EX-99.1

Exhibit 99.1


		news

		FOR IMMEDIATE RELEASE
INVESTOR CONTACT:		MEDIA CONTACT:
Mark Kimbrough		Ed Fishbough
615-344-2688		615-344-2810

HCA Reports Fourth Quarter and Year End 2008 Results

Nashville, Tenn., February 3, 2009 — HCA today announced financial and operating results for its fourth quarter ended December 31, 2008.

Fourth Quarter Summary:

	•		Revenues increased 5.6 percent to $7.265 billion.

	•		Net income totaled $276 million, compared to $278 million in the fourth quarter of 2007.

	•		Adjusted EBITDA totaled $1.237 billion, compared to $1.153 billion in the fourth quarter of 2007.

	•		Interest expense decreased to $500 million, from $541 million in the fourth quarter of 2007.

	•		Same facility admissions increased 0.5 percent, and same facility equivalent admissions increased 1.8 percent.

	•		Same facility revenue per equivalent admission increased 4.8 percent.

	•		Same facility total surgeries increased 0.4 percent.

Revenues during the fourth quarter of 2008 totaled $7.265 billion, compared to $6.883 billion in the fourth quarter of 2007. On a same facility basis, revenues in the fourth quarter of 2008 increased 6.8 percent compared to the fourth quarter of 2007. Adjusted EBITDA in the fourth quarter of 2008 totaled $1.237 billion, compared to $1.153 billion in the fourth quarter of 2007. Net income for the fourth quarter of 2008 totaled $276 million, compared to $278 million in the fourth quarter of 2007. Results for the fourth quarter of 2008 include gains on sales of facilities of $7 million compared to $139 million in the fourth quarter of 2007. Fourth quarter 2008 results also include an $11 million charge for impairment of long-lived assets.

The provision for doubtful accounts decreased to $889 million, or 12.2 percent of revenues, in the fourth quarter of 2008 from $912 million, or 13.2 percent of revenues, in the fourth quarter of 2007. Same facility uninsured admissions decreased 0.4 percent in the fourth quarter of 2008 compared to the fourth quarter of 2007.

Interest expense decreased to $500 million in the fourth quarter of 2008, compared to $541 million in the fourth quarter of 2007, due primarily to a reduction in the average effective interest rate on total debt.

The provision for income taxes resulted in low effective tax rates for the fourth quarters of both 2008 (11 percent effective tax rate) and 2007 (20 percent effective tax rate). The provision for income taxes for the fourth quarter of 2008 was reduced, primarily due to a favorable revision to the proposed disallowance of a portion of prior period expense and related interest. The provision for income taxes for the fourth quarter of 2007 was reduced, primarily due to the recognition of certain state tax benefits.

Same facility admissions increased 0.5 percent and same facility equivalent admissions increased 1.8 percent in the fourth quarter of 2008 compared to the fourth quarter of 2007. Same facility inpatient surgeries declined 0.7 percent, while outpatient surgeries increased 1.1 percent in the fourth quarter of 2008 compared to the fourth quarter of 2007. Same facility revenue per equivalent admission increased 4.8 percent in the fourth quarter of 2008 compared to the fourth quarter of 2007. Same facility charity and uninsured discounts totaled $985 million in the fourth quarter of 2008 compared to $781 million in the fourth quarter of 2007.

Revenues for the year ended December 31, 2008 increased 5.6 percent to $28.374 billion compared to $26.858 billion in 2007. Adjusted EBITDA totaled $4.574 billion for 2008 compared to $4.592 billion in 2007. Net income totaled $673 million for 2008 compared to $874 million in 2007. The operating results include gains on sales of facilities of $97 million in 2008 compared to $471 million in 2007 and impairments of long-lived assets of $64 million in 2008 compared to $24 million in 2007.

As of December 31, 2008, HCA’s balance sheet reflected cash and cash equivalents of $465 million, total debt of $26.989 billion, and total assets of $24.280 billion. Capital expenditures totaled $485 million for the fourth quarter of 2008 and $1.600 billion for the year ended December 31, 2008.

As of December 31, 2008, HCA operated 166 hospitals and 105 freestanding surgery centers, including eight hospitals and eight freestanding surgery centers operated through equity method joint ventures.

