|
|
|
 |
2004_Q3 |
 |
|
About Fletcher Allen > Financial Information > 2004_Q3 |
Immediate (September 10, 2004)
Mike Noble
Fletcher Allen Public Affairs
802-847-2886
Fletcher Allen Releases Year-to-Date and Third Quarter Financial Results
BURLINGTON VT - Fletcher Allen reported an operating income of $7.1 million for the first three quarters of the 2004 fiscal year. This includes an operating income of $1.4 million for the third quarter. The third quarter covers the period beginning April 1st and ending June 30, 2004.
Third Quarter Results
Operating income for the third quarter was $3.7 million below budget and coincidentally $3.7 million better than the corresponding quarter in FY2003. Net operating revenues for the quarter were $144 million, $2 million below budgeted revenues. The organization's operating expenses for the quarter were $143.2 million, $1.6 million above budget, resulting in an operating income of $1.4 million and an operating margin of approximately1% for the third quarter. By comparison, the organization lost $2.3 million in the third quarter of FY 2003.
Year-to-date Results
For the year to date, the $7.1 million net income from operations was above
the budgeted $5.6 million for the period, and produced an operating margin of 1.7%. A year ago, the organization saw a three-quarter loss of $10.7 million. Operating expenses for three quarters of the fiscal year were below budget by $1.2 million year-to-date.
Key volume measures year-to-date were mixed. Total inpatient discharges were above budget by 462 (3.0%). Combined Inpatient and Outpatient Days, a measure of the number of patients in the hospital each day, were 1.2% below budget, and physician office visits were 7.0% below budget, but substantially higher than last year for the same quarter. At the end of the quarter, Days Cash on Hand increased to 90.2 days, slightly above the second quarter's results.
The institution began making its quarterly financials public with the release of the first quarter results for FY 2003 in February 2003. The audited financial statements for the years ended September 30, 2002 and 2003, as well as the unaudited quarterly results for FY 2003 and for the first three quarters of FY 2004, are available on the Fletcher Allen Web site at www.fletcherallen.org.
