Nashville, Tenn.-based Hospital Corporation of America recorded a net income of $1.94 billion in the fourth quarter of fiscal year 2011, a significant increase from the $283 million net income recorded in the fourth quarter of 2010, according to an HCA news release.
HCA's profit surged because it closed on the purchase of the Colorado Health Foundation's 40 percent interest in HCA-HealthONE joint venture. The deal closed for $1.45 billion, and HCA recognized the overall acquisition gain due to its previous equity investment in the HealthONE joint venture.
For the three months ended Dec. 31, 2011, HCA — the largest hospital chain in the country with 163 facilities — recorded $7.8 billion in revenue, up more than 8 percent from last year. Same facility equivalent admissions were also up 3.2 percent in the fourth quarter compared with last year, although both inpatient and outpatient surgeries were down.
The HealthONE acquisition also gave HCA a sizable profit for the entire 2011 fiscal year. It recorded $2.47 billion in net income in 2011, up from $1.21 billion in 2010. HCA's net revenue for FY 2011 was $29.7 billion, up roughly 6 percent from 2010. HCA also had an adjusted EBITDA of $6.06 billion in 2011.
HCA also announced that its board of directors approved a special cash dividend of $2.00 per share to be paid to shareholders, which will be funded through existing cash and borrowings under HCA's credit facilities.
HCA's profit surged because it closed on the purchase of the Colorado Health Foundation's 40 percent interest in HCA-HealthONE joint venture. The deal closed for $1.45 billion, and HCA recognized the overall acquisition gain due to its previous equity investment in the HealthONE joint venture.
For the three months ended Dec. 31, 2011, HCA — the largest hospital chain in the country with 163 facilities — recorded $7.8 billion in revenue, up more than 8 percent from last year. Same facility equivalent admissions were also up 3.2 percent in the fourth quarter compared with last year, although both inpatient and outpatient surgeries were down.
The HealthONE acquisition also gave HCA a sizable profit for the entire 2011 fiscal year. It recorded $2.47 billion in net income in 2011, up from $1.21 billion in 2010. HCA's net revenue for FY 2011 was $29.7 billion, up roughly 6 percent from 2010. HCA also had an adjusted EBITDA of $6.06 billion in 2011.
HCA also announced that its board of directors approved a special cash dividend of $2.00 per share to be paid to shareholders, which will be funded through existing cash and borrowings under HCA's credit facilities.
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