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HCA announces 2003 profit

NEWS IN BRIEF — Posted Feb. 23, 2004

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The nation's largest for-profit hospital company, HCA Inc., reported net income of $317 million, or 63 cents per diluted share, in the fourth quarter 2003 on $5.6 billion in revenue. For the same quarter of 2002, HCA posted a net loss of $102 million, or 20 cents per share, on $5 billion of revenue.

However, the 2002 totals included an after-tax charge of $418 million related to a settlement with the U.S. Dept. of Justice over allegations that HCA overcharged the government. Excluding such extraordinary items, profits for the fourth quarter were down to 58 cents per share in 2003 from 63 cents in 2002.

HCA also announced on Feb. 3 that it was profitable for the year 2003, with net income of $1.3 billion. That's $2.61 per diluted share, compared with $833 million, or $1.59 per share, in 2002. Revenue increased 11% to $21.8 billion from slightly less than $20 billion.

Consolidated hospital admissions, which include 11 Kansas City area hospitals that HCA acquired on April 1, increased 3.3% in 2003. The fourth quarter also saw a jump in hospital admissions, with a 15% increase in pulmonary or flu admissions compared with the same period a year earlier. However, HCA also said it had to put 11.4% of its fourth-quarter revenue in reserves in case patients didn't pay, compared with 8.6% in the fourth quarter of 2002.

Note: This item originally appeared at http://www.ama-assn.org/amednews/2004/02/23/bibf0223.htm.

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