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IPC The Hospitalist Company Reports Record Fourth Quarter and Full Year 2008 Results
Date:3/2/2009
revenue was the result of new practices under development.
The Company recorded reductions of $1.0 million and $0.8 million for the fourth quarters of 2008 and 2007, respectively, in current year professional liability claims reserve estimates. The final 2008 and 2007 year end actuarial loss projections were less than the interim actuarial loss projections for the year due to favorable trends in the ratio of claims to the number of encounters and reductions in the estimates of the ultimate costs per claim.
General and administrative expenses for the fourth quarter of 2008 were $12.0 million, compared to $11.3 million for the fourth quarter of 2007. General and administrative expenses as a percentage of net revenue declined to 17.5% for the fourth quarter of 2008, compared to 21.4% for the fourth quarter of 2007, as the Company continues to leverage these costs over a larger revenue base.
Income from operations for the fourth quarter of 2008 increased 69% to $6.9 million, compared to $4.1 million for the fourth quarter of 2007. The Company's operating margin rose to 10.0% for the fourth quarter of 2008, compared to 7.7% for the fourth quarter of 2007. The increase in operating margin was the result of the reduction in general and administrative expenses as a percentage of net revenue as the Company continues to leverage its administrative costs over a larger revenue base as it grows its existing practices and continues to acquire new practices.
The effective tax rate for the three months ended December 31, 2008 was 32.2%, compared to 42.0% for the three months ended December 31, 2007, excluding the impact of various tax benefits recorded in the fourth quarter. The fourth quarter 2008 effective tax rate includes a new state enterprise zone tax credit of $0.5 million. Excluding the enterprise zone tax credit, the effective tax rate would have been approximately 41%. The effective tax rate differed
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| SOURCE IPC The Hospitalist Company, Inc. Copyright©2009 PR Newswire. All rights reserved |
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