Hospital Corp. of America, Nashville, Tenn., reported...
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Hospital Corp. of America, Nashville, Tenn., reported a decline in earnings for the fourth quarter ended Dec. 31 but higher profits for the entire year. In the fourth quarter, HCA earned $63.26 million on revenue of $1.36 billion, compared to a net of $67.2 million on $1.04 billion in revenue in the 1984 quarter. For the full year, the company earned $338.6 million, compared to $296.8 million in 1984. Revenue came to $5 billion versus $4.18 billion in 1984. HCA said fourth-quarter results were reduced by adding $55 million to its liability insurance reserves, funding the HCA Foundation with $25 million and writing down its investment portfolio and certain properties by $23 million. These actions were funded by drawing on a $150-million payment received in the fourth quarter for terminating a merger agreement with American Hospital Supply. Also, HCA said its board adopted a shareholder rights program designed to “deter coercive takeover tactics.”
For detailed data and results of other companies, please see accompanying tables.
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