-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QA4eEfOPH3bmxZVltFTQZWMJFfAL7JF+Sm2Or5cfDihuekd6fUxmHY3y07giOxSu wViWVxWyLE6CLs1+hyzv+w== 0000950144-02-004213.txt : 20020422 0000950144-02-004213.hdr.sgml : 20020422 ACCESSION NUMBER: 0000950144-02-004213 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020422 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HCA INC/TN CENTRAL INDEX KEY: 0000860730 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC [8062] IRS NUMBER: 752497104 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11239 FILM NUMBER: 02617532 BUSINESS ADDRESS: STREET 1: ONE PARK PLZ CITY: NASHVILLE STATE: TN ZIP: 37203 BUSINESS PHONE: 6153449551 MAIL ADDRESS: STREET 1: ONE PARK PLAZA CITY: NASHVILLE STATE: TN ZIP: 37203 FORMER COMPANY: FORMER CONFORMED NAME: HCA THE HEALTHCARE CO DATE OF NAME CHANGE: 20010419 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA HCA HEALTHCARE CORP DATE OF NAME CHANGE: 20000502 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA HCA HEALTHCARE CORP/ DATE OF NAME CHANGE: 19940314 8-K 1 g75736e8-k.htm HCA INC. e8-k
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FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934.

Date of Report (Date of earliest event reported) April 22, 2002

HCA INC.
(Exact name of registrant as specified in its charter)

DELAWARE
(State of Incorporation)

     
001-11239
(Commission
File Number)		   75-2497104
(IRS Employer
Identification Number)
One Park Plaza, Nashville, Tennessee
(Address of principal executive offices)		   37203
(Zip Code)

(615) 344-9551
(Registrant’s telephone number, including area code)

ITEM 5.  OTHER EVENTS
ITEM 7.  EXHIBIT
SIGNATURES
PRESS RELEASE

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ITEM 5.  OTHER EVENTS

     On April 22, 2002, HCA Inc. (the “Company”) announced operating results for the first quarter ended March 31, 2002.

ITEM 7.  EXHIBIT

     
Exhibit 20   Copy of press release dated April 22, 2002 relating to first quarter earnings release.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

     
HCA Inc.
 
By: /s/ JOHN M. FRANCK II
John M. Franck II
Vice President and Corporate Secretary

