Correcting and replacing previous Vencor earnings announcement.LOUISVILLE Louisville (l  `ēvĭl), city (1990 pop. 269,063), seat of Jefferson co., NW Ky., at the Falls of the Ohio; inc. 1780. , Ky.--(BUSINESS WIRE)--Feb. 18, 1997--EARNINGS FROM ONGOING OPERATIONS FOR THE YEAR UP 25% TO $1.81 PER SHARE Vencor (NYSE NYSE See: New York Stock Exchange :VC) today announced operating results for the fourth quarter and year ended December December: see month. 31, 1996. Excluding the effects of non-recurring transactions, fourth quarter net income totaled $35.9 million, up 24% from $29.0 million a year ago. Fourth quarter fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. earnings per common share increased 24% to $0.51, compared with $0.41 in the same quarter last year. Revenues for the quarter increased to $666.3 million, up 8% from $618.1 million in the fourth quarter of 1995. For all of 1996, net income rose 25% to $127.9 million, compared with $101.9 million last year, while fully diluted earnings per common share grew 25% to $1.81 from $1.45 last year. Revenues for 1996 increased 10% to $2.6 billion from $2.3 billion for 1995. As previously announced, Vencor recorded an after tax-charge of $79.9 million, or $1.16 per fully diluted share, in the fourth quarter of 1996 in connection with the sale of 34 nursing centers, the planned replacement of certain facilities and the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the Medisave Medisave (Chinese: 保健储蓄) was introduced in April 1984 as a national medical savings scheme for Singaporeans. The scheme allows Singaporeans to put aside part of their income into a Medisave account to meet future personal or immediate family's pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. operations. In 1995 Vencor recorded certain non-recurring charges, related primarily to the Hillhaven merger and refinancings of debt, that reduced net income by $1.3 million in the fourth quarter and $116.8 million for the year. W. Bruce Lunsford W. Bruce Lunsford (born November 11, 1947 in Kenton County, Kentucky) is an American businessman from Louisville, Kentucky, and a Democratic Party politician. Early life Bruce Lunsford attended the University of Kentucky and graduated in 1969. , Chief Executive Officer, commented, "Much of our managerial focus during 1996 was directed at restructuring and integrating the Hillhaven operations. Our outstanding financial performance from ongoing operations for the year provides clear evidence of the underlying strength of our organization. Our attention to the Hillhaven merger allowed us to improve our margin every quarter this year. The actions taken during the fourth quarter, including an agreement to sell 34 nursing centers and the merger of our institutional pharmacies This article is a list of major pharmacies (also known as chemists and drugstores) by country. Australia Pharmacies in Australia are mostly independently-owned by pharmacists, often operated as franchises of retail brands offered by the three major into our hospital operations, have now positioned us to refocus Verb 1. refocus - focus once again; The physicist refocused the light beam" focus - cause to converge on or toward a central point; "Focus the light on this image" 2. our strategic emphasis on growth." Lunsford also referred to Vencor's plan to acquire TheraTx, Incorporated, announced earlier this month. "We're we're Contraction of we are. we're we are very excited about the proposed acquisition of TheraTx. We believe that this transaction represents a significant milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. in our ongoing efforts to provide an efficient full-service network See FSN. within the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. healthcare continuum Continuum (pl. -tinua or -tinuums) can refer to:
Vencor operates an integrated, long-term healthcare network consisting of 38 long-term acute care hospitals, 279 nursing centers, 34 institutional pharmacies and, through its Atria Atria The heart has four chambers. The right and left atria are at the top of the heart and receive returning blood from the veins. The right and left ventricles are at the bottom of the heart and act as the body's main pumps. Communities affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. , 23 independent and assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. communities. The Company also provides contract subacute subacute /sub·acute/ (-ah-kut´) somewhat acute; between acute and chronic. sub·a·cute adj. Between acute and chronic. , rehabilitation and respiratory therapy respiratory therapy Medical profession concerned with assisting the respiratory function of individuals who have severe lung disorders. Practices include suctioning to clear secretions from the airway, use of aerosol mists (sometimes medicated) or gases to ease breathing, services to nursing and subacute centers. -0-
VENCOR, INC.
Financial Highlights
(In thousands, except per share amounts)
Three Months Ended December 31,
1996 1995
Revenues $ 666,341 $ 618,125
Net income (loss):
Excluding non-recurring
transactions $ 35,857 $ 28,991
Non-recurring transactions (79,885) -
Extraordinary loss on
debt refinancing - (1,265)
Net income (loss) $ (44,028) $ 27,726
Earnings (loss) per common share:
Primary:
Excluding non-recurring
transactions $ 0.51 $ 0.43
Effect of excluding
dilutive securities
from net loss reporting
periods 0.01 -
Non-recurring transactions (1.16) -
Extraordinary loss on
debt refinancing - (0.02)
Net income (loss) $ (0.64) $ 0.41
Fully diluted:
Excluding non-recurring
transactions $ 0.51 $ 0.41
Effect of excluding
dilutive securities
from net loss reporting
periods 0.01 -
Non-recurring transactions (1.16) -
Extraordinary loss on
debt refinancing - (0.02)
Net income (loss) $ (0.64) $ 0.39
Shares used in computing earnings
(loss) per common share:
Primary 68,874(a) 68,270
Fully diluted 68,874(a) 71,547
(a) Excludes the dilutive effect of common stock equivalents.
VENCOR, INC.
Financial Highlights
(In thousands, except per share amounts)
Year Ended December 31,
1996 1995
Revenues:
Excluding non-recurring
transactions $ 2,577,783 $ 2,348,456
Non-recurring transactions - (24,500)
$ 2,577,783 $ 2,323,956
Net income (loss):
Excluding non-recurring
transactions $ 127,890 $ 101,924
Non-recurring transactions (79,885) (93,561)
Extraordinary loss on
debt refinancing - (23,252)
Net income (loss) $ 48,005 $ (14,889)
Earnings (loss) per common share:
Primary:
Excluding non-recurring
transactions $ 1.81 $ 1.55
Gain on preferred stock
redemption - 0.16
Non-recurring transactions (1.13) (1.50)
Extraordinary loss on
debt refinancing - (0.37)
Net income (loss) $ 0.68 $ (0.16)
Fully diluted:
Excluding non-recurring
transactions $ 1.81 $ 1.45
Gain on preferred
stock redemption - 0.14
Non-recurring transactions (1.13) (1.30)
Extraordinary loss on
debt refinancing - (0.32)
Net income (loss) $ 0.68 $ (0.03)
Shares used in computing earnings
(loss) per common share:
Primary 70,702 62,318
Fully diluted 70,702 71,967
VENCOR, INC.
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
1996 1995 1996 1995
Revenues $ 666,341 $ 618,125 $2,577,783 $2,323,956
Salaries, wages and
benefits 379,391 360,506 1,490,938 1,360,018
Supplies 57,913 50,488 218,083 188,754
Rent 19,845 19,901 77,795 79,476
Other operating
expenses 118,128 107,752 449,335 416,969
Depreciation and
amortization 25,107 22,538 99,533 89,478
Interest expense 9,417 13,120 45,922 60,918
Investment income (2,193) (3,412) (12,203) (13,444)
Non-recurring
transactions 125,200 - 125,200 109,423
732,808 570,893 2,494,603 2,291,592
Income (loss) from
operations before
income taxes (66,467) 47,232 83,180 32,364
Provision for income
taxes (22,439) 18,241 35,175 24,001
Income (loss) from
operations (44,028) 28,991 48,005 8,363
Extraordinary loss on
extinguishment of
debt, net of income
tax benefit - (1,265) - (23,252)
Net income (loss) (44,028) 27,726 48,005 (14,889)
Preferred stock dividend
requirements - - - (5,280)
Gain on redemption of
preferred stock - - - 10.176
Income (loss) available
to common
stockholders $ (44,028) $ 27,726 $ 48,005 $ (9,993)
Earnings (loss) per
common and common
equivalent share:
Primary:
Income (loss) from
operations $ (0.64) $ 0.43 $ 0.68 $ 0.21
Extraordinary loss
on extinguishment
of debt - (0.02) - (0.37)
Net income (loss) $ (0.64) $ 0.41 $ 0.68 $ (0.16)
Fully diluted:
Income (loss) from
operations $ (0.64) $ 0.41 $ 0.68 $ 0.29
Extraordinary loss
on extinguishment
of debt - (0.02) - (0.32)
Net income (loss) $ (0.64) $ 0.39 $ 0.68 $ (0.03)
Shares used in
computing earnings
(loss) per common
and common
equivalent share:
Primary 68,874(a) 68,270 70,702 62,318
Fully diluted 68,874(a) 71,547 70,702 71,967
(a) Excludes the dilutive effect of common stock equivalents.
CONTACT: Vencor Inc., Louisville W. Earl Reed III, 502/596-7380 |
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