Blue CrossBlue Cross and Blue Shield of Maryland said...

BY THE NUMBERS

March 03, 1992

Blue Cross

Blue Cross and Blue Shield of Maryland said yesterday that its fourth-quarter profits fell 40 percent in 1991 and that it expects profits to be further squeezed later this year.

The Owings Mills-based health insurer, closing a less profitable but better-than-expected year, earned $8.5 million during the fourth quarter and nearly $30 million for the year, down from earnings of $14.2 million and $48.6 million in the same periods a year earlier, company spokeswoman Tina Saarlas said.

"It's better than our plans" for 1991, said Peter J. Campisi, Blue Cross and Blue Shield's vice president and chief financial officer. But, he added, "We expect to be going into a down cycle this year."

Blue Cross has already tried to prepare for a downturn, during which profits are squeezed as health insurers try to compete by cutting prices. The company has been building reserves and laying off workers. Mr. Campisi said Blue Cross had cut its staff by about 200 people from the end of 1990 to the end of 1991.

The company doesn't report per-share earnings because it is not owned by public stockholders.

Three months ending 12/31/91

.. .. .. Revenue .. .. .. Net .. .. Share

'91 . 362,700,000 . ..8,500,000 .. --

'90 .307,400,000 . .14,200,000 .. --

% change .. +18.0 .. .. ... 40.1 .. --

12 months ending 12/31/91

.. .. .. Revenue .. .. .. Net .. .. Share

'91 .1,400,000. .. ..29,951,000 .. --

'90 .1,200,000. .. ..48,600,000 .. --

% change +16.7 .. .. .. .. . 38.4

Integrated Health Services

This Hunt Valley-based operator of nursing homes said yesterday that it posted record profits during the last quarter of 1991.

IHS owns, leases and manages 44 nursing homes in 16 states. The core of its business is the operation of special wings that allow its nursing homes to offer care traditionally available only in hospitals.

Last year, the company opened five of these medical specialty units, bringing the number of units it operates to 19. Eight more are scheduled to open this year.

The company's earnings of $3.1 million from continuing operations were almost triple the $1.1 million earned from continuing operations in the last quarter of 1990. Revenue in the most-recent quarter was $40.8 million, up from $27.9 million in the same quarter of 1990.

For the year, the company's earnings from continuing operations were $5.9 million, up from $987,000 the year before. Revenues for the year were $143.7 million, up from $98.4 million.

I= IHS stock closed yesterday at $22 a share, down 50 cents.

Three months ending 12/31/91

.. .. .. Revenue .. .. .. Net .. .. Share

'91 .40,753,000 .. ..2,292,000 .. 0.24

'90 .27,853,000 .. .(1,238,000)..(0.32)

% change . +46.3 .. .. .. .. . --.. .. --

Twelve months ending 12/31/91

.. .. ..Revenue .. .. .. Net .. .. Share

'91 .143,652,000. ..5,925,000 .. 0.79

'90 .98,352,000 .(644,000,000)..(.17)

% change.. +46.1.. .. .. .. . --.. .. --

Farm Credit Bank

The Farm Credit Bank of Baltimore, Maryland's largest agricultural lender, reported a sharp gain in earnings yesterday for the fourth quarter and all of 1991.

Net income was $5.1 million for the quarter that ended Dec. 31, up 54 percent from $3.3 million in the same period of 1990. For the year, net income was $27.8 million, up 60.9 percent from $17.3 million.

The cooperative bank, which serves rural customers in Maryland, Delaware, Virginia, West Virginia, Pennsylvania and Puerto Rico, ended the year with a loan volume of $3.3 billion, up from $3.1 billion a year earlier.

The bank set aside $1.8 million during the most recent quarter to cover potential loan losses. For the full year, its provisions for loan losses totaled $6.1 million, up from $1.3 million in 1990.

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