DATED: April 22, 2002

3 EX-20 3 g75736ex20.txt PRESS RELEASE EXHIBIT 20 HCA NEWS - -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE INVESTOR CONTACT MEDIA CONTACT Mark Kimbrough: 615-344-2688 Jeff Prescott: 615-344-5708 HCA REPORTS 2002 1ST QUARTER RESULTS EPS INCREASES 21% FOR THE QUARTER TO $0.76 COMPARED TO $0.63 EXCLUDING GOODWILL AMORTIZATION, GAINS AND INVESTIGATION RELATED CHARGES Nashville, Tenn., April 22, 2002 - HCA (NYSE: HCA) today announced operating results for the first quarter ended March 31, 2002. "We're extremely pleased with the results of the quarter. This is the tenth quarter out of the last eleven the Company has achieved earnings per share growth in excess of 20 percent," stated Jack O. Bovender, Jr., Chairman and CEO. "Strong revenue growth combined with sound cost management led to another excellent quarter for this Company and its shareholders." During the first quarter, revenues increased 8.3 percent to $4.9 billion compared to $4.5 billion during the first quarter of 2001. Same facility revenues increased 11.1 percent during the quarter. Net income before goodwill amortization, gains on sales of facilities and investigation related costs totaled $396 million or $0.76 per diluted share compared to $348 million or $0.63 per diluted share for the same period of 2001. Net income totaled $385 million or $0.74 per diluted share versus $343 million or $0.62 per diluted share in the first quarter of 2001. Solid quarterly performance was driven by continued strength in same facility inpatient revenue per admission, which increased 10.1 percent, and same facility revenue per equivalent admission, which increased 9.3 percent. Same facility equivalent admissions grew 1.7 percent, reflecting strong outpatient volume during the quarter, in particular, emergency department visits which increased 4.4 percent. Same facility admissions for the quarter increased 0.9 percent, however, if you factor out a 33 percent reduction in skilled nursing admissions related to unit closures and conversions; same facility acute care admissions rose 1.7 percent. 1 As previously announced, the Company adopted SFAS 142, "Goodwill and Other Intangible Assets," in the first quarter of 2002. The effect of the change in accounting treatment would have resulted in an increase in net income of $17 million, or $0.03 per diluted share, during the first quarter of 2001. At March 31, 2002, the Company's balance sheet reflected total debt of $7.0 billion; stockholders' equity (including common, temporary and minority equity) of $6.2 billion; and total assets of $18.0 billion. The Company's ratio of debt-to-debt plus stockholders' equity was 53.1 percent at March 31, 2002 compared to 56.2 percent at December 31, 2001. The ratio of debt-to-EBITDA was 2.01 times at quarter end. Cash flow from operations during the first quarter was $609 million, compared to $438 million in the first quarter of 2001. Capital expenditures for the quarter totaled, $378 million, up 38% from the first quarter of 2001. Return on stockholders' equity was 21.8 percent and return on invested capital was 12.0 percent at March 31, 2002. As of March 31, 2002, the Company operated 181 hospitals and 77 ambulatory surgery centers (including 6 hospitals and 3 ASCs owned through 50/50 equity joint ventures), compared to 194 hospitals and 77 ambulatory surgery centers (including 9 hospitals and 3 ASCs owned through equity joint ventures) as of March 31, 2001. The Company's annual shareholders meeting will be held in Nashville, Tennessee on May 23rd at 1:30 p.m. local time for shareholders of record at April 1, 2002. HCA will host a conference call for investors at 8:30 a.m. Central Daylight Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon and through the next 30 days. The webcast can be accessed at www.videonewswire.com/event.asp?id=4128 or via the Investor Relations site at www.hcahealthcare.com. *********** THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS BASED ON MANAGEMENT'S CURRENT EXPECTATIONS. NUMEROUS RISKS, UNCERTAINTIES AND OTHER FACTORS MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED IN THE FORWARD LOOKING STATEMENTS, INCLUDING: (I) THE OUTCOME OF THE KNOWN AND UNKNOWN GOVERNMENTAL INVESTIGATIONS AND LITIGATION INVOLVING THE COMPANY'S BUSINESS PRACTICES INCLUDING THE ABILITY TO NEGOTIATE, EXECUTE AND TIMELY CONSUMMATE DEFINITIVE SETTLEMENT AGREEMENTS IN THE GOVERNMENT'S REMAINING CIVIL CASES AND TO OBTAIN COURT APPROVAL THEREOF, (II) THE ABILITY TO CONSUMMATE THE UNDERSTANDING WITH THE CENTERS FOR MEDICARE AND MEDICAID SERVICES, (III) THE HIGHLY COMPETITIVE NATURE OF THE HEALTH CARE BUSINESS, (IV) THE EFFORTS OF INSURERS, HEALTH CARE PROVIDERS AND OTHERS TO CONTAIN HEALTH CARE COSTS, (V) POSSIBLE CHANGES IN THE MEDICARE AND MEDICAID PROGRAMS THAT MAY LIMIT REIMBURSEMENTS TO HEALTH CARE PROVIDERS AND INSURERS, (VI) CHANGES IN FEDERAL, STATE OR LOCAL REGULATIONS AFFECTING THE HEALTH CARE INDUSTRY, (VII) THE POSSIBLE ENACTMENT OF FEDERAL OR STATE HEALTH CARE REFORM, (VIII) THE ABILITY TO ATTRACT AND RETAIN QUALIFIED MANAGEMENT AND PERSONNEL, INCLUDING AFFILIATED PHYSICIANS, NURSES AND MEDICAL SUPPORT PERSONNEL, (IX) LIABILITIES AND OTHER CLAIMS ASSERTED AGAINST THE