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GRANCARE REPORTS 160 PERCENT INCREASE IN YEAR-END EARNINGS

 CULVER CITY, Calif., Feb. 16 /PRNewswire/ -- GranCare Inc. (NASDAQ: GRNC) today reported record revenues and net earnings for the fourth quarter and year ended Dec. 31, 1992.
 Net income for the 12 months increased 160 percent to $9.9 million, or $1.08 per share primary and $1.06 per share fully diluted, compared with $3.8 million, or $.69 per share, in 1991. Revenues advanced 73 percent to a record $301.6 million, from $174.8 million in the prior year.
 For the fourth quarter ended Dec. 31, 1992, net income of $3.3 million, or $.32 per share primary and $.31 per share fully diluted, was up 65 percent from $2.0 million, or $.30 per share, for the fourth quarter in 1991, which included forgiveness of approximately $.5 million of accrued interest, net of tax, or $.07 per share. Revenues increased 58 percent to $100.5 million from $63.8 million for the prior-year period.
 Primary per share results for both the fourth quarter and full year 1992 are based on 52 percent and 67 percent more shares outstanding, respectively. On a fully diluted basis, per share results for the fourth quarter and full year 1992 are based on 52 percent and 69 percent more shares outstanding, respectively. The increased shares in 1992 were because of a successful secondary public offering of 1.5 million common shares completed in May 1992, and the issuances of 713,000 shares of common stock related to an acquisition.
 Fourth quarter results reflect two recent acquisitions, including 17 long-term health care facilities in Michigan and Convacare, a pharmacy which serves 130 long-term health care facilities in California.
 "The significance of GranCare's gains achieved in our first full year as a public company validates our aggressive growth plan of strategic acquisitions and emphasis on higher margin specialty medical services," said Gene E. Burleson, president and chief executive officer. "We will continue on this successful course in the months ahead, taking advantage of potential new markets, locations and other opportunities for further growth."
 GranCare operates 84 long-term health care facilities located in California, Wisconsin, Colorado, Arizona, South Dakota and Michigan as well as four institutional pharmacies.
 GRANCARE INC. AND SUBSIDIARIES
 Condensed Consolidated Income Statements
 (In thousands, except per share data)
 (Unaudited)
 Three months ended Year ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Net revenues $100,499 $63,762 $301,533 $174,762
 Income before
 income taxes 5,416 3,643 16,319 6,347
 Income taxes 2,114 1,647 6,400 2,539
 Net income $3,302 $1,996 $9,919 $3,808
 Net income per
 common and common
 equivalent share
 Primary $.32 $.30(a) $1.08 $.69(a)
 Fully diluted $.31 $.30(a) $1.06 $.69(a)
 Average number of
 common and common
 equivalent shares
 outstanding
 Primary 10,187 6,685 9,153 5,496
 Fully diluted 10,235 6,741 9,296 5,546
 (a) Net income for the quarter ended Dec. 31, 1991, was favorably impacted by forgiveness of approximately $.5 million of accrued interest, net of tax, or $.07 per share.
 -0- 2/16/93
 /CONTACT: Gene E. Burleson, president and CEO, or Catherine I. Greany of GranCare, 310-645-1555; or Craig A. Parsons or Kim P. Feazle of Pondel Parsons & Wilkinson, 310-207-9300, for GranCare/
 (GRNC)


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

KJ-LS -- LA003 -- 6731 02/16/93 09:04 EST
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Date:Feb 16, 1993
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