent of revenues, in the fourth quarter of 2006. At December 31, 2007, our allowance for doubtful accounts represented approximately 89 percent of the $4.825 billion patient due accounts receivable balance. At December 31, 2006, the allowance for doubtful accounts was approximately 86 percent of the $3.972 billion patient due accounts receivable balance.

Interest expense increased to $541 million in the fourth quarter of 2007, compared to $373 million in the same period of 2006, due primarily to the increased debt incurred to complete the November 2006 recapitalization. The provision for income taxes for the fourth quarter was reduced, due primarily to the recognition of certain state tax benefits.

Same facility admissions decreased 1.0 percent and same facility equivalent admissions increased 0.3 percent in the fourth quarter of 2007 compared to the prior year's fourth quarter. Same facility revenue per equivalent admission increased 6.6 percent in the fourth quarter of 2007 compared to the fourth quarter of 2006. Same facility charity and uninsured discounts totaled $796 million in the fourth quarter of 2007 compared to $622 million in the fourth quarter of 2006.

Revenues for the year ended December 31, 2007 increased 5.4 percent to $26.858 billion compared to $25.477 billion in 2006. Adjusted EBITDA for 2007 totaled $4.592 billion compared to $4.470 billion in the prior year. Net income totaled $874 million for 2007 compared to $1.036 billion for 2006. The 2007 results include gains on investments of $8 million, gains on sales of facilities of $471 million and an impairment of long-lived assets of $24 million. The 2006 results include gains on investments of $243 million, gains on sales of facilities of $205
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SOURCE HCA
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