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Previous: BELLSOUTH CORP, 8-K, 1998-04-27 |
Next: SMITH BARNEY CALIFORNIA MUNICIPALS FUNDS INC, 497, 1998-04-27 |
<PAGE>
================================================================================
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.)
================================================================================
<PAGE>
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
<PAGE>
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
<PAGE>
[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-
<PAGE>
VC Reports First Quarter Results
Page 2
Apr. 16, 1998
- --------------------------------------------------------------------------------
VENCOR, INC.
FINANCIAL HIGHLIGHTS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------------
1998 1997
---------- ----------
<S> <C> <C>
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
</TABLE>
-MORE-
<PAGE>
VC Reports First Quarter Results
Page 3
Apr. 16, 1998
- --------------------------------------------------------------------------------
VENCOR, INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------------
1998 1997
---------- ----------
<S> <C> <C>
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
</TABLE>
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