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HCA -- HOSPITAL CORPORATION OF AMERICA ANNOUNCES FIRST QUARTER 1992 RESULTS

 HCA -- HOSPITAL CORPORATION OF AMERICA ANNOUNCES
 FIRST QUARTER 1992 RESULTS
 NASHVILLE, Tenn., April 20 /PRNewswire/ -- HCA -- Hospital Corporation of America (NYSE: HCA) today announced earnings per share of $.50 for its first quarter ended March 31.
 HCA's initial public offering of common stock was completed during the first quarter of 1992 and, accordingly, there is no comparable earnings-per-share for last year's first quarter.
 Net income for the first quarter totaled $76,940,000, compared to $43,949,000 a year ago. Earnings before depreciation, interest and taxes totaled $299,672,000 in 1992, compared to $264,225,000 in 1991. Net revenues increased from $1,256,422,000 last year to $1,332,008,000 for the quarter ended March 31. Excluding the results of hospitals divested or closed, net revenues for the quarter increased approximately 9 percent.
 On March 4, the company received net proceeds of approximately $800 million in connection with its initial public offering of 39.1 million shares of common stock. Approximately $445 million of these proceeds were used to redeem, effective April 3, the company's 15 3/4 percent Subordinated Discount Debentures (including interest from March 16) and approximately $352 million was used in early March to prepay bank debt.
 Interest expense for the first quarter of 1992 decreased to $101,126,00r debt repayments during the last 12 months. The full benefits of the debt reductions resulting from the public offering are not reflected in the first quarter's results because the 15 3/4 percent debentures were not redeemed until April 3, and the bank debt prepayments were not made until March 4.
 At March 31, HCA and its affiliates owned and operated 74 U.S. medical-surgical hospitals with approximately 17,000 beds and 50 U.S. psychiatric hospitals with approximately 5,000 beds. A year ago, the company and its affiliates owned and operated 75 medical-surgical and 53 psychiatric hospitals.
 HCA -- HOSPITAL CORPORATION OF AMERICA
 FINANCIAL HIGHLIGHTS
 3 mos. ended 3/31/92 3/31/91
 Net operating revenues $1,332,008,000 $1,256,422,000
 Income before income taxes 130,940,000 79,949,000
 Net income 76,940,000 43,949,000
 Average number of common and
 common equivalent shares(a) 154,502,000 ---
 Net income per common and
 common equivalent share(a) $.50 ---
 (a) On March 4, the company issued 39,100,000 shares of common stock in conjunction with its initial public offering.
 -0- 4/20/92
 /CONTACT: Victor L. Campbell of Hospital Corporation of America, 615-327-9551/
 (HCA) CO: Hospital Corporation of America ST: Tennessee IN: HEA SU: ERN


EA-BN -- CH004 -- 9977 04/20/92 10:59 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
Words:440
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