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HCA - HOSPITAL CORPORATION OF AMERICA ANNOUNCES FOURTH QUARTER AND YEAR END 1992 RESULTS

 NASHVILLE, Tenn., Feb. 16 /PRNewswire/ -- HCA - Hospital Corporation of America (NYSE: HCA) today announced results for its fourth quarter and year ended Dec. 31, 1992.
 The company reported earnings per common and common equivalent share of $.74 and $.16 for the three months and 12 months ended Dec. 31, 1992, respectively.
 Results for the fourth quarter and full year 1992 include an after- tax gain of $58 million, or $.32 per share for the fourth quarter and $.33 per share for the full year, as a result of the company's sale of its investment in the common stock of HealthTrust, Inc. In addition, results for the full year 1992 include previously reported after-tax charges totaling $330 million, or $1.90 per share, as a result of the company's psychiatric restructuring and sales of two hospitals during the third quarter.
 If neither the sale of the HealthTrust investment nor the psychiatric restructuring and hospital sales had occurred, the company's earnings per common and common equivalent share would have been $.42 for the fourth quarter and $1.73 for the 12 months ended Dec. 31, 1992. Comparable earnings per share results for 1991 are not reported as the company's initial public offering of common stock was not completed until March 1992.
 In September 1992, the company announced plans to significantly restructure its psychiatric division, including the sale of as many as 22 of its then 48 psychiatric hospitals. Effective Oct. 1, 1992, the operating results of these 22 hospitals sold or planned for sale are no longer included in the company's consolidated financial statements.
 Interest expense for the fourth quarter and 12 months ended Dec. 31, 1992, totaled $57,284,000 and $284,222,000, respectively, compared to $119,399,000 and $486,863,000, respectively, in 1991. The significant reduction in interest expense resulted primarily from the early repayment of debt from the proceeds of the company's initial public offering of common stock and sale of the company's investment in HealthTrust, as well as other scheduled debt repayments with cash generated from operations. The company also benefited from lower interest rates. The company repaid $1.7 billion of borrowings during 1992, reducing its total debt from 86 percent of total capitalization at year end 1991 to 63 percent at the end of 1992.
 HCA - HOSPITAL CORPORATION OF AMERICA
 FINANCIAL HIGHLIGHTS
 3 mos. ended 12/31/92(a) 12/31/91(b)
 Net operating revenues $1,238,028,000 $1,238,061,000
 Income (loss) before income taxes $ 217,987,000 $ (191,106,000)
 Net income (loss) $ 133,987,000 $ (102,106,000)
 Avg. number of common and common
 equivalent shares 181,087,000 ---
 Earnings per common and common
 equivalent share $ .74 ---
 12 mos. ended 12/31/92(a) 12/31/91(b)
 Net operating revenues $5,125,724,000 $4,985,447,000
 Income (loss) before income taxes $ 204,185,000 $ (18,349,000)
 Net income (loss) $ 28,185,000 $ (5,349,000)
 Avg. number of common and common
 equivalent shares 174,237,000 ---
 Earnings per common and common
 equivalent share $ .16 ---
 (a) Results for the three months and 12 months ended Dec. 31, 1992, include a pre-tax gain of $93 million ($58 million after-tax or $.32 per common and common equivalent share for the fourth quarter and $.33 for the full year) from the sale of the company's investment in the common stock of HealthTrust. In addition, results for the 12 months ended Dec. 31, 1992, include pre-tax charges during its third fiscal quarter of $394 million ($330 million after-tax or $1.90 per common and common equivalent share) in connection with the company's restructuring of its psychiatric division and sales of hospitals.
 (b) Results for the three months and 12 months ended Dec. 31, 1991, include a pre-tax gain of $221 million ($162 million after-tax) from the company's sales of its investment in preferred stock and warrants of HealthTrust and pre-tax charges of $108 million ($67 million after-tax) for the year and $92 million ($57 million after-tax) for the fourth quarter in connection with the write-down to net realizable value of five psychiatric hospitals and certain other properties and investments sold or planned for sale, and a pre-tax noncash stock option compensation charge of $413 million ($256 million after-tax) for the year and $359 million ($223 million after-tax) for the fourth quarter resulting from vesting of certain stock options and increase in the fair market value of the stock issuable upon the exercise of options.
 -0- 2/16/93
 /CONTACT: Victor L. Campbell, vice president, Investor Relations, of HCA-Hospital Corporation of America, 615-327-9551/
 (HCA)


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

BR-BN -- AT003 -- 6746 02/16/93 09:19 EST
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Date:Feb 16, 1993
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