-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, sPYHvd9nRSJtV2ZAftbI2V+Vn4K5KXLIrGZZfTL4fAQm6jFlriXLf95SvSZb+Tgy GGhJ7F7ahZRvmrs5K+4/Bw== 0000860730-95-000002.txt : 19950223 0000860730-95-000002.hdr.sgml : 19950223 ACCESSION NUMBER: 0000860730-95-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950217 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950221 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA HCA HEALTHCARE CORP/ CENTRAL INDEX KEY: 0000860730 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC [8062] IRS NUMBER: 752497104 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11239 FILM NUMBER: 95514001 BUSINESS ADDRESS: STREET 1: 201 WEST MAIN STREET CITY: LOUISVILLE STATE: KY ZIP: 40202- BUSINESS PHONE: (502)-572- FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA HEALTHCARE CORP DATE OF NAME CHANGE: 19930830 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA HOSPITAL CORP DATE OF NAME CHANGE: 19930328 8-K 1 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 February 17, 1995 (Date of Earliest Event Reported) COLUMBIA/HCA HEALTHCARE CORPORATION (Exact name of Registrant as specified in its Charter) DELAWARE (State of Incorporation) 001-11239 75-2497104 (Commission (I.R.S. Employer File Number) Identification No.) One Park Plaza, Nashville, Tennessee 37203 (Address of principal executive offices) (Zip Code) (615) 327-9551 (Registrant's telephone number, including area code) ITEM 5. OTHER EVENTS On February 17, 1995, Columbia/HCA Healthcare Corporation (the "Company") announced its operating results for the fourth quarter and year ended December 31, 1994. A copy of the press release issued by the Company on February 17, 1995, and related financial information, is attached hereto as Exhibit 20, and is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits. Exhibit 20. Copy of the Company's press release dated February 17, 1995 and related financial information. SIGNATURE 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. COLUMBIA/HCA HEALTHCARE CORPORATION ___________________________________ Richard A. Lechleiter Vice President and Controller DATED: February 21, 1995 EX-20 2 EXHIBIT-20 INVESTOR CONTACT: MEDIA CONTACT: Victor L. Campbell Lindy B. Richardson 615/320-2053 615/320-2166 COLUMBIA/HCA REPORTS EPS OF $2.42 IN 1994 VS. $1.99 IN 1993 EXCLUDING NON-RECURRING ITEMS; EPS GROWTH OF 22% Fourth Quarter EPS of $.62 vs. $.52 Last Year; Net Revenues Up 14% in Fourth Quarter NASHVILLE, Tn., February 17, 1995 -- Columbia/HCA Healthcare Corporation (NYSE:COL) today announced operating results for the fourth quarter and year ended December 31, 1994. Excluding non-recurring items, earnings per share for 1994 increased 22% to $2.42 from $1.99 in 1993. Net revenues rose 9% to $11.1 billion compared to $10.3 billion last year, while operating income totaled $2.3 billion, up 14% from last year's $2.0 billion. Income from continuing operations increased 26% to $847 million compared to $673 million in 1993. Non-recurring transactions, which related primarily to costs incurred in connection with the HCA merger and refinancings of debt, reduced 1994 net income by $217 million, or $.62 per share. Net income in 1993 was reduced by $182 million, or $.53 per share, resulting from charges related to the Galen merger and refinancings of debt. For the three months ended December 31, 1994, earnings per share rose 19% to $.62 from $.52 in the fourth quarter last year. Net revenues were $2.9 billion, up 14% from $2.6 billion in 1993. Operating income rose 23% to $623 million from $507 million, and income from continuing operations increased 28% to $227 million from $176 million. Columbia/HCA's same hospital admissions, adjusted for outpatient activity, improved for the fifth consecutive quarter, increasing 5.3% over last year's fourth quarter volumes. Outpatient visits on a same hospital basis grew 76% in the fourth quarter primarily as a result of expanding home health and other ancillary outpatient services. "Operating margins for 1994 improved to 20.4% from 19.5% in 1993, despite significant additions during the year of lower margin home health and sub-acute services," said David T. Vandewater, Columbia/HCA's Chief Operating Officer. "I am pleased with our progress in increasing utilization and controlling costs in 1994. As we begin 1995, our management team is focused on increasing productivity, reducing supply costs, lowering days in accounts receivable and improving inpatient and outpatient utilization rates," he added. -1- David C. Colby, Columbia/HCA's Senior Vice President and Treasurer, said, "Our financial position has improved substantially over last year even though our capital improvement and development programs have accelerated. Columbia/HCA's year-end current ratio was 1.4 compared to 1.3 at December 31, 1993, and the ratio of debt to total capitalization improved to 43.9% compared to 51.6% at the end of last year." Richard L. Scott, President and Chief Executive Officer of Columbia/HCA, said, "While we are pleased with the Company's outstanding results in 1994, we plan to focus even greater attention in 1995 on meeting or exceeding customer expectations in every facet of our operations, developing services that are convenient and customer- oriented, developing better outcome measurements, and building customer loyalty through increased awareness of Columbia as a leader in cost- effective, quality healthcare services. We also look forward to our merger with HealthTrust, Inc., scheduled for completion in March 1995, as it will enhance many of our local provider networks, improve our economies of scale, and further our efforts to control healthcare costs while providing quality patient care," he concluded. "Over the past two years, we are proud to have been involved in acquisitions and joint ventures with tax-exempt hospitals which have created community foundations with assets in excess of $500 million," said Dr. Thomas F. Frist, Jr., Columbia/HCA's Chairman of the Board and this year's Chairman of United Way of America. Columbia/HCA is the nation's largest healthcare services provider, with 200 hospitals and over 100 free-standing outpatient surgery centers located in 33 states and two foreign countries. Columbia/HCA provided over $800 million in uncompensated patient care and paid approximately $1 billion in federal, state and local taxes in 1994. # # # -2- Columbia/HCA Healthcare Corporation Operating Results Summary (Dollars in millions, except per share amounts)
Fourth Quarter Year 1994 1993 % Change 1994 1993 % Change Revenues. . . . . . . . . . . . . . $2,937 $2,571 14.3 $11,132 $10,252 8.6 Operating income(a) . . . . . . . . $623 $507 23.2 $2,276 $2,004 13.6 Net income : Continuing operations: Excluding non-recurring items. . $227 $176 28.4 $847 $673 25.7 Non-recurring items (net of tax) - - (102) (98) Discontinued operations. . . . . . - - - 16 Loss on extinguishment of debt . . - - (115) (84) Net income . . . . . . . . . . $227 $176 $630 $507 Earnings per common share: Continuing operations: Excluding non-recurring items. . $0.62 $0.52 19.2 $2.42 $1.99 21.6 Non-recurring items (net of tax) - - (0.29) (0.29) Discontinued operations. . . . . . - - - 0.04 Loss on extinguishment of debt . . - - (0.33) (0.24) Net income . . . . . . . . . . $0.62 $0.52 $1.80 $1.50 Shares used in earnings per share computations (000) . . . . .365,437 340,642 350,075 339,222 _________________________________ (a) Income from continuing operations before non-recurring items, depreciation and amortization, interest expense, minority interests and income taxes.
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