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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 2008 EARNINGS
Diluted Earnings per Share from Continuing Operations of $0.07
NAPLES, FLORIDA (February 23, 2009) Health Management Associates, Inc. (NYSE: HMA) today announced its consolidated financial results for the fourth quarter and year ended December 31, 2008. For the quarter, HMA reported net revenue of $1,111.8 million and earnings, before interest, income taxes, depreciation and amortization, gain on early extinguishment of debt, impairments of assets, and minority interests (EBITDA) of $146.7 million. Income from continuing operations was $29.0 million, or $0.12 per diluted share, and net income was $14.5 million, or $0.06 per diluted share. Included in diluted EPS from continuing operations is a $26.4 million net gain from the early extinguishment of debt and a $6.2 million investment impairment. Excluding this gain and impairment, diluted EPS from continuing operations would have been $0.07, as shown in the tables accompanying this press release. Such tables also contain a reconciliation of income from continuing operations to EBITDA, which is not a GAAP measure, and contain other information regarding HMAs use of EBITDA.
For continuing operations, compared to the prior years fourth quarter: net revenue increased 3.3%; net revenue per adjusted admission increased 2.1%; adjusted admissions (reflecting total admissions adjusted for outpatient volume) increased 1.1%; admissions decreased 0.2%, (excluding uninsured admissions, admissions increased 0.3%); emergency room visits decreased 2.2%; and surgeries decreased 2.3%. EBITDA from continuing hospital operations for the quarter was $175.5 million, which represented a margin of 15.8%.
We are pleased with the operating improvements we generated in the fourth quarter and believe that we are beginning to experience some initial traction as a result of our renewed focus on emergency room operations, physician recruitment and market development, said Gary D. Newsome, HMAs President and Chief Executive Officer. We are encouraged by the volume improvement we witnessed in the fourth quarter when compared to the second and third quarters of 2008. Together with the expense reductions already in place, we believe we can achieve the objectives we have set for 2009.
The following information was filed by Health Management Associates, Inc (HMA) on Tuesday, February 24, 2009 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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