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2004-Q4 |
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About Fletcher Allen > Financial Information > 2004-Q4 |
Immediate (February 1, 2005)
Mike Noble
Fletcher Allen Public Affairs
(802) 847-2886
Fletcher Allen Releases Audited 2004 Fiscal Year Summary
Fourth Quarter Negative Results Reduce Gains
BURLINGTON VT -- Fletcher Allen has released its audited 2004 Fiscal Year financial report along with its fourth quarter (July-September) results. The fiscal year ended with a $3.8 million operating gain following a fourth quarter operations loss of just over $3.4 million. Overall, the organization's financial performance improved for FY 2004, with a gain of $9.4 million from the previous year. Fletcher Allen recorded an operating loss of $5.6 million for FY 2003.
Fiscal Year 2004 Results
For the year ended September 30, 2004, Fletcher Allen gained $3.8 million in operations. This fell short of the organization's original budgeted projection of a $10.9 million operational gain because of lower than anticipated patient volumes and operational issues in both the expense and revenue areas. Total operating revenues were $568.0 million. Operating expenses for the year were $564.2 million. Gains from non-operating revenues added another $1.2 million for a combined gain of $4.9 million of expenses over revenues for the 2004 Fiscal Year. The operating margin was 0.67%.
Fourth Quarter
Financial performance fell below budget for the fourth quarter, with expenses being above budget because of the posting of unbudgeted one-time expenses and adjustments, such as expenses related to a leadership reorganization in the fourth quarter. As a result, Fletcher Allen posted a loss of $3.4 million for the period. The operating margin was -2.4% for the fourth quarter.
The institution began making its quarterly financials public with the release of the first quarter results for FY 2003 in February 2003. The complete audits for FY 2002 and 2003 are available on the Fletcher Allen Web site at www.FletcherAllen.org. The FY 2004 audit will be posted on the Web site by Feb. 4, 2005.