COMPANY, (X) FLUCTUATIONS IN THE MARKET VALUE OF THE COMPANY'S COMMON STOCK, (XI) CHANGES IN ACCOUNTING PRACTICES, (XII) CHANGES IN GENERAL ECONOMIC CONDITIONS, (XIII) FUTURE DIVESTITURES WHICH MAY RESULT IN ADDITIONAL CHARGES, (XIV) CHANGES IN REVENUE MIX AND THE ABILITY TO ENTER INTO AND RENEW 2 MANAGED CARE PROVIDER ARRANGEMENTS ON ACCEPTABLE TERMS, (XV) THE AVAILABILITY, TERMS AND COST OF CAPITAL, (XVI) CHANGES IN BUSINESS STRATEGY OR DEVELOPMENT PLANS, (XVII) SLOWNESS OF REIMBURSEMENT, (XVIII) THE ABILITY TO IMPLEMENT THE COMPANY'S SHARED SERVICES AND OTHER INITIATIVES AND REALIZE DECREASES IN ADMINISTRATIVE, SUPPLY AND INFRASTRUCTURE COSTS, (XIX) THE OUTCOME OF PENDING AND ANY FUTURE TAX AUDITS, APPEALS AND LITIGATION ASSOCIATED WITH THE COMPANY'S TAX POSITIONS, (XX) THE OUTCOME OF THE COMPANY'S CONTINUING EFFORTS TO MONITOR, MAINTAIN AND COMPLY WITH APPROPRIATE LAWS, REGULATIONS, POLICIES AND PROCEDURES AND THE COMPANY'S CORPORATE INTEGRITY AGREEMENT WITH THE GOVERNMENT, (XXI) INCREASED REVIEWS OF THE COMPANY'S COST REPORTS, (XXII) THE ABILITY TO MAINTAIN AND INCREASE PATIENT VOLUMES AND CONTROL THE COSTS OF PROVIDING SERVICES, AND (XXIII) OTHER RISK FACTORS DETAILED FROM TIME TO TIME IN THE COMPANY'S FILINGS WITH THE SEC. MANY OF THE FACTORS THAT WILL DETERMINE THE COMPANY'S FUTURE RESULTS ARE BEYOND THE ABILITY OF THE COMPANY TO CONTROL OR PREDICT. READERS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS, WHICH REFLECT MANAGEMENT'S VIEWS ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE ANY FORWARD-LOOKING STATEMENTS, OR TO MAKE ANY OTHER FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. ALL REFERENCES TO "COMPANY" AND "HCA" AS USED THROUGHOUT THIS DOCUMENT REFER TO HCA INC. AND ITS AFFILIATES. 3 HCA INC. CONSOLIDATED OPERATING RESULTS SUMMARY (Dollars in millions, except per share amounts)
FIRST QUARTER ------------------------ 2002 2001 ---- ---- Revenues .......................................................................... $ 4,873 $ 4,501 EBITDA (a) ........................................................................ $ 1,043 $ 972 Net income: Reported net income, excluding gains on sales of facilities and investigation related costs ........................................................... $ 396 $ 331 Goodwill amortization (net of tax) .......................................... -- 17 ------------------------ Adjusted net income, excluding gains on sales of facilities and investigation related costs ........................................................... 396 348 Gains on sales of facilities (net of tax) ................................... -- 4 Investigation related costs (net of tax) .................................... (11) (9) ------------------------ Adjusted net income ......................................................... $ 385 $ 343 ======================== Diluted earnings per share: Reported net income, excluding gains on sales of facilities and investigation related costs ........................................................... $ 0.76 $ 0.60 Goodwill amortization ....................................................... -- 0.03 ------------------------ Adjusted net income, excluding gains on sales of facilities and investigation related costs ........................................................... 0.76 0.63 Gains on sales of facilities ................................................ -- 0.01 Investigation related costs ................................................. (0.02) (0.02) ------------------------ Adjusted net income ......................................................... $ 0.74 $ 0.62 ======================== Shares used in computing diluted earnings per share (000) ......................... 521,588 554,818
- ----------------------------------------- (a) EBITDA is defined as income before depreciation and amortization, interest expense, gains on sales of facilities, investigation related costs, minority interests and income taxes. 4 HCA INC. CONSOLIDATED INCOME STATEMENTS FIRST QUARTER (DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
2002 2001 ----------------------- ------------------------ AMOUNT RATIO Amount Ratio ------ ----- ------ ----- Revenues ............................................................... $ 4,873 100.0% $ 4,501 100.0% Salaries and benefits .................................................. 1,930 39.6 1,782 39.6 Supplies ............................................................... 778 16.0 711 15.8 Other operating expenses ............................................... 800 16.3 787 17.5 Provision for doubtful accounts ........................................ 368 7.6 325 7.2 Insurance subsidiary (gains) losses on sales of investments ............ 5 0.1 (30) (0.7) Equity in earnings of affiliates ....................................... (51) (1.0) (46) (1.0) ----------------------- ------------------------ 3,830 78.6 3,529 78.4 ----------------------- ------------------------ EBITDA ............................................................. 1,043 21.4 972 21.6 Depreciation and amortization .......................................... 244 5.0 257 5.7 Interest expense ....................................................... 