Bermuda Hospitals Board Announces Year-End Financial Results

The Bermuda Hospitals Board today reported a net income for the year ended March 31, 2004 of $6 million, a significant improvement from last year’s loss of $3.5 million. Both King Edward VII Memorial Hospital and St. Brendan’s Hospital finished the year with positive results. The primary factors that positively impacted this outcome were increased use of outpatient services and strong financial leadership.

“We are very pleased to announce these financial results, which will allow us to invest in our employees, equipment, new services, technology and physical infrastructure,” said Joan Dillas-Wright, chief executive officer of the Bermuda Hospitals Board. “The Bermuda Hospitals Board must generate an income to meet the community’s expectation for excellence in patient care.”

The Bermuda Hospitals Board generates revenue from three primary sources: fees for services rendered, a government grant for operating St. Brendan’s Hospital and donations from the community.

Financial Highlights for the Year Ended March 31, 2004

– Improvement in net income of $9.5 million when compared to fiscal year 2003
– Refinancing of 8 per cent bonds at a new rate of 4.5 per cent
– Continued focus on cost containment in all operating areas
– Increased cash balances of $3.6 million

“We have many exciting initiatives planned for our hospitals, including the estate master plan and upgrades to our existing facility,” continued Joan Dillas-Wright. “Our strong financial performance, coupled with support from our partners such as the Bermuda Hospitals Charitable Trust, will enable us to take our hospitals to the next level in patient care.”

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