HCA, Beverly Enterprises Report Higher Earnings

Hospital Corp. of America and Beverly Enterprises, two large hospital chains, reported sharply higher profits for the first quarter ended March 31.

Hospital Corp. of America reported net income for the quarter rose 21% and Pasadena-based Beverly Enterprises said its earnings were up 22% over the like 1984 period.

HCA reported first-quarter net income of $104 million, an increase of $18 million over the same period a year ago.

First-quarter revenue was $1.18 billion, compared to $1.09 billion during the same period of 1984, President and Chief Executive Thomas S. Frist Jr. said.

For the quarter, HCA reported net income of $104 million, compared to $86 million for the same period a year ago.

The Nashville, Tenn.-based company unveiled plans at the end of the first quarter for a proposed $6.6-billion merger with American Hospital Supply, which would create the nation’s largest health-care concern.

It would be the fourth-largest corporate merger in U.S. history.

Also during the first quarter, HCA said the company had acquired a majority of the assets of Lovelace Medical Center, a 235-bed hospital in Albuquerque, N.M., and Forum Group, a conglomerate of nine psychiatric hospitals and five general hospitals.

HCA is the country’s largest for-profit hospital chain with medical facilities in 420 communities worldwide.

Beverly reported first-quarter net income $11.4 million, up from last year’s $9.4 million.

For the three months, Beverly recorded revenue of $393.3 million, up 22% from the $323.6 million recorded in last year’s first quarter.

Beverly is a long-term care company, operating nursing facilities, home health agencies, retirement living projects and pharmaceutical units.

For detailed data and results of other companies, please see tables, Page 15.