Earnings Conference Call

HCA will host a conference call for investors at 9:00 a.m. Central Standard 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. The webcast can be accessed at: http://www.videonewswire.com/event.asp?id=55052 or through the Company’s Investor Relations web page, www.hcahealthcare.com.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements based on current management expectations. Those forward-looking statements include all statements other than those made solely with respect to historical fact and are intended to comply with the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These factors include, but are not limited to, (1) the ability to recognize the benefits of the recapitalization; (2) the impact of the substantial indebtedness incurred to finance the recapitalization; (3) increases in the amount and risk of collectibility of uninsured accounts, and deductibles and copayment amounts for insured accounts, particularly in the current economic downturn; (4) the ability to achieve operating and financial targets, and attain expected levels of patient volumes and control the costs of providing services; (5) possible changes in the Medicare, Medicaid and other state programs, including Medicaid supplemental payments pursuant to upper payment limit programs, that may impact reimbursements to health care providers and insurers; (6) the highly competitive nature of the health care business; (7) changes in revenue mix and the ability to enter into and renew managed care provider agreements on acceptable terms; (8) the efforts of insurers, health care providers and others to contain health care costs; (9) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures; (10) changes in federal, state or local laws or regulations affecting the health care industry; (11) increases in

wages and the ability to attract and retain qualified management and personnel, including affiliated physicians, nurses and medical and technical support personnel; (12) the possible enactment of federal or state health care reform; (13) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities; (14) changes in accounting practices; (15) changes in general economic conditions nationally and regionally in our markets; (16) future divestitures which may result in charges; (17) changes in business strategy or development plans; (18) the outcome of pending and any future tax audits, appeals and litigation associated with our tax positions; (19) delays in receiving payment for services provided; (20) potential liabilities and other claims that may be asserted against us; (21) other risk factors described in our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake 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 release refer to HCA Inc. and its affiliates.

HCA Inc.
Condensed Consolidated Income Statements
Fourth Quarter
(Dollars in millions)


	2008						2007
	Amount			Ratio			Amount			Ratio

Revenues	$	7,265			100.0	%	$	6,883			100.0	%

Salaries and benefits		2,877			39.6			2,712			39.4
Supplies		1,157			15.9			1,111			16.2
Other operating expenses		1,158			16.0			1,047			15.2
Provision for doubtful accounts		889			12.2			912			13.2
Equity in earnings of affiliates		(53	)		(0.7	)		(50	)		(0.7	)
Gains on investments		—			—			(2	)		—
Depreciation and amortization		354			4.9			354			5.0
Interest expense		500			6.9			541			7.9
Gains on sales of facilities		(7	)		(0.1	)		(139	)		(2.0	)
Impairment of long-lived assets		11			0.1			—			—


		6,886			94.8			6,486			94.2


Income before minority interests and income taxes		379			5.2			397			5.8

Minority interests in earnings of consolidated entities		68			0.9			48			0.7


Income before income taxes		311			4.3			349			5.1

Provision for income taxes		35			0.5			71			1.1


Net income	$	276			3.8		$	278			4.0

HCA Inc.
Condensed Consolidated Income Statements
For the Years Ended December 31, 2008 and 2007
(Dollars in millions)


	2008						2007
	Amount			Ratio			Amount			Ratio

Revenues	$	28,374			100.0	%	$	26,858			100.0	%

Salaries and benefits		11,440			40.3			10,714			39.9
Supplies		4,620			16.3			4,395			16.4
Other operating expenses		4,554			16.1			4,241			15.7
Provision for doubtful accounts		3,409			12.0			3,130			11.7
Equity in earnings of affiliates		(223	)		(0.8	)		(206	)		(0.8	)
Gains on investments		—			—			(8	)		—
Depreciation and amortization		1,416			5.0			1,426			5.4
Interest expense		2,021			7.1			2,215			8.2
Gains on sales of facilities		(97	)		(0.3	)		(471	)		(1.8	)
Impairment of long-lived assets		64			0.2			24			0.1


