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ENH Financial Statements

Growth in services delivered, a bonus for delivering quality care to our patients and control over manageable expenses combined to produce strong operating results for Evanston Northwestern Healthcare during the year ended September 30, 2007.

All major lines of the Corporation contributed as inpatient, outpatient and the Faculty Practice attained record revenue levels. Total Operating Revenue, after reduction for the delivery of uncompensated care, was a record $1.2 billion. Reflecting higher levels of patient activity, expenses of $1.15 billion were 7 percent higher than fiscal 2006. Unaudited Income from Operations for the fiscal year was $52.2 million which is a 25 percent improvement over the audited results for the year ended September 30, 2006. Unaudited Operating Margin at 4.3 percent was 16 percent over the 3.7 percent margin produced in fiscal 2006.

Solid operating performance allowed the Corporation to continue to invest in growing services and in our employees. During the year, $89 million of capital was invested to improve services including the first stage of the rebuilding of the operating rooms and the intensive care unit at Evanston Hospital, advanced imaging equipment and enhancements to our systems. Additionally, $15 million was added to the employee pension plan. Not withstanding these investments, total debt decreased $25 million.

Elsewhere in this report, the year’s highlights in patient care and research have been noted. Administratively, an important improvement in patient care and safety occurred with the opening in the second quarter of the Corporation’s new data center. All major systems have now been moved to and are operating from the new data center; and the original data center in Evanston has been converted to a back up site. Effectively, we have increased the connectivity of our patient systems and significantly lowered the chance that those systems would be unavailable due to failure or natural disaster.

Fiscal 2008 opens with continued environmental challenges. We continue to serve a growing number of patients who are uninsured or underinsured; Medicare and Medicaid continue to reimburse healthcare providers at less than cost and, despite reporting $146 million of benefit provided to the Community in the previous year, our tax status continues to be questioned. These are familiar issues for our industry; and while they are distractions, they will not prevent our dedicated physicians and staff from continuing to connect with our patients to deliver the quality care they expect and deserve.

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