121 2.5 142 3.2 Gains on sales of facilities ........................................... -- -- (13) (0.3) Investigation related costs ............................................ 17 0.3 14 0.3 ----------------------- ------------------------ Income before minority interests and income taxes ...................... 661 13.6 572 12.7 Minority interests in earnings of consolidated entities ................ 35 0.7 30 0.7 ----------------------- ------------------------ Income before income taxes ............................................. 626 12.9 542 12.0 Provision for income taxes ............................................. 241 5.0 216 4.8 ----------------------- ------------------------ Reported net income ................................................... 385 7.9 326 7.2 Goodwill amortization, net of taxes ................................... -- -- 17 0.4 ----------------------- ------------------------ Adjusted net income .............................................. $ 385 7.9 $ 343 7.6 ======================= ======================== Diluted earnings per share: Reported net income, excluding gains on sales of facilities and investigation related costs .............................. $ 0.76 $ 0.60 Goodwill amortization .............................................. -- 0.03 --------- ---------- Adjusted net income, excluding gains on sales of facilities and investigation related costs .............................. 0.76 0.63 Gains on sales of facilities ....................................... -- 0.01 Investigation related costs ........................................ (0.02) (0.02) --------- ---------- Adjusted net income ................................................ $ 0.74 $ 0.62 ========= ========== Shares used in computing diluted earnings per share (000) .............. 521,588 554,818
5 HCA INC. CONSOLIDATED BALANCE SHEETS (DOLLARS IN MILLIONS)
MARCH 31, DECEMBER 31, 2002 2001 --------- ------------ ASSETS Current assets: Cash and cash equivalents ......................................... $ 62 $ 85 Accounts receivable, net .......................................... 2,658 2,420 Other ............................................................. 1,550 1,636 --------- --------- Total current assets ......................................... 4,270 4,141 Property and equipment, at cost ........................................ 15,527 15,222 Accumulated depreciation ............................................... (6,488) (6,303) --------- --------- 9,039 8,919 Investments of insurance subsidiary .................................... 1,463 1,453 Investments in and advances to affiliates .............................. 673 680 Intangible assets, net ................................................. 2,056 2,051 Other .................................................................. 454 486 --------- --------- $ 17,955 $ 17,730 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable .................................................. $ 771 $ 755 Other current liabilities ......................................... 1,416 1,372 Government settlement accrual ..................................... 250 250 Long-term debt due within one year ................................ 840 807 --------- --------- Total current liabilities .................................... 3,277 3,184 Long-term debt ......................................................... 6,172 6,553 Professional liability risks, deferred taxes and other liabilities ................................................. 2,304 2,268 Minority interests in equity of consolidated entities .................. 576 563 Company-obligated mandatorily redeemable securities of affiliate holding solely Company obligations ................................ 400 400 Stockholders' equity ................................................... 5,226 4,762 --------- --------- $ 17,955 $ 17,730 ========= ========= Current ratio .......................................................... 1.30 1.30 Ratio of debt to debt plus common, temporary and minority equity ....... 53.1% 56.2% Shares outstanding (thousands) ......................................... 511,757 509,297
6 HCA INC. OPERATING STATISTICS
FIRST QUARTER ------------------------------- 2002 2001 ---- ---- CONSOLIDATED HOSPITALS: Number of Hospitals 175 185 Weighted Average Licensed Beds 40,079 40,950 Licensed Beds at End of Period 40,054 40,895 Admissions 407,300 412,000 Same Facility % Change 0.9% Equivalent Admissions 594,700 597,800 Same Facility % Change 1.7% Revenue per Equivalent Admission $ 8,193 $ 7,528 Same Facility % Change 9.3% Inpatient Revenue per Admission $ 7,474 $ 6,749 Same Facility % Change 10.1% Patient Days 2,060,700 2,055,700 Equivalent Patient Days 3,008,600 2,982,900 Emergency Department Visits 1,206,900 1,186,200 Same Facility % Change 4.4% Outpatient Revenues as a Percentage of Patient Revenues 36.3% 36.3% Average Length of Stay 5.1 5.0 Occupancy 57.1% 55.8% Equivalent Occupancy 83.4% 81.0% NUMBER OF CONSOLIDATED AND NON-CONSOLIDATED (50/50 EQUITY JOINT VENTURES) HOSPITALS: Consolidated 175 185 Non-Consolidated (50/50 Equity Joint Ventures) 6 9 ---------- ---------- Total Number of Hospitals 181 194 ========== ==========
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