Total Number of Pages: 6
Exhibit Index on Sequential Page No.: 3
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): January 7, 1997
-----------------
ORNDA HEALTHCORP
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-11591 75-1776092
(Commission File Number) (IRS Employer Identification No.)
3401 West End Avenue, Nashville, Tennessee 37203
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (615) 383-8599
<PAGE>
Item 5. Other Events.
The Registrant hereby incorporates by reference the information about
the Registrant set forth in Exhibit 99 attached hereto.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99 The first two pages of Registrant's news release dated
January 7, 1997.
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.
ORNDA HEALTHCORP
By: /s/ Ronald P. Soltman
Ronald P. Soltman
Senior Vice President
Date: January 7, 1997
-2-
<PAGE>
EXHIBIT INDEX
Sequential
No. Subject Matter Page No.
99 The first two pages of Registrant's news
release dated January 7, 1997........................................4
-3-
<PAGE>
Exhibit 99
-4-
<PAGE>
[OrNda Letterhead]
FOR IMMEDIATE RELEASE:
Contact: Keith B. Pitts
Executive Vice President and Chief Financial Officer
or
Thomas A. Bartels
Director of Investor Relations
OrNda HealthCorp
(615) 383-8599
ORNDA REPORTS FIRST QTR EPS OF $0.44 ON REVENUE GROWTH OF 29.1%
NASHVILLE, Tennessee (January 7, 1997) -- OrNda HealthCorp (NYSE:ORN) today
reported that net income applicable to common shares for the three months ended
November 30, 1996, increased 34.9% to $26.4 million from $19.6 million in the
first quarter of last year. Earnings per share rose to $0.44 for the first
quarter ended November 30, 1996, on 60.5 million weighted average common and
common equivalent shares, compared with $0.40 for the same period last year on
49.5 million weighted average common and common equivalent shares. Revenue for
the first quarter of fiscal 1997 increased 29.1% to $637.1 million compared with
$493.6 million in last year's first quarter. OrNda's EBITDA margin improved to
15.5% for the first quarter of fiscal 1997 compared with 14.5% in the same
period last year. Same hospital revenues, adjusted admissions and admissions
rose by 2.8%, 2.2%, and 0.1%, respectively, over the same period in the prior
year.
Charles N. Martin, Jr., chairman, president and chief executive officer
of OrNda HealthCorp, said, "We are pleased with our first quarter results, which
is a continuation of the momentum we sustained throughout fiscal 1996. We
believe the steps we have taken to date have placed OrNda's hospitals in a
position to achieve success in a managed care environment. Our success in
building and expanding integrated delivery systems with a comprehensive range of
services has helped us secure additional managed care contracts and our
relationships with payors and physicians have encouraged additional contracting
with OrNda facilities."
-MORE-
<PAGE>
ORN Reports First Quarter Results
Page 4
January 7, 1997
On December 23, 1996, subsequent to the first quarter, OrNda completed
its acquisition of substantially all of the assets of United Western Medical
Centers, a not-for-profit corporation headquartered in Santa Ana, California,
which consist primarily of Western Medical Center, a 288-bed acute care hospital
in Santa Ana, California; Western Medical Center-Anaheim, a 193- bed acute care
hospital in Anaheim, California; and Western Medical Center-Bartlett, a 202-bed
skilled nursing facility in Santa Ana, California.
In closing, Mr. Martin said, "We are pleased with the progress being
made in our proposed merger with Tenet Healthcare Corporation (NYSE:THC), which
was announced on October 17, 1996. Once completed, this transaction will create
a consolidated company with proforma revenues of approximately $8.7 billion,
operating 126 hospitals in 22 states."
Both OrNda and Tenet have announced special shareholder meetings for
January 28, 1997, for shareholder approval of the proposed merger of the two
companies.
OrNda HealthCorp, based in Nashville, Tennessee, is the third largest
investor-owned hospital management company in the United States. It is a leading
provider of healthcare services, delivering a broad range of inpatient and
outpatient healthcare services principally through the operation of 50 acute
care hospitals located in urban and suburban communities in 15 states. For
additional information on the Company, visit OrNda HealthCorp's Web site:
http://www.orndahealth.com
-###-
Additional Media Contact: Paula Lovell
Lovell Communications Inc.
(615) 297-7766
<PAGE>
