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2007 - Memorial Hospital of South Bend

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FINANCIAL REPORT<strong>Memorial</strong> Health System ended <strong>2007</strong> in a strongand stable financial position. We maintained ourstrong AA- bond rating with both Standard &Poors and Fitch.Net Revenue ended the year <strong>2007</strong> at slightlymore than $428 million representing a 5.5%growth over 2006. Operating income ended atnearly $14.9 million representing a drop <strong>of</strong> $1.4million over 2006. Investment income finished atnearly $17 million and was $6 million lower than2006 results. However, the Health System’s cashposition finished at a record level <strong>of</strong> nearly $243million, excluding funds already set aside for theSurgery construction project.Capital investment into the Health Systemcontinues to remain high. Net additions toproperty, plant and equipment were $57.7million. Much <strong>of</strong> this year’s capital spend relatesto the new Surgery construction project. Otherlarge capital investments in <strong>2007</strong> included:building <strong>of</strong> a new Lab, an eight room expansionto the Emergency Department, replacement<strong>of</strong> the <strong>Hospital</strong>’s CT scanners to the latesttechnology, significant information technologyenhancements and a variety <strong>of</strong> new capitalequipment and upgrades.$500$375$250$1250$60,000$45,000$30,000$15,000$2642001$41,526$2882002$3272003$3502004$3802005REVENUE(in millions)$4052006$39,773$37,900$38,766 $39,730$37,648$428<strong>2007</strong>$57,680$20,000$15,000$10,000$5,0000$6,2932001$3,000$2,250$1,500$750$7,5922002$10,5752003$17,532$16,284$14,061$14,888200420052006OPERATING INCOME(in thousands)$2,520$2,688$2,659$2,376$1,473<strong>2007</strong>$1,474<strong>Memorial</strong>’s exceptional financial performancecombined with our continued commitment tothe community through our tithing initiativespositions us well to fund our future and tocontinue to improve the quality <strong>of</strong> health care inour community.0200120022003200420052006CAPITAL INVESTMENT(in millions)<strong>2007</strong>020022003200420052006TITHING INVESTMENT(in thousands)<strong>2007</strong>20 | MEMORIAL HEALTH SYSTEM <strong>2007</strong> ANNUAL REPORT

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