Medical Care America said its net income for the second quarter ended June 30 rose 5% to $13.8 million, or 47 cents per share, compared with $13.1 million, or 34 cents per share, during the year-ago period.
Revenues rose 6% to $112 million.
For the six months, net income skyrocketed 353% to $113 million, or $3.39 per share, compared with a net income of $25 million, or 68 cents per share, during the first six months of 1993. Revenues rose 6% to $217 million.
The Dallas-based outpatient surgery provider attributed the higher earnings in part to the $175 million sale of its Critical Care America home infusion business to Caremark International in January.
During the second quarter, Columbia/HCA Healthcare Corp. agreed to buy Medical Care in a stock swap valued at $858 million (May 30, p. 8). Nearly half of Medical Care's 96 centers are located adjacent to Columbia/HCA hospitals. Both companies also have large concentrations of facilities in Texas, with Medical Care owning 17 centers and Columbia operating 35 hospitals.
Medical Care America is the nation's largest outpatient surgical center company, operating 96 centers.