HCA Reports Second Quarter 2008 Results( NASHVILLE Tenn. July 31 /- HCA to...),Health

NASHVILLE, Tenn., July 31 /PRNewswire/ -- HCA today announced financial and operating results for its second quarter ended June 30, 2008.

Second Quarter Summary:

-- Revenues increased 3.7 percent to $6.980 billion.

-- Net income totaled $141 million, compared to $116 million in the prior

year's second quarter.

-- Adjusted EBITDA totaled $1.104 billion, compared to $1.180 billion in

the second quarter of 2007.

-- Salaries and benefits increased to $2.841 billion, from $2.654 billion

in the second quarter of 2007.

-- Provision for doubtful accounts increased to $813 million, from $753

million in the prior year.

-- Interest expense decreased to $494 million, from $557 million in the

prior year's second quarter.

-- Same facility admissions increased 1.3 percent, and same facility

equivalent admissions increased 2.0 percent.

-- Same facility revenue per equivalent admission increased 3.0 percent.

-- Surgeries on a same facility basis declined 0.6 percent.

Revenues for the second quarter totaled $6.980 billion, compared to $6.729 billion in the second quarter of 2007. Adjusted EBITDA in the quarter totaled $1.104 billion, compared to $1.180 billion in the previous year's second quarter. A table describing adjusted EBITDA and reconciling net income to adjusted EBITDA for these periods is included in this release. Net income for the second quarter of 2008 totaled $141 million, compared to $116 million in the prior year's second quarter. Results for the second quarter of 2008 include losses on sales of facilities of $11 million compared to gains of $11 million in the second quarter of 2007. Also, second quarter 2008 results include an impairment of long-lived assets of $9 million compared to a $24 million asset impairment in the same period of 2007.

Salaries and benefits increased to $2.841 billion, or 40.7 percent of revenues, in th
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