Fletcher Allen reported a net operating income of approximately $96,000 for the first quarter of the 2010 Fiscal year. The first quarter covers the period beginning October 1st and ending December 31, 2010. The organization also finished its 2009 fiscal year approximately $1.2 million above budget. The fiscal year runs from October 1 through September 30. The net operating income for the first quarter was approximately $4.6 million below the budgeted amount of $4.7 million, and $3.9 million below the first quarter of FY 2009.
Total operating revenues for the first quarter were $210.2 million, approximately $10.9 million below budget. The organization s operating expenses for the quarter were $210.1 million, $6.3 million below budget, resulting in the net operating gain of $96,000 and a slightly positive operating margin for the first quarter. By comparison, the organization had an operating margin of 2.0 % in the first quarter of FY 2009.
Operating earnings before interest, depreciation and amortization (EBIDA) for the period totaled $16.1 million compared to the $21.0 budgeted figure and $17.8 million for the first quarter of FY 2009.
Days cash on hand was measured at 107 days for the quarter compared to 100 days last year. This indicator is a projected estimate of the number of days an organization could meet operating expenditures provided no additional revenues were received.
FY 2009 Results
Fletcher Allen reported a net operating income of $21.3 million for the 2009 fiscal year. This included an operating income loss of approximately $3.6 million for the fourth quarter beginning July 1 and ending September 30. The yearly operating income figure was approximately $1.2 million above budget.
Results on the Web Site
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 as well as the quarterly results for FY 2003 through the first quarter of FY 2010 will be available on the Fletcher Allen Web site at www.fletcherallen.org.
About Fletcher Allen
Fletcher Allen Health Care, together with our partners at the University of Vermont College of Medicine and the College of Nursing and Health Sciences, is Vermont s academic medical center. Our mission is to improve the health of the people in the communities we serve by integrating patient care, education and research in a caring environment. Fletcher Allen serves as a regional referral center -- providing advanced care to approximately one million people in Vermont and northern New York -- and as a community hospital for approximately 150,000 residents in Chittenden and Grand Isle counties. With more than 30 patient care sites and 100 outreach clinics, programs and services throughout the region, Fletcher Allen is committed to being a national model for the delivery of high-quality academic health care for a rural region.
Source: Fletcher Allen. 2.16.2010
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