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HCA Reports Fourth Quarter and Year End 2008 Results
Date:2/3/2009

uarter of 2007. Same facility uninsured admissions decreased 0.4 percent in the fourth quarter of 2008 compared to the fourth quarter of 2007.

Interest expense decreased to $500 million in the fourth quarter of 2008, compared to $541 million in the fourth quarter of 2007, due primarily to a reduction in the average effective interest rate on total debt.

The provision for income taxes resulted in low effective tax rates for the fourth quarters of both 2008 (11 percent effective tax rate) and 2007 (20 percent effective tax rate). The provision for income taxes for the fourth quarter of 2008 was reduced, primarily due to a favorable revision to the proposed disallowance of a portion of prior period expense and related interest. The provision for income taxes for the fourth quarter of 2007 was reduced, primarily due to the recognition of certain state tax benefits.

Same facility admissions increased 0.5 percent and same facility equivalent admissions increased 1.8 percent in the fourth quarter of 2008 compared to the fourth quarter of 2007. Same facility inpatient surgeries declined 0.7 percent, while outpatient surgeries increased 1.1 percent in the fourth quarter of 2008 compared to the fourth quarter of 2007. Same facility revenue per equivalent admission increased 4.8 percent in the fourth quarter of 2008 compared to the fourth quarter of 2007. Same facility charity and uninsured discounts totaled $985 million in the fourth quarter of 2008 compared to $781 million in the fourth quarter of 2007.

Revenues for the year ended December 31, 2008 increased 5.6 percent to $28.374 billion compared to $26.858 billion in 2007. Adjusted EBITDA totaled $4.574 billion for 2008 compared to $4.592 billion in 2007. Net income totaled $673 million for 2008 compared to $874 million in 2007. The operating results include gains on sales of facilities of $97 million in 2008 compared to $471 million in
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SOURCE HCA
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