COLUMBIA HCA HEALTHCARE CORP/
8-K, 1994-07-28
GENERAL MEDICAL & SURGICAL HOSPITALS, NEC
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                     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                                        July 28, 1994
(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.)


201 West Main Street, Louisville, Kentucky               40202
(Address of principal executive offices)               (Zip Code)


                           (502)572-2000
           (Registrant's telephone number, including area code)
    
                                      
                                                                              

                                   
                                   
                                   
                                   
                                   
                                   
ITEM 5.    OTHER EVENTS.


On July 28, 1994 Columbia/HCA Healthcare Corporation ( the "Company ")
announced its operating results for the second quarter ended June 30, 1994. 
A copy of the press release issued by the Company on June 28, 1994 is
incorporated herein by reference.

ITEM 7.    FINANCIAL STATEMENTS AND EXHIBITS.

       Exhibit 20.  Copy of the Company's press release dated July 28,
1994, 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:  July 28, 1994








<TABLE>
EXHIBIT 20

Investor Contacts:                                  MEDIA CONTACT:

Victor L. Campbell       Lee A. Wood                Lindy B. Richardson
502/572-2173 or         502/572-2115                502/572-2153
615/320-205


COLUMBIA/HCA RECORDS SECOND QUARTER EARNINGS PER SHARE GROWTH OF 22%
WITH EPS FROM CONTINUING OPERATIONS REPORTED AT $0.60

        Same-Hospital Operating Statistics Up From Prior Year
                           


     Louisville, KY, July 28, 1994 -- Columbia/HCA Healthcare
Corporation (NYSE:COL) today announced operating results for the second
quarter ended June 30, 1994.  Results for the quarter exceeded expectations
due to growth in same-hospital utilization and financial performance, the
impact of recent debt refinancings, and the realization of anticipated
merger synergies.

     Columbia/HCA's earnings per share from continuing operations
increased 22% to $.60 for the second quarter ended June 30, 1994, compared
to earnings per share of $0.49 for the second quarter of 1993.  Net
revenues for the second quarter of 1994 totaled $2.7 billion, up 6% from
$2.5 billion in the second quarter of 1993.  Operating income in the second
quarter rose 10% to $543 million, up from $496 million last year.

     Columbia/HCA's same-hospital admissions increase 1.1% during the
second quarter of 1994, continuing the trend seen in the first quarter. 
Same-hospital outpatient visits rose 22% over the second quarter of 1993,
primarily as a result of expanding home health and other ancillary
outpatient services.

     "Columbia/HCA's earnings growth in the second quarter reflects a
combination of operating improvements and the realization of anticipated
merger synergies," said David T. Vandewater, Chief Operating Officer of
Columbia/HCA.  "Our focus on labor and supply costs improved our operating
margin this quarter to 20.2% compared to 19.5% in the second quarter of
1993."

     "The debt refinancings accomplished in late 1993 and thus far in
1994 have significantly reduced interest expense," said David C. Colby,
Columbia/HCA's Chief Financial Officer.  "In addition, Columbia/HCA has
continued to generate strong cash flow as evidenced by the fact that the
ratio of debt to total capitalization improved from 51.6% at year end to
49.5% at June 30, 1994.  In the first half of 1994, the Company has
expended significant amounts related to its capital expenditure and
acquisition programs while reducing debt by $42 million."

     Richard L. Scott, President and Chief Executive Officer of
Columbia/HCA, added that "We continue to be successful as we create
efficient, quality-focused healthcare delivery systems in our markets.  The
commitment of our local market management teams in custom designing
provider networks for their communities is at the base of our success.  The
expected third quarter completion of the Medical Care America acquisition
will continue to add needed surgical facilities to many of our markets,
enabling Columbia/HCA to enhance local services."

     The following table highlights the consolidated operating
results of Columbia/HCA for the second quarter and six months ended June
30, 1994 and 1993, and reflects non-recurring items and discontinued
operations for the respective periods:


                                  Columbia/HCA Consolidated Operating Results
                                 (Dollars in Millions, Except Per Share Amounts)
                                                    
                                                         
<CAPTION>
                                          Second Quarter                     Six Months       
<S>                                   <C>                <S>           <C>  <S>       <C>
                                       1994     1993    % Change        1994     1993  % Change

Revenues ..........................  $2,689   $2,536          6%      $5,467    $5,190      5%
Operating income (a)...............    $543     $496         10%      $1,146    $1,053      9%

Net income:
 Continuing operations:
   Excluding non-recurring items...    $205     $166         24%       $444       $371     20%
   Non-recurring items (net of tax)       -        -                   (102)        -
 Discontinued operations ..........       -        -                      -        16
 Loss on extinguishment of debt ...       -        -                    (92)        -

      Net income ..................    $205     $166                   $250      $387 

Earnings per common share:
 Continuing operations:
  Excluding non-recurring items ...   $0.60    $0.49         22%      $1.30     $1.10      18%
  Non-recurring items .............       -        -                  (0.30)        -
 Discontinued operations ..........       -        -                      -      0.04
 Loss on extinguishment of debt ...       -        -                  (0.27)        -

      Net income ..................   $0.60    $0.49                  $0.73     $1.14

Shares used in earnings per
 share computations (000) ......... 342,103  338,544                341,862   338,165
 

                   

(a)Income from continuing operations before non-recurring transactions,
depreciation and amortization, interest expense, minority interests and
income taxes.
</TABLE>

             Columbia/HCA Healthcare Corporation is the nation's largest
healthcare services provider, with 196 acute-care and specialty hospitals
in 26 states, England and Switzerland, employing approximately 130,000
people.  Columbia/HCA recently announced plans to create innovative
strategic partnerships with prominent healthcare providers, such as
Crawford Long Hospital of Emory University in Atlanta and Southwest Texas
Methodist Hospital in San Antonio, to enhance local delivery networks. With
its comprehensive approach, Columbia/HCA meets the healthcare needs of its
communities in a cost-effective, quality manner.







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