Earnings jumped in 3rd quarter at Intergrated Health

May 11, 1991

Integrated Health Services, a Hunt Valley-based provider of specialized long-term care, primarily to geriatric patients, reported a sharp increase in earnings for its third quarter, when it was able to take advantage of tax credits from previous reporting periods.

It was Integrated's first reporting period since becoming a publicly traded company on April 25.

Earnings from continuing operations for the quarter, which ended March 31, were $698,000, compared with $363,000 in the same period last year, an increase of 92 percent.

Earnings for the first nine months of the year were flat because of the write-off of $1.6 million in bank debt as part of a financial restructuring.

Earnings from continuing operations before the extraordinary item amounted to $2.2 million, compared with $973,739 in the same period last year.

Dr. Robert N. Elkins, chairman and chief executive, said in a prepared statement, "We are very pleased with the success of our IPO [initial public offering] fiscal results in the third quarter."

He said the company is in position to expand the development of medical specialty units within its facilities, an important component of its growth strategy.

Three months ended 3/31/91

Revenue ... Net ... Share

'91 ...31,035,215 ...798,363 ...0.20

'90 ...20,903,612 ...113,210 ...0.03

% change ... +48.5 ... +605.2 ... +566.7

Nine months ended 3/31/91

Revenue ... Net ... Share

'91 ...85,557,056 ...186,973 ...0.05

'90 ... 59,454,259 ...173,739 ...0.05

% change ... +43.9 ... +7.6 ... +0.0

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