<PAGE>
                                                                               .
                                                                               .
                                                                               .
                                                                    Exhibit 99.1



                          ODESSA REGIONAL HOSPITAL, LP

                              FINANCIAL STATEMENTS

                                    CONTENTS

<TABLE>
<S>                                                                                                       <C>
Condensed Balance Sheets at March 31, 2004 (Unaudited) and September 30, 2003....................         2

Condensed Statements of Income for the Three and Six Months ended March 31, 2004 and 2003
 (Unaudited).....................................................................................         3

Condensed Statements of Cash Flows for the Six Months ended March 31, 2004 and 2003
 (Unaudited).....................................................................................         4

Notes to Unaudited Condensed Financial Statements................................................         5
</TABLE>


<PAGE>

                          ODESSA REGIONAL HOSPITAL, LP
                            CONDENSED BALANCE SHEETS
                       (IN THOUSANDS, EXCEPT UNIT AMOUNTS)

<TABLE>
<CAPTION>
                                                                     (UNAUDITED)
                                                                      MARCH 31,                    SEPTEMBER 30,
                                                                         2004                          2003
                                                                     ------------                  -------------
<S>                                                                  <C>                           <C>
ASSETS
Current assets:
   Cash and cash equivalents.............................            $        376                  $           -
   Accounts receivable net of allowance for doubtful
     accounts of $3,808 and $2,346, respectively.........                   7,104                          7,365
   Inventories...........................................                   1,229                          1,299
   Prepaid expenses and other current assets.............                     189                            249
                                                                     ------------                  -------------
     Total current assets................................                   8,898                          8,913
Property and equipment, net..............................                  24,957                         23,991
Goodwill.................................................                  28,827                         28,827
Due from affiliate.......................................                   7,008                         14,107
Other assets, net........................................                     903                            864
                                                                     ------------                  -------------
     Total assets........................................            $     70,593                  $      76,702
                                                                     ============                  =============
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
   Accounts payable......................................            $      2,436                  $       2,501
   Salaries and benefits payable.........................                   1,363                          1,489
   Other accrued liabilities.............................                     171                            405
   Current portion of capital lease obligations..........                   1,101                            182
   Current portion of debt allocated from IASIS..........                       -                            960
                                                                     ------------                  -------------
     Total current liabilities...........................                   5,071                          5,537
Long-term capital lease obligations......................                     570                            665
Debt allocated from IASIS................................                  39,163                         39,588
Partners' capital:

   General partner - 1% ownership interest at March 31,
    2004 and September 30, 2003..........................                     573                            624
   Limited partners - $25,000 per unit; 733 units issued
    and outstanding at March 31, 2004 and
    September 30, 2003...................................                  25,216                         30,288
                                                                     ------------                  -------------
     Total partners' capital.............................                  25,789                         30,912
                                                                     ------------                  -------------
     Total liabilities and partners' capital.............            $     70,593                  $      76,702
                                                                     ============                  =============
</TABLE>

See accompanying notes

                                       2

<PAGE>

                          ODESSA REGIONAL HOSPITAL, LP
                   CONDENSED STATEMENTS OF INCOME (UNAUDITED)
                     (IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)

<TABLE>
<CAPTION>
                                                         THREE MONTHS ENDED MARCH 31,             SIX MONTHS ENDED MARCH 31,
                                                        ------------------------------          ------------------------------
                                                            2004               2003                2004               2003
                                                        -------------       ----------          -----------      -------------
<S>                                                     <C>                 <C>                 <C>              <C>
Net acute care revenue...........................       $      14,555       $   17,769          $    30,145      $      33,989

Costs and expenses:
   Salaries and benefits.........................               5,500            5,523               10,812             10,839
   Supplies......................................               1,439            2,366                2,979              4,795
   Other operating expenses......................               2,087            2,630                4,157              5,176
   Provision for bad debts.......................               1,411            1,355                2,704              2,780
   Interest, net.................................                 940            1,262                1,887              2,517
   Depreciation and amortization.................                 588              525                1,168              1,032
   Management fees...............................                 323              348                  627                662
                                                        -------------       ----------          -----------      -------------
     Total costs and expenses....................              12,288           14,009               24,334             27,801
                                                        -------------       ----------          -----------      -------------
Net income.......................................       $       2,267       $    3,760          $     5,811      $       6,188
                                                        =============       ==========          ===========      =============
Net income attributable to general partner.......       $          22       $       36          $        55      $          59
                                                        =============       ==========          ===========      =============
Net income attributable to limited partners......       $       2,245       $    3,724          $     5,756      $       6,129
                                                        =============       ==========          ===========      =============
Net income per limited partnership unit..........       $    3,092.77       $ 5,129.60          $  7,927.69      $    8,442.02
                                                        =============       ==========          ===========      =============
</TABLE>

