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ARBOR HEALTH CARE ANNOUNCES RECORD THIRD QUARTER RESULTS

 LIMA, Ohio, Nov. 12 /PRNewswire/ -- Arbor Health Care Company (NASDAQ: AHCC) today reported record revenues and earnings for the third quarter and nine months ended Sept. 30, 1993.
 Total net revenues for the third quarter of 1993 increased 22 percent to $32 million compared to $26 million in the same period in 1992. Net income increased 17 percent to $1.4 million, or 23 cents per share, compared to $1.2 million or 23 cents for the third quarter last year. Earnings per share reflect an increase of 18 percent in the weighted average shares outstanding primarily due to the company's initial public offering of 1,408,333 shares of common stock in August 1993.
 "We are very pleased with the results of the third quarter compared to the same period last year which was unusually strong," said Pier C. Borra, chairman, president and chief executive officer of Arbor.
 The percentage of revenues from subacute services in the third quarter was 50 percent, up from 40 percent a year ago, resulting from an increase in the number of subacute care beds and the maturing of existing subacute care units.
 For the first nine months of 1993, total net revenues reached $89.2 million, a 24 percent increase over the $72.1 million reported for the comparable nine month period in 1992. Net income rose 31 percent to $2.9 million or 55 cents per share, vs. $2.2 million, or 44 cents per share, for the first nine months of last year. Earnings per share results for the nine months reflect a 6 percent increase in the weighted average number of shares outstanding.
 Mr. Borra continued, "Our ability to maximize revenue from our subacute care business helped to generate record earnings for the company. Through the opening of new centers, the continued conversion of basic care beds to subacute units, and increasing intensity of services we should be able to maintain strong profit growth going forward."
 Arbor Health Care Company operates 23 licensed nursing centers in five states with a total of 2,767 beds. The company provides subacute medical services, including pulmonary rehabilitation, infusion therapy and wound care, as well as basic health care services to a variety of patients.
 ARBOR HEALTH CARE COMPANY AND SUBSIDIARIES
 Consolidated Statements of Income (Unaudited)
 (In thousands, except per-share data)
 Periods ended Three Months Nine Months
 Sept. 30 1993 1992 1993 1992
 Net revenues
 Subacute care $16,016 $10,444 $43,570 $27,196
 Basic care 15,885 14,338 45,297 41,614
 Other 99 1,535 370 3,309
 Total net revenues 32,000 26,317 89,237 72,119
 Expenses
 Operating 25,143 20,292 70,369 56,240
 General corporate 1,520 1,102 4,575 3,192
 Operating lease rental 967 890 2,867 3,250
 Net interest 1,239 1,190 3,873 3,389
 Depreciation & amort. 1,047 882 3,047 2,517
 Total expenses 29,916 24,356 84,731 68,588
 Other expense (income)
 Loss on disposal of
 property 34 142 55 159
 Interest and sundry (99) (13) (198) (104)
 Total other expense
 (income) (65) 129 (143) 55
 Income bef. inc. taxes 2,149 1,832 4,649 3,476
 Income taxes 798 534 2,101 916
 Net inc. - historical 1,351 1,298 2,548 2,560
 Income bef. inc. taxes 2,149 1,832 4,649 3,476
 Pro forma
 Income taxes 798 676 1,764 1,268
 Net income 1,351 1,156 2,885 2,208
 Net income per share $0.23 $0.23 $0.55 $0.44
 Weighted average
 shares outstanding 5,852 4,977 5,272 4,980
 -0- 11/12/93
 /CONTACT: Pier C. Borra, chairman, president and CEO of Arbor Health Care, 419-227-3000, or Robert P. Borchert or Cara R. Kiewel of Edelman Financial Relations, 212-768-0550/
 (AHCC)


CO: Arbor Health Care Company ST: Ohio IN: HEA SU: ERN

CK -- NY007 -- 3516 11/12/93 08:04 EST
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Date:Nov 12, 1993
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