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HCA Profit Falls 26.7% on Charges From Investments

October 22, 2002|From Associated Press

NASHVILLE — HCA Inc., the nation's largest for-profit hospital chain, on Monday said its profit fell 26.7% in the third quarter but its results before special items rose 41% and beat Wall Street expectations.

HCA posted a net income of $200 million, or 38 cents a share, for the quarter ended Sept. 30, down from $273 million, or 51 cents a share, a year ago.

But excluding special items, earnings rose to $319 million, or 60 cents a share, from $226 million, or 43 cents a share, last year.

Thomson First Call analysts had predicted earnings of 55 cents per share before charges.

Revenue for the quarter increased 11.1% from $4.4 billion last year to $4.9 billion, and same-facility revenue increased 12.2% while volume rose 3.4%.

The charges in the latest quarter included a $107-million reduction on the value of investment securities and $12 million related to a long investigation.

HCA operates 181 hospitals and 78 emergency surgery centers in 22 states, including California. Shares of HCA declined 15 cents to $50.51 on the New York Stock Exchange.

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