HBO & Co., an Atlanta-based healthcare information systems vendor, said it posted record revenues and earnings per share for its latest fiscal year ended Dec. 31, 1993. The company's revenues increased 17% to $237.1 million. Earnings per share increased 37% to $1.17. Net income increased 40% to $18.3 million. The company attributed its growth to strong sales of its Star patient-care and decision-support software lines.
CareLine, an Irvine, Calif.-based ambulance service, has raised $48.9 million in an initial public offering. CareLine, whose stock is traded on the over-the-counter market, is the third ambulance company in two years to raise capital through a public stock offering. CareLine executives estimate that the ambulance industry has more than 14,000 providers and generates $4 billion in annual revenues. Since its founding in early 1992, CareLine has acquired 10 ambulance companies in Alabama, California, Colorado, Georgia, Massachusetts, New Hampshire and Tennessee. Its first acquisition was Mercy Ambulance Service in San Bernardino, Calif., an operation that accounts for about 20% of the company's net revenues. For the nine months ended Sept. 30, 1993, CareLine reported a net loss of $1.1 million on revenues of $15.6 million.
LTC Properties reported a 174% increase in net income for its fourth quarter ended Dec. 31, 1993, earning $1.9 million, or 20 cents per share, compared with net income of $694,000, or 9 cents per share, in the year-ago period. Revenues rose 47% to $4.3 million. For the year, net income topped $6.8 million, or 75 cents per share. That's up from the $736,000, or 10 cents per share, that the company earned from the time it commenced operations on Aug. 25, 1992, until Dec. 31 of that year. Revenues rose to $15.8 million from $4 million in the year-ago period. The Oxnard, Calif.-based real estate investment trust invested $127 million in long-term-care properties last year.
Meditrust's fourth-quarter net income rose 28% to $16.7 million, or 51 cents per share, for the three months ended Dec. 31, 1993, compared with net income of $13 million, or 49 cents per share, in the year-ago quarter. Revenues rose 15% to $38.3 million. For the year, net income increased 24% to $63.6 million, or $2.03 per share, compared with net income of $51.3 million, or $1.95 per share, in the year-ago period. Revenues increased 14% to $150.8 million. David Benson, president of the Waltham, Mass.-based real estate investment trust, said the company invested more than $200 million in subacute healthcare properties last year. Meditrust has investments in 212 healthcare facilities in 33 states.
Oxford Health Plans recorded a 93% increase in net income for the three-month period ended Dec. 31, 1993, earning $4.7 million, or 28 cents per share, compared with net income of $2.4 million, or 15 cents per share, in the year-ago period. Fourth-quarter revenues increased 106% to $95.9 million. For the year, net income rose 32% to $14.9 million, or 91 cents per share, from $11.3 million, or 74 cents per share. Revenues jumped 103% to $297.4 million. As of Jan. 31, total enrollment in Oxford plans reached 255,000, compared with 117,250 at the end of 1992. Norwalk, Conn.-based Oxford markets HMOs and other managed-care plans to employers in Connecticut, New Jersey and New York. Last week, the company announced plans to enter the Philadelphia market.