Surgical Care Affiliates, the nation's second-largest outpatient surgery provider, said its net income for the second quarter ended June 30 climbed 25% to $9.6 million, or 25 cents per share, compared with net income of $7.7 million, or 20 cents per share, in the year-ago period.
Revenues rose 20% to $58.2 million.
For the six months, net income rose 15% to $17.7 million, or 46 cents per share, compared with $15.4 million, or 41 cents per share, in the year-ago period. Revenues rose 16% to $109 million.
Surgical Care executives said results for the quarter and the first half of fiscal 1994 were achieved after the company spun off HealthWise of America to its stockholders last December. Surgical Care also attributed the results to its ability to adapt to the changing healthcare environment.
One of its strategies for 1994 is to add between 10 and 12 new surgical centers. During the second quarter, the company purchased facilities in San Francisco; Greenville, S.C.; and Florence, Ala., bringing the total number of acquired facilities to eight during the first six months. It planned to add two more facilities in July.
Last April, Surgical Care's board of directors authorized the company to buy back as many as 2 million shares of common stock at prevailing market prices. Currently, 449,600 shares have been repurchased at an average price of $12.95 for a total price of $5.8 million.
Nashville, Tenn.-based Surgical Care operates 63 outpatient surgery centers in 21 states.