See accompanying notes

                                       3

<PAGE>

                          ODESSA REGIONAL HOSPITAL, LP
                 CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                             SIX MONTHS ENDED MARCH 31,
                                                                     -------------------------------------------
                                                                         2004                          2003
                                                                     ------------                  -------------
<S>                                                                  <C>                           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income...............................................            $      5,811                  $       6,188
Adjustments to reconcile net income to net cash provided
   by operating activities:
   Depreciation and amortization.........................                   1,168                          1,032
   Changes in operating assets and liabilities, net of
    effect of acquisition:
     Accounts receivable.................................                     261                         (1,860)
     Inventories, prepaid expenses and other current
       assets............................................                     130                            550
     Accounts payable, salaries and benefits payable and
       other accrued liabilities.........................                    (425)                            29
                                                                     ------------                  -------------
         Net cash provided by operating activities.......                   6,945                          5,939
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment, net.................                  (2,134)                          (520)
Change in other assets...................................                     (39)                          (293)
                                                                     ------------                  -------------
         Net cash used in investing activities...........                  (2,173)                          (813)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of debt and capital leases.......................                    (561)                           (36)
Change in due to/from affiliate, net.....................                  (2,609)                        (4,690)
Distribution to partners.................................                  (1,226)                          (400)
                                                                     ------------                  -------------
         Net cash used in financing activities...........                  (4,396)                        (5,126)
                                                                     ------------                  -------------
Change in cash...........................................                     376                              -
Cash at beginning of period..............................                       -                              -
                                                                     ------------                  -------------
Cash at end of period....................................            $        376                  $           -
                                                                     ============                  =============
</TABLE>

See accompanying notes

                                       4

<PAGE>

                         ODESSA REGIONAL HOSPITAL, L.P.
                NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

1.    ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

Odessa Regional Hospital, LP, a Delaware limited partnership (the "Partnership")
was formed on September 24, 1999 to own and operate Odessa Regional Hospital
(the "Hospital") in Odessa, Texas. The Partnership's general partner is IASIS
Healthcare Holdings, Inc. ("General Partner") and the limited partners consist
of IASIS Healthcare Corporation ("IASIS") and other third-party investors. The
General Partner is a wholly-owned subsidiary of IASIS. IASIS is a for-profit
hospital management company that owned and operated 15 acute care hospitals and
one behavioral health hospital in five states at March 31, 2004. IASIS also has
an ownership interest in three ambulatory surgery centers and owns and operates
a Medicaid managed health plan in Phoenix. The Hospital is an acute care
hospital that operates 90 beds and provides inpatient, outpatient and emergency
care services to residents in the Odessa-Midland region of Texas.

The Partnership's Amended and Restated Limited Partnership Agreement provides
that earnings, losses and distributions will be shared pro rata among the
partners.

The unaudited condensed financial statements include the accounts of the
Partnership and have been prepared in accordance with accounting principles
generally accepted in the United States for interim financial reporting and in
accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include
all of the information and notes required by accounting principles generally
accepted in the United States for complete financial statements. The balance
sheet at September 30, 2003 has been derived from the audited financial
statements at that date but does not include all of the information and
footnotes required by accounting principles generally accepted in the United
States for complete financial statements. For further information, refer to the
financial statements and footnotes thereto included in the Partnership's Annual
Report on Form 10-K for the fiscal year ended September 30, 2003.

In the opinion of management, the accompanying unaudited condensed financial
statements contain all material adjustments (consisting of normal recurring
items) necessary for a fair presentation of results for the interim periods
presented. The results of operations for any interim period are not necessarily
indicative of results for the full year.

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the amounts reported in the accompanying financial
statements and notes. Actual results could differ from those estimates.

