IHS reports record earnings in 1st quarter

April 26, 1994|By a Sun Staff Writer

Integrated Health Services Inc. said yesterday its earnings rose 73 percent to $6.4 million for the first quarter ended March 31, thanks largely to an acquisition that doubled the company's size last year.

The record earnings were the result of the company's ability to assimilate more than 60 new leased or managed nursing homes in the past year, said Robert N. Elkins, Integrated chairman and chief executive.

Units in many of the facilities are being converted to higher-margin nursing beds that provide a higher level of care -- a system that was pioneered by the Owings Mills-based company for stablized patients recovering from hospitalization.

Revenues from this specialty medical service increased 149 percent to $67.8 million in 1994, and the company plans to expand this service by 2,000 beds this year.

Integrated operates 148 facilities, with more than 19,000 nursing home beds, in 27 states.

Integrated Health Services Inc. .. .. ..Ticker.. .. .. .. Yesterday's

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

.. .. .. .. .. .. .. .. .. .. .. .. .. .IHS.. .. .. .. .. 31 3/8 . .. -1

Period ended 3/31/94.. .. .. 1st qtr... .. .. .. Year ago.. Chg.

Revenue.. .. .. .. .. .. .. $132,323.. .. .. .. $57,555 .. +29.9%

Net Income.. .. .. .. .. . . $6,394.. .. .. .. . $3,695. .. +73.0%

Primary EPS.. .. .. .. ... . $0.41.. .. .. .. .. $0.30. .. .+36.7%

Figures in thousands (except per share data.)

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