		27,204			95.9			25,460			94.8


Income before minority interests and income taxes		1,170			4.1			1,398			5.2

Minority interests in earnings of consolidated entities		229			0.8			208			0.8


Income before income taxes		941			3.3			1,190			4.4

Provision for income taxes		268			0.9			316			1.1


Net income	$	673			2.4		$	874			3.3

HCA Inc.
Supplemental Operating Results Summary
(Dollars in millions)


							For the Years
	Fourth Quarter						Ended December 31,
	2008			2007			2008			2007
Revenues	$	7,265		$	6,883		$	28,374		$	26,858

Net income	$	276		$	278		$	673		$	874
Gains on sales of facilities (net of tax)		(5	)		(88	)		(58	)		(291	)
Impairment of long-lived assets (net of tax)		7			—			41			15

Net income, excluding gains on sales of facilities and impairment of long-lived assets		278			190			656			598
Depreciation and amortization		354			354			1,416			1,426
Interest expense		500			541			2,021			2,215
Minority interests in earnings of consolidated entities		68			48			229			208
Provision for income taxes		37			20			252			145


Adjusted EBITDA (a)	$	1,237		$	1,153		$	4,574		$	4,592


(a)		Net income, excluding gains on sales of facilities and impairment of long-lived assets and adjusted EBITDA are non-GAAP financial measures. We believe that net income, excluding gains on sales of facilities and impairment of long-lived assets and adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe that it is useful to investors to provide disclosures of our results of operations on the same basis as that used by management. Management relies upon net income, excluding gains on sales of facilities and impairment of long-lived assets and adjusted EBITDA as the primary measures to review and assess operating performance of its hospital facilities and their management teams.

Management and investors review both the overall performance (including; net income, excluding gains on sales of facilities and impairment of long-lived assets and GAAP net income) and operating performance (adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the adjusted EBITDA margin (adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that gains on sales of facilities and impairments of long-lived assets will occur in future periods, but the amounts recognized can vary significantly from quarter to quarter, do not directly relate to the ongoing operations of our health care facilities and complicate quarterly comparisons of our results of operations and operations comparisons with other health care companies.

Net income, excluding gains on sales of facilities and impairment of long-lived assets and adjusted EBITDA are not measures of financial performance under accounting principles generally accepted in the United States, and should not be considered as alternatives to net income as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income, excluding gains on sales of facilities and impairment of long-lived assets and adjusted EBITDA are not measurements determined in accordance with generally accepted accounting principles and are susceptible to varying calculations, net income, excluding gains on sales of facilities and impairment of long-lived assets and adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.

HCA Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions)


	December 31,			September 30,			December 31,
	2008			2008			2007
ASSETS
Current assets:
Cash and cash equivalents	$	465		$	444		$	393
Accounts receivable, less allowance for doubtful accounts		3,780			3,699			3,895
Inventories		737			716			710
Deferred income taxes		914			722			592
Other		405			517			615


Total current assets		6,301			6,098			6,205

Property and equipment, at cost		23,714			23,406			22,579
Accumulated depreciation		(12,185	)		(11,968	)		(11,137	)

		11,529			11,438			11,442
Investments of insurance subsidiary		1,422			1,483			1,669
Investments in and advances to affiliates		842			824			688
Goodwill		2,580			2,601			2,629
Deferred loan costs		458			478			539
Other		1,148			871			853


	$	24,280		$	23,793		$	24,025


LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	1,370		$	1,191		$	1,370
Accrued salaries		854			849			780
Other accrued expenses		1,282			1,235			1,391
Long-term debt due within one year		404			368			308


Total current liabilities		3,910			3,643			3,849
Long-term debt		26,585			26,673			27,000
Professional liability risks		1,108			1,114			1,233
Deferred taxes and other liabilities		1,782			1,375			1,379
Minority interests in equity of consolidated entities		995			969			938

Equity securities with contingent redemption rights		155			163			164
Stockholders’ deficit		(10,255	)		(10,144	)		(10,538	)


	$	24,280		$	23,793		$	24,025

HCA Inc.
Condensed Consolidated Statements of Cash Flows
For the Years Ended December 31, 2008 and 2007
(Dollars in millions)


	2008			2007
Cash flows from operating activities:
Net income	$	673		$	874
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for doubtful accounts		3,409			3,130
Depreciation and amortization		1,416			1,426
Income taxes		(448	)		(105	)
Gains on sales of facilities		(97	)		(471	)
Impairment of long-lived assets		64			24
Change in operating assets and liabilities		(3,367	)		(3,615	)
Change in minority interests		36			40
Share-based compensation		32			24
Other		79			69


Net cash provided by operating activities		1,797			1,396


Cash flows from investing activities:
Purchase of property and equipment		(1,600	)		(1,444	)
Acquisition of hospitals and health care entities		(85	)		(32	)
Disposition of hospitals and health care entities		193			767
Change in investments		21			207
Other		4			23


Net cash used in investing activities		(1,467	)		(479	)

Cash flows from financing activities:
Net change in revolving bank credit facility		700			(520	)
Repayment of long-term debt		(960	)		(750	)
Issuance of common stock		—			100
Other		2			12


Net cash used in financing activities		(258	)		(1,158	)


Change in cash and cash equivalents		72			(241	)
Cash and cash equivalents at beginning of period		393			634


Cash and cash equivalents at end of period	$	465		$	393


Interest payments	$	1,979		$	2,163
Income tax payments, net of refunds	$	716		$	421

HCA Inc.
Operating Statistics


							For the Years
	Fourth Quarter						Ended December 31,
	2008			2007			2008			2007
Consolidating Hospitals:

Number of Hospitals		158			161			158			161
Weighted Average Licensed Beds		38,474			38,784			38,422			39,065
Licensed Beds at End of Period		38,504			38,405			38,504			38,405

Reported:
Admissions		380,100			384,000			1,541,800			1,552,700
% Change		-1.0	%					-0.7	%
Equivalent Admissions		587,300			585,300			2,363,600			2,352,400
% Change		0.4	%					0.5	%
Revenue per Equivalent Admission	$	12,370		$	11,760		$	12,005		$	11,417
% Change		5.2	%					5.2	%
Inpatient Revenue per Admission	$	11,742		$	11,121		$	11,336		$	10,718
% Change		5.6	%					5.8	%

Patient Days		1,865,100			1,881,200			7,611,000			7,683,000
Equivalent Patient Days		2,882,100			2,867,400			11,667,700			11,639,700

Inpatient Surgery Cases		121,300			126,500			493,100			516,500
% Change		-4.2	%					-4.5	%
Outpatient Surgery Cases		201,900			200,100			797,400			804,900
% Change		0.9	%					-0.9	%

Emergency Room Visits		1,276,900			1,288,300			5,246,400			5,116,100
% Change		-0.9	%					2.5	%

Outpatient Revenues as a Percentage of Patient Revenues		37.5	%		36.9	%		37.4	%		36.9	%

Average Length of Stay		4.9			4.9			4.9			4.9

Occupancy		52.7	%		52.7	%		54.1	%		53.9	%
Equivalent Occupancy		81.5	%		80.3	%		82.9	%		81.7	%

Same Facility:
Admissions		375,200			373,500			1,515,900			1,502,700
% Change		0.5	%					0.9	%
Equivalent Admissions		578,900			568,500			2,319,300			2,276,600
% Change		1.8	%					1.9	%
Revenue per Equivalent Admission	$	12,338		$	11,768		$	11,990		$	11,411
% Change		4.8	%					5.1	%
Inpatient Revenue per Admission	$	11,761		$	11,139		$	11,361		$	10,738
% Change		5.6	%					5.8	%

Inpatient Surgery Cases		120,400			121,300			485,800			488,400
% Change		-0.7	%					-0.5	%
Outpatient Surgery Cases		198,200			196,100			783,800			785,200
% Change		1.1	%					-0.2	%

Emergency Room Visits		1,255,200			1,252,000			5,128,700			4,952,000
% Change		0.3	%					3.6	%

Number of Consolidating and Nonconsolidating (Equity Joint Ventures) Hospitals:

Consolidating		158			161			158			161
Nonconsolidating (Equity Joint Ventures)		8			8			8			8


Total Number of Hospitals		166			169			166			169