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11) QUARTERLY RESULTS (unaudited) The following tables summarize the Company’s quarterly financial data for the two years ended December 31, 1999.
Net revenues in 1999 include $37.0 million of additional revenues received from special Medicaid reimbursement programs. Of this amount, $10.1 million was recorded in the first quarter, $10.4 million in the second quarter, $8.9 million in the third quarter and $7.6 million in the fourth quarter. These amounts were recorded in the periods that the Company met all of the requirements to be entitled to these reimbursements. Beginning in the third quarter of 1999, as a result of reductions stemming from The Balanced Budget Act of 1997 and state program redesigns, the Company’s reimbursements pursuant to the terms of these programs were reduced by approximately $11 million annually. Failure to renew these programs, which are scheduled to terminate in the third quarter of 2000, or further reductions in reimbursements, could have a material adverse effects on the Company’s future results of operations. Included in net revenues during the second quarter was $3.2 million resulting from an adjustment to contractual allowances recorded in a prior year. During the fourth quarter, the Company recorded a $5.3 million ($3.3 million after minority interest and after tax) or $.10 per share (diluted) nonrecurring charge to reduce the carrying value of one of its specialized women’s health centers. Also included in the fourth quarter results is approximately $2.0 million or $.04 per share (diluted) resulting from the reversal of bonus expense accrued in prior quarters during 1999.
Net revenues in 1998 include $36.5 million of additional revenues received from special Medicaid reimbursement programs. Of this amount, $8.6 million was recorded in each of the first and second quarters, $9.2 million in the third quarter and $10.1 million in the fourth quarter. During the third quarter of 1998, the Company suffered property damage and curtailed business at its three hospitals in Puerto Rico and its four hospitals in Louisiana as a result of Hurricane Georges. As a result, the Company incurred pre-tax adverse financial effects related to the Hurricane totaling $5.5 million ($3.5 million after-tax) or $.11 share (diluted) during the third quarter of 1998. During the fourth quarter of 1998, the Company recorded pre-tax insurance recoveries related to Hurricane Georges of $3.0 million ($1.9 million after-tax) or $.06 per share (diluted). The net pre-tax adverse financial effect of the Hurricane on the Company’s 1998 results of operations was $2.5 million ($1.6 million after-tax) or $.05 per share.
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