2.    DEBT ALLOCATED FROM IASIS

During 2002 and 2003, the Partnership was party to a promissory note (the "2001
Note") with IASIS in the amount of $33,761,000. The 2001 Note was a five-year
promissory note bearing interest at 13% interest per annum on a twenty-year
amortization schedule.

The Partnership, effective October 1, 2002, entered into a new promissory note
(the "2002 Note") with IASIS for $8,113,000. The proceeds from this note were
used to partially fund the Partnership's construction of a $12 million addition
to the hospital. The 2002 Note is a five-year promissory note bearing interest
at 9% per annum on a twenty-year amortization schedule.

Effective October 1, 2003, the Partnership entered into an additional new
promissory note (the "2003 Note") with IASIS in the amount of $32,590,000. The
2003 Note replaces the 2001 Note and is a three-year promissory note bearing
interest at 9.3% interest per annum on a twenty-year amortization schedule.
Interest is due and payable on the last day of the month beginning October 31,
2003 until September 30, 2006, at which time the entire outstanding principal
balance, together with all accrued and unpaid interest, would be immediately due
and payable in full.

                                       5

<PAGE>

                         ODESSA REGIONAL HOSPITAL, L.P.
                NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
                                   (CONTINUED)

3.    CONTINGENCIES

NET REVENUE

The calculation of appropriate payments from the Medicare and Medicaid programs
as well as terms governing agreements with other third-party payors are complex
and subject to interpretation. Final determination of amounts earned under the
Medicare and Medicaid programs often occurs subsequent to the year in which
services are rendered because of audits by the programs, rights of appeal and
the application of numerous technical provisions. As a result, there is at least
a reasonable possibility that recorded estimates will change by a material
amount in the near term. Net adjustments to estimated third-party payor
settlements resulted in a decrease in net revenue of $1.4 million for the three
and six month periods ended March 31, 2004. In the opinion of management,
adequate provision has been made for adjustments that may result from such
routine audits and appeals.

PROFESSIONAL, GENERAL AND WORKERS' COMPENSATION LIABILITY RISKS

IASIS, on behalf of the Partnership, maintains general and professional
liability insurance as well as workers' compensation insurance in excess of
self-insured retentions through a commercial insurance carrier in amounts that
IASIS believes to be sufficient for the Partnership, although, potentially, some
claims may exceed the scope of coverage in effect. The cost of general and
professional liability and workers' compensation coverage including the full
self-insured retention exposure is allocated by IASIS to the Partnership based
upon adjusted patient days. IASIS maintains reserves for general and
professional liability and workers' compensation. Accordingly, no reserve for
liability risks is recorded on the accompanying condensed balance sheets. The
Partnership is currently not a party to any such proceedings that, in the
Partnership's opinion, would have a material adverse effect on the Partnership's
business, financial condition or results of operations.

The Partnership participates in a self-insured program for health insurance
administered by IASIS. IASIS allocates costs of the program based upon the
number of program participants employed by the Partnership.

OTHER

The Partnership is subject to claims and legal actions arising in the ordinary
course of business. The Partnership is currently not a party to any such
proceedings that, in the Partnership's opinion, would have a material adverse
effect on the Partnership's business, financial condition or results of
operations.

The Partnership's assets and equity interests are pledged as a full and
unconditional guarantee of certain debt of IASIS, which totaled approximately
$651.1 million at March 31, 2004.

In order to recruit and retain physicians to the communities it serves, the
Partnership has committed to provide certain financial assistance in the form of
recruiting agreements with various physicians. Amounts advanced under the
recruiting agreements are generally forgiven pro rata over a period of 24 months
after one year of completed service and contingent upon the physician continuing
to practice in the respective community. The amounts advanced and not repaid, in
management's opinion, will not have a material adverse effect on the
Partnership's financial condition or results of operations.

4.    INCOME TAXES

No provision for income taxes has been reflected in the accompanying condensed
financial statements because the tax effect of the Partnership's activities
accrues to the individual partners. The Partnership's tax return and the amounts
of distributable Partnership income or loss are subject to examination by the
federal and state taxing authorities. In the event of an examination of the
Partnership's tax return, the tax liability of the partners could be changed if
any adjustment to the Partnership taxable income or loss is ultimately sustained
by the taxing authorities.

                                       6