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John C. Merriwether
Vice President of Financial Relations
Health Management Associates, Inc.
HEALTH MANAGEMENT ASSOCIATES, INC.
REPORTS RECORD FOURTH QUARTER GROWTH
Annual Earnings Per Share Increase 17%
Record 16th Consecutive Year of Uninterrupted Operating Earnings Growth
NAPLES, FLORIDA (October 26, 2004), Health Management Associates, Inc. (NYSE: HMA) announced today that its earnings per share (diluted) for the fourth quarter ended September 30, 2004 were $.30, a $.02 increase from $.28 per share for the same quarter a year ago. Net income for the quarter increased $4.2 million to $74.0 million, from $69.8 million for the same quarter a year ago, and net patient service revenue grew 21.4% to $798.1 million, an increase of $140.5 million from $657.6 million for the same quarter a year ago.
As previously announced, during the fourth quarter ended September 30, 2004, four hurricanes and one tropical storm made landfall in Florida, where HMA owns and operates 14 hospitals. The disruptions created by these major storms continue to be felt throughout the state, including by all of HMAs Florida hospitals. Hurricane damage and disruption to HMA hospitals located in the affected areas, as well as to employees homes, local businesses and physicians offices, was extensive. One HMA hospital in South Carolina also suffered hurricane-related damage. HMA and its hospitals are insured for property damage and business interruption. HMA has initiated the insurance claims process, and is working closely with its insurers in order to resolve and settle all hurricane-related claims. Management expects that HMA will recover the amounts claimed, including claims for property damage and business interruption losses, subject to policy deductibles. The uninsured impact from these storms in fiscal 2004 amounted to approximately $9.5 million in lower net income for the fourth quarter and year ended September 30, 2004.
The following information was filed by Health Management Associates, Inc (HMA) on Tuesday, October 26, 2004 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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