BJC Health System has issued $179.2 million of healthcare revenue bonds. The bond issue incorporates several additional providers as members of the obligated group under BJC's master trust indenture. They are Missouri Baptist, the parent of Missouri Baptist Medical Center in Town & Country, Mo.; Sullivan (Mo.) Hospital; Children's, which operates Children's Hospital in St. Louis; and CH Chillicothe, a not-for-profit corporation that owns four long-term-care facilities in the St. Louis area. Proceeds from the offering will be used to refund existing debt and finance capital improvements throughout the system. Merrill Lynch & Co. was the lead manager of the offering.
HBO & Co. last week reported record revenues for the third quarter ended Sept. 30. Revenues were $85.9 million, up 31% compared with $65.4 million for the third quarter of 1993. Earnings per share were up 35% to 23 cents for the publicly traded, Atlanta-based information systems vendor. For the nine months, revenues increased 28% to $231.8 million, and earnings per share increased 64% to 59 cents. The company has been growing through the acquisitions of specialty software vendors that add new features or potential clients (July 11, p. 32; May 23, p. 18). Earlier this month, the company announced an exclusive strategic alliance with Scientific Data Management to provide the Detroit-based vendor's physician practice management system to HBO & Co.'s existing customer base and prospective new clients.
Healthcare Realty Trust, Nashville, Tenn., reported its net income rose 134% to $4.2 million, or 33 cents per share, for the third quarter ended Sept. 30. That's compared with $1.8 million, or 30 cents per share, in the year-ago period. Cash available for distribution totaled $5.8 million, or 46 cents per share, compared with $2.8 million, or 45 cents per share, in the year-ago period. Revenues skyrocketed 106% to $6.4 million. For the nine months, net income soared 450% to $11 million, or 95 cents per share, from $2 million, or 34 cents per share, in the year-ago period. Cash available for distribution totaled $14.8 million, or $1.28 per share, compared with $3.3 million, or 54 cents per share, in the year-ago period. Revenues rose 316% to $15.5 million. Since beginning operations in June 1993, the real estate investment trust has invested more than $267 million in 55 facilities in 13 states.
Medaphis Corp. said earnings for the third quarter ended Sept. 30 doubled to $4.8 million from $2.4 million a year ago. Per-share earnings increased 45% to 32 cents from 22 cents. Revenue was up 52% to $64.5 million from $42.5 million in the year-ago period. For the nine months ended Sept. 30, net income rose to $12.4 million, a 94% gain compared with year-ago earnings of $6.4 million. Per-share earnings rose to 83 cents from 58 cents, a 43% gain. Revenue increased 48% to $175.6 million from $119 million. Medaphis provides business management services to physicians and hospitals in 46 states.
Comprehensive Care Corp. reported a net loss of $2.5 million, or 11 cents per share, for the first quarter ended Aug. 31, compared with a net loss of $1.3 million, or 6 cents per share, in the year-ago period. Revenues dropped 8% to $8.1 million. The St. Louis-based mental health company is restructuring operations and trying to settle a tax case with the Internal Revenue Service. The IRS has assessed CompCare for $12.4 million in additional taxes, penalties and interest, saying that physicians and psychologists who worked as independent contractors from 1983 to 1988 should have been treated as employees for payroll tax purposes. CompCare has offered to pay $5 million.