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|Contact:||John C. Merriwether|
|Vice President of Financial Relations|
|Health Management Associates, Inc.|
HEALTH MANAGEMENT ASSOCIATES, INC.
REPORTS FOURTH QUARTER AND YEAR-END 2007 EARNINGS
NAPLES, FLORIDA (February 20, 2008) Health Management Associates, Inc. (NYSE: HMA) announced its consolidated financial results for the fourth quarter and year ended December 31, 2007. For the quarter, HMA reported net revenue of $1,096.3 million; earnings before interest, income taxes, depreciation, amortization, refinancing and debt modification costs and after minority interests (EBITDA) of $149.8 million; net income of $12.5 million; income from continuing operations of $18.8 million; diluted earnings per share (EPS) of $0.05; and diluted EPS from continuing operations of $0.08.
For continuing operations at hospitals owned and operated by HMA for one year or more, referred to as same hospital continuing operations, net revenue increased 4.6%, net revenue per adjusted admission increased 3.0%, admissions declined 1.0%, adjusted admissions increased 1.6%, emergency room visits increased 4.1%, and surgeries increased 0.5%, all compared to the prior years fourth quarter. Same hospital EBITDA from continuing operations for the quarter was $170.8 million, which represented a margin of 15.9%.
During the fourth quarter, HMA ceased operating its Mesquite Community Hospital as a general acute care hospital, converted it into a specialty womens hospital, and renamed it Womans Center at Dallas Regional Medical Center. As part of the conversion, the new Womans Center discontinued virtually all emergency room services, and as expected, emergency room volumes and their corresponding general acute care admissions declined significantly. The comparative statistics for same hospital continuing operations, provided above, exclude the changes in the Womans Center.
The following information was filed by Health Management Associates, Inc (HMA) on Thursday, February 21, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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