Integrated Health Services posts record profits in 2nd quarter

July 23, 1993|By Timothy J. Mullaney | Timothy J. Mullaney,Staff Writer

Integrated Health Services Inc. said yesterday that it posted record profits during the second quarter.

Hunt Valley-based Integrated said it earned $5.2 million, or 32 cents a share, during the three months that ended June 30 compared with $943,000 in the same period last year.

Despite the increase, the company's results were precisely what analysts who follow Integrated had expected, meaning the strong results had no short-term impact on the company's stock.

"They hit the target, and it's a good number," said George Shipp, an analyst with Scott & Stringfellow Inc. in Richmond. "They do a good job of coaching [analysts'] expectations."

Integrated stock closed unchanged at $27.50 in over-the-counter trading.

The company manages sub-acute care facilities, most of which are based in nursing homes. But the quarter was also marked by diversifications, such as the acquisition of an institutional pharmacy company.

"We're continuing to execute and expand the business plan," executive vice president Marc Levin said.

Additionally, the company will move its headquarters to the old Telemecanique building in Owings Mills in August, Mr. Levin said. All 270 headquarters employees will be making the move from McCormick Road in Hunt Valley.

Integrated

Health

Services Inc.

Ticker .. .. .. .. .. .. .. Yesterday's

Symbol .. .. .. .. .. .. .. Cls. .. .. .. Chg.

IHSI . .. .. .. .. .. .. .. 27 1/2 . .. .. .. Unch.

Period ended

June 30 .. .. .. 2nd qtr. .. .. Year ago .. .. Chg.

Revenue .. .. .. $62,967 .. .. $44,786 .. .. +40.6%

Net Income .. .. $5,224 .. .. .. $943 .. .. +454.0%

Primary EPS . .. . $0.32 .. .. ..$0.07 .. .. +357.1%

.. .. .. .. .. ..6 mos. . .. .. Year ago .. .. Chg.

Revenue .. .. ..$120,522 .. .. $87,829 .. .. +37.2%

Net Income .. .. $10,036 .. .. .$3,002 .. .. +234.3%

Primary EPS .. .. ..$0.62 .. .. ..$0.29 .. .. +113.8%

Figures in thousands (except per share data)

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