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GRANCARE REPORTS STRONG THIRD QUