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HCA - HOSPITAL CORPORATION OF AMERICA ANNOUNCES THIRD QUARTER 1993 RESULTS

 NASHVILLE, Tenn., Oct. 18 /PRNewswire/ -- HCA - Hospital Corporation of America (NYSE: HCA) today announced earnings before extraordinary charge of $.41 per share for the third quarter ended Sept. 30.
 During the quarter, the company recorded an extraordinary charge of approximately $14 million after tax, or $.08 per share, in connection with the early extinguishment and replacement of its credit facilities.
 For the third quarter ended Sept. 30, net revenues totaled $1,252,959,000; income before income taxes and extraordinary charge totaled $129,086,000; and income before extraordinary charge totaled $73,086,000, or $.41 per share. Results for the quarter include an increase in federal income taxes of approximately $6 million, or $.03 per share, as a result of the recently enacted federal income tax increase on corporations, retroactive to Jan. 1.
 For the first nine months of 1993, net revenues totaled $3,852,246,000; income before income taxes and extraordinary charge totaled $478,018,000; and income before extraordinary charge totaled $284,018,000, or $1.59 per share.
 During the third quarter of 1992, the company recorded after-tax restructuring charges of $333 million in connection with the write-down of 22 psychiatric hospitals planned for divestiture to their estimated net realizable values; the elimination of goodwill on all of the company's psychiatric hospitals; and losses recorded on the sales of two hospitals during the Sept. 30, 1992, quarter. After these restructuring charges, the company reported losses of $1.72 and $.73 per share for the three months and nine months ended Sept. 30, 1992, respectively. If the restructuring had not occurred, the company would have reported earnings per common and common equivalent share of $.36 for the third quarter and $1.32 for the nine months ended Sept. 30, 1992.
 On Oct. 2, HCA and Columbia Healthcare Corporation (NYSE: COL) jointly announced the signing of a definitive agreement to merge in a tax-free, stock-for-stock transaction. Under the terms of the merger agreement, HCA shareholders would receive 1.05 shares of Columbia common stock in exchange for each HCA share held. As previously reported, the merger is conditioned upon confirmation that the transaction qualifies as a pooling-of-interests and approval by shareholders of both companies.
 Upon completion of the proposed merger, the new Columbia/HCA Healthcare Corporation will own and operate 190 hospitals with over 42,000 licensed beds located in 26 states and two foreign countries. Combined annual revenues are expected to exceed $10 billion.
 HCA - HOSPITAL CORPORATION OF AMERICA
 FINANCIAL HIGHLIGHTS
 3 mos. ended Sept. 30 1993(a) 1992(b)
 Net operating revenues $1,252,959,000 $1,268,926,000
 Income (loss) before income
 taxes and extraord. charge $ 129,086,000 $ (286,968,000)
 Net income (loss):
 Before extraord. charge $ 73,086,000 $ (267,968,000)
 After extraord. charge $ 59,196,000 $ (267,968,000)
 Avg. no. of common and common
 equiv. shares outstndg. 179,413,000 156,209,000
 Earnings (loss) per common and common equiv. share:
 Before extraord. charge $ .41 $ (1.72)
 After extraord. charge $ .33 $ (1.72)
 9 mos. ended Sept. 30 1993(a) 1992(b)
 Net operating revenues $3,852,246,000 $3,887,696,000
 Income (loss) before income
 taxes and extraord. charge $ 478,018,000 $ (13,802,000)
 Net income (loss):
 Before extraord. charge $ 284,018,000 $ (105,802,000)
 After extraord. charge $ 270,128,000 $ (105,802,000)
 Avg. no. of common and common
 equiv. shares outstndg. 179,090,000 145,449,000
 Earnings (loss) per common and common equiv. share:
 Before extraord. charge $ 1.59 $ (.73)
 After extraord. charge $ 1.51 $ (.73)
 (a) Results for the three months and nine months ended Sept. 30 include an extraordinary charge of approximately $14 million after-tax in connection with the early extinguishment and replacement of credit facilities.
 (b) Results for the three months and nine months ended Sept. 30, 1992, include charges of approximately $333 million after-tax in conjunction with the restructuring of the company's psychiatric subsidiary and sales of hospitals.
 -0- 10/18/93
 /CONTACT: Victor L. Campbell, vice president, Investor Relations, HCA-Hospital Corporation of America, 615-327-9551/
 (HCA)


CO: HCA - Hospital Corporation of America ST: Tennessee IN: HEA SU: ERN

BN-RA -- AT002 -- 3210 10/18/93 09:11 EDT
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Date:Oct 18, 1993
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