Buys this morning: BKE,ROST,MTG,THC
The Buckle, Inc. Reports 38.8 Percent Sales Increase for December, 1997
KEARNEY, Neb., Jan. 8 /PRNewswire/ -- The Buckle, Inc. (NYSE: BKE)
announced that sales for the five-week period ended January 3, 1998 increased
38.8 percent to $46.0 million from $33.1 million in the corresponding five-
week period of fiscal 1996.
Comparable store sales, for stores open at least one year, for the five-
week period ended January 3, 1998 were up 28.3 percent from sales for the same
five-week period in the prior year.
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Tenet Healthcare Earnings Per Share Up 21 Percent; Strong Admissions <THC.N>
Tenet Healthcare Earnings Per Share
Up 21 Percent; Strong Admissions Growth Drives Revenue Increase
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Jan. 8, 1998--Tenet
Healthcare Corp. (NYSE/PSE:THC) reported solid financial results in
its second quarter ended Nov. 30, 1997, as the company continued to
benefit from strong admissions growth.
Net income from operations rose 23 percent compared with the
year-ago quarter, and earnings per share from operations climbed 21
percent on a 15 percent increase in net operating revenues. Total
admissions at Tenet hospitals rose 15.7 percent over the prior-year
quarter. Same-facility admissions rose 3.8 percent, posting the
strongest results in several quarters.
The consistency of this strength is reflected in results for
the first six months of fiscal 1998, during which net income from
operations rose 22 percent on a 16 percent increase in net operating
revenues, compared with prior-year figures.
Quarter
For the quarter, net income from operations was $127 million, or
$0.41 per share, compared with $103 million, or $0.34 per share, in
the prior-year quarter. Net operating revenues for the quarter were
$2.43 billion, compared with $2.11 billion in the prior-year period.
Results for the prior-year period are restated to reflect the Jan.
30, 1997, acquisition of OrNda HealthCorp. on a pooling of interests
basis.
For the quarter, Tenet reported earnings before interest, taxes,
depreciation and amortization (EBITDA) of $444 million, a 13 percent
increase over $392 million in the prior-year quarter. EBITDA
margins were 18.3 percent compared with 18.6 percent in the prior-year
quarter and 17.6 percent in the first quarter of fiscal 1998.
Operating margins were 13.6 percent, vs. 13.1 percent in the
year-ago quarter.
During the quarter, the company also posted a gain from changes
in indexed debt of $11.3 million, or $0.03 per share, increasing net
income for the three-month period to $138 million, or $0.44 per
share. This gain results from accounting rules governing certain
Tenet notes that are exchangeable into Vencor Inc. common stock.
"Our operating strategy is simple and straightforward; our
practices are disciplined and focused," said Jeffrey C. Barbakow,
Tenet's chairman and chief executive officer. "We strive to build a
premier health-care delivery system in each community we serve. The
consistent strength of our financial performance demonstrates the
success of this approach."
During the quarter, Tenet completed the acquisition of one
hospital, announced agreements to acquire three others and formed
two important strategic partnerships with highly respected
not-for-profit hospital systems.
In September, Tenet completed the acquisition of Georgia Baptist
Medical Center, a 460-bed tertiary medical complex in Atlanta, and
announced a definitive agreement to acquire the 214-bed Landmark
Medical Center in Woonsocket, R.I.
In October, the company signed a letter of commitment to purchase
Saint Louis University Hospital, a 303-bed, academic quaternary
hospital, and signed a letter of intent to purchase Sharp HealthCare
Murrieta, a 49-bed hospital in Murrieta, Calif.
Also during the quarter, the company announced it was negotiating
a strategic alliance with Cedars-Sinai Health System to create an
extensive integrated health-care delivery network in West Los Angeles
and announced a partnership with Morton Plant Mease Health Care to
serve the Pasco County area of West Florida.
Subsequent to the close of the quarter, the company signed
a definitive agreement to purchase Queen of Angels-Hollywood
Presbyterian Hospital, a 409-bed hospital in Los Angeles.
Six Months
For the first six months of fiscal 1998, net operating revenues
increased 16 percent to $4.76 billion from $4.0 billion in the
prior-year six-month period.
Net income from operations, excluding the gain from indexed debt
in the second quarter, increased 22 percent to $243 million, or
$0.78 per share, for the first six months. Reflecting the gain from
indexed debt, net income rose 28 percent to $254 million, or $0.82
per share, vs. $199 million, or $0.66 per share, in the prior-year
period.
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MGIC Investment Corporation 1997 Earnings Up 25 Percent<MTG.N>
MGIC Investment Corporation 1997 Earnings Up 25 Percent
MILWAUKEE, Wis., Jan. 8 /PRNewswire/ -- MGIC Investment Corporation
(NYSE: MTG) today reported 1997 earnings of $323.8 million, an increase of 25
percent over the $258.0 million reported in 1996. Earnings per share for the
year totaled $2.75, compared to $2.17 a year ago, an increase of 27 percent.
Included in the 1997 earnings per share was $0.02 for realized gains, compared
with $0.01 for 1996.
Earnings for the fourth quarter totaled $86.5 million, an increase of
22 percent over the $71.1 million in earnings reported in the fourth quarter
last year. Earnings per share for the quarter totaled $0.75, compared with
$0.60 for the fourth quarter of 1996, an increase of 25 percent. Included in
this year's fourth quarter earnings per share was $0.01 for realized gains.
William H. Lacy, president and chief executive officer of MGIC Investment
Corporation, and chairman and chief executive officer of Mortgage Guaranty
Insurance Corporation (MGIC), said the company is pleased to report record
earnings for the year led by a 16 percent increase in revenues, while losses
incurred and expenses increased only 6 percent.
Total revenues for the year were $868.3 million, up 16 percent from
$745.6 million in 1996. The growth in revenues resulted from a 15 percent
increase in net premiums earned to $708.7 million, and a 17 percent increase
in investment income to $123.6 million. Net premiums written for the year
were $690.2 million, compared with $588.9 million for 1996, an increase of
17 percent. |
