Printer Friendly

GRANCARE ACHIEVES 62 PERCENT EARNINGS GAIN, 70 PERCENT REVENUE INCREASE FOR SECOND QUARTER

 CULVER CITY, Calif., July 27 /PRNewswire/ -- GranCare Inc. (NYSE: GC) today reported higher revenues and earnings for the second quarter and six months ended June 30, 1993.
 For the three-month period, net earnings rose 62 percent to $3.2 million, or $.30 per share, from $2.0 million, or $.23 per share, a year earlier. Per share results were based on 46 percent more shares outstanding in the current-year period on a fully diluted basis. In the second quarter, revenues were $107.9 million, up 70 percent from $63.6 million for the corresponding period last year.
 Net earnings for the six months ended June 30, 1993, were up 64 percent to $6.2 million, or $.59 per share, from $3.8 million, or $.45 per share, in the same period last year. Per share results were based on 46 percent more shares outstanding in the 1993 six-month period, on a fully diluted basis. Revenues for the six months increased 68 percent to $211.2 million from $125.6 million in the corresponding period in 1992.
 "The ongoing expansion of specialty medical services into more of our facilities, the addition of new services and potential acquisitions should continue to favorably impact future earnings," said Gene E. Burleson, president and chief executive officer.
 "Our acquisition program remains on track with the recent addition of an institutional pharmacy operation serving 9,000 beds in North and South Carolina, and four long-term health care facilities in Wisconsin," Burleson added.
 Effective July 12, 1993, GranCare's common stock began trading on the New York Stock Exchange, under the symbol GC.
 The company operates 83 long-term health care facilities totaling more than 11,300 beds located in California, Michigan, Wisconsin, Colorado, Arizona and South Dakota; seven institutional pharmacies; home health care operations; and a range of rehabilitation services.
 GRANCARE INC.
 Condensed Consolidated Results of Operations
 (In thousands, except per share data)
 (Unaudited)
 Three months ended Six months ended
 June 30, June 30,
 1993 1992 1993 1992
 Net revenues $107,892 $63,611 $211,163 $125,627
 Income before
 income taxes 5,202 3,271 10,033 6,275
 Income taxes 2,035 1,320 3,871 2,510
 Net income $3,167 $1,951 $6,162 $3,765
 Net income per common
 share (primary and
 fully diluted) $.30 $.23 $.59 $.45
 Average number of common
 and common equivalent
 shares outstanding
 Primary 10,401 8,655 10,381 8,409
 Fully diluted 12,616 8,655 12,248 8,409
 -0- 7/27/93
 /CONTACT: Gene E. Burleson, president and CEO, or Catherine I. Greany of GranCare, 310-645-1555; or Craig A. Parsons or Cecilia A. Wilkinson of Pondel Parsons & Wilkinson, 310-207-9300, for GranCare/
 (GC)


CO: GranCare Inc. ST: California IN: HEA SU: ERN

JL-MF -- LA021 -- 6089 07/27/93 09:10 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 27, 1993
Words:465
Previous Article:I-FLOW TO REPORT $1.6 MILLION IN REVENUES FOR THE SECOND QUARTER OF 1993, A 434 PERCENT INCREASE OVER THE SAME PERIOD IN THE PRIOR YEAR
Next Article:RIGEL ENERGY CORP. ANNOUNCES RESULTS FOR THE SIX MONTHS AND SECOND QUARTER ENDED JUNE 30, 1993
Topics:


Related Articles
GRANCARE INC. REPORTS STRONG THIRD QUARTER RESULTS
GRANCARE POSTS RECORD FIRST QUARTER REVENUES; NET INCOME UP 67 PERCENT
GRANCARE REPORTS HIGHER SECOND QUARTER REVENUES AND NET INCOME
GRANCARE REPORTS HIGHER SECOND QUARTER REVENUES AND NET INCOME
GRANCARE, INC., ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
GRANCARE REPORTS IMPROVED SECOND QUARTER EARNINGS
GranCare Announces Effectiveness of Registration Statements and Anticipated Fourth Quarter Earnings
GranCare, Inc. Announces Improved Fourth Quarter and Year End Results
GranCare Reports First Quarter 1997 Increases in Revenue and Earnings
Living Centers of America and GranCare Announce Recapitalization and Merger Transaction

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters