-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K9u2DWBptKKF6NmsKWWKsaxoK5gk0Onf5NFkmsUIEP+EP+DCWPN2M7mWOBbroMa8 x6iUrIB5qTwys96+wFKblw== 0000930661-98-000898.txt : 19980428 0000930661-98-000898.hdr.sgml : 19980428 ACCESSION NUMBER: 0000930661-98-000898 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980427 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980427 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: VENCOR INC CENTRAL INDEX KEY: 0000740260 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOSPITALS [8060] IRS NUMBER: 611055020 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-30212 FILM NUMBER: 98601890 BUSINESS ADDRESS: STREET 1: 333 PROVIDAIN CENTER STREET 2: 400 WEST MARKET STREET CITY: LOUISVILLE STATE: KY ZIP: 40202 BUSINESS PHONE: 5025967300 MAIL ADDRESS: STREET 1: 3300 PROVIDIAN CENTER STREET 2: 400 WEST MARKET ST CITY: LOUISVILLE STATE: KY ZIP: 40202 8-K 1 FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 27, 1998 -------------- VENCOR, INC. (Exact name of registrant as specified in its charter) Delaware 1-10989 61-1055020 (State or other jurisdiction of (Commission File Number) (IRS Employer incorporation or organization) Identification No.) 400 West Market Street Louisville, Kentucky (Address of principal executive offices) 40202 (Zip Code) Registrant's telephone number, including area code: (502) 596-7300 Not Applicable (Former name or former address, if changed since last report.) ================================================================================ ITEMS 1-4. NOT APPLICABLE. ITEM 5. OTHER INFORMATION. On April 16, 1998, Vencor, Inc. (the "Company") announced operating results for the three months ended March 31, 1998. A copy of the press release is included as an exhibit to this filing and is incorporated herein by reference. ITEM 6. NOT APPLICABLE. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Exhibits. Exhibit 99.1 Press Release dated April 16, 1998. ITEMS 8-9. NOT APPLICABLE. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VENCOR, INC. Dated: April 27, 1998 By: /s/ W. Bruce Lunsford --------------------- W. Bruce Lunsford Chairman of the Board, President and Chief Executive Officer 3 EX-99.1 2 PRESS RELEASE DATED APRIL 16, 1998 [Logo of Vencor, Inc. appears here] EXHIBIT 99.1 Contact: W. Earl Reed, III Executive Vice President and Chief Financial Officer (502) 596-7380 VENCOR REPORTS FIRST QUARTER RESULTS LOUISVILLE, Ky. (Apr. 16, 1998) - Vencor, Inc. (NYSE:VC) today announced operating results for the three months ended March 31, 1998. For the quarter, revenues increased 21% to $823.3 million compared with $680.7 million in the year-earlier period. Excluding non-recurring transactions, income from operations for the quarter totaled $26.5 million, or $0.39 per diluted share, versus $34.0 million, or $0.48 per diluted share, in the year- earlier period. For the three months ended March 31, 1998, Vencor recorded non-recurring expenses of $7.7 million net of tax, or $0.11 per diluted share, for amounts incurred to date related to the Company's proposed spin-off transaction. In the year-earlier period, the Company recorded an extraordinary charge of $2.3 million net of tax, or $0.03 per diluted share, related to the early extinguishment of debt. Vencor, a $3 billion long-term healthcare company, owns and operates a national network of hospitals, nursing centers and contract service providers in 45 states. -MORE- VC Reports First Quarter Results Page 2 Apr. 16, 1998 - -------------------------------------------------------------------------------- VENCOR, INC. FINANCIAL HIGHLIGHTS (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31, ------------------------ 1998 1997 ---------- ---------- Revenues $ 823,316 $ 680,696 Net income: Excluding non-recurring transactions $ 26,545 $ 33,982 Non-recurring transactions (7,664) - Extraordinary loss on debt refinancing - (2,259) ---------- ---------- Net income $ 18,881 $ 31,723 ========== ========== Earnings per common share: Basic: Excluding non-recurring transactions $ 0.39 $ 0.49 Non-recurring transactions (0.11) - Extraordinary loss on debt refinancing - (0.03) ---------- ---------- Net income $ 0.28 $ 0.46 ========== ========== Diluted: Excluding non-recurring transactions $ 0.39 $ 0.48 Non-recurring transactions (0.11) - Extraordinary loss on debt refinancing - (0.03) ---------- ---------- Net income $ 0.28 $ 0.45 ========== ========== Shares used in computing earnings per common share: Basic 67,448 68,929 Diluted 67,857 70,207
-MORE- VC Reports First Quarter Results Page 3 Apr. 16, 1998 - -------------------------------------------------------------------------------- VENCOR, INC. CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31, ------------------------ 1998 1997 ---------- ---------- Revenues $ 823,316 $ 680,696 ---------- ---------- Salaries, wages and benefits 480,364 396,573 Supplies 76,052 66,033 Rent 24,135 18,948 Other operating expenses 127,258 109,786 Depreciation and amortization 35,470 24,372 Interest expense 37,195 10,660 Investment income (1,180) (1,567) Non-recurring transactions 7,664 - ---------- ---------- 786,958 624,805 ---------- ---------- Income before income taxes 36,358 55,891 Provision for income taxes 17,477 21,909 ---------- ---------- Income from operations 18,881 33,982 Extraordinary loss on extinguishment of debt, net of income tax benefit - (2,259) ---------- ---------- Net income $ 18,881 $ 31,723 ========== ========== Earnings per common share: Basic: Income from operations $ 0.28 $ 0.49 Extraordinary loss on extinguishment of debt - (0.03) ---------- ---------- Net income $ 0.28 $ 0.46 ========== ========== Diluted: Income from operations $ 0.28 $ 0.48 Extraordinary loss on extinguishment of debt - (0.03) ---------- ---------- Net income $ 0.28 $ 0.45 ========== ========== Shares used in computing earnings per common share: Basic 67,448 68,929 Diluted 67,857 70,207
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