2007 - Memorial Hospital of South Bend

SUMMARY OF FINANCIAL CONDITION AND RESULTSAs of December 31, 2007 and 2006 (in thousands of dollars)Consolidated Balance Sheet2007 2006AssetsCurrent AssetsCash and cash equivalents $ 41,362 $ 23,482Account receivable, net of allowances 70,298 70,921Other current assets 35,946 46,527Total Current Assets 147,606 140,930Consolidated Statement of Operations2007 2006Unrestricted Revenue and Other SupportNet patient service revenue $ 411,581 $ 389,462Other revenue 15,852 15,820Net assets released from restrictionsused for operations 1,148 933428,581 406,215Asset Limited as to UseInternally designated 201,467 186,836Externally designated under debtagreements and insurance trust 61,039 1,066262,506 187,902Other AssetsProperty and equipment, net 316,666 284,663Endowment investments 15,110 15,110Other 21,986 20,379353,762 320,152Total Assets $ 763,874 $ 648,984Liabilities and Net AssetsCurrent LiabilitiesAccounts payable and accrued expenses $ 44,284 $ 39,351Other current liabilities 3,660 3,735Total Current Liabilities 47,944 43,086Noncurrent LiabilitiesLong-term debt, less current maturities 232,864 156,046Other long-term liabilities 11,349 21,971Interest rate and basis swaps, net 7,022 2,474251,235 180,491Total Liabilities 299,179 223,577Net AssetsUnrestricted net assets 440,818 401,334Temporarily restricted net assets 8,767 8,963Permanently restricted net assets 15,110 15,110464,695 425,407Total Liabilities and Net Assets $ 763,874 $ 648,984ExpensesSalaries and wages 161,938 153,639Employee benefits 42,073 42,666Supplies and other 101,784 92,851Professional fees and purchased services 46,733 42,293Depreciation and amortization 25,679 24,124Interest 7,244 6,836Provision for bad debts 28,242 24,702413,693 387,111Income from Operations before asset 14,888 19,104retirement obligationAsset retirement obligation - (2,820)Income from Operations 14,888 16,284Nonoperating IncomeInvestment income, net 16,943 23,059Unrealized (losses) gains on swaptransactions, net (6,016) 13,489Loss on early extinquishment of debt 0 (4,589)Net Income 25,815 48,243Key Statistics – Memorial Hospital of South Bend, Inc.2007 2006Adult & Pediatric Patient Days 72,463 74,321Adult & Pediatric Admissions 17,539 17,968Average Length Of Stay 4.13 4.14Emergency Room Visits 49,230 48,236Surgeries 13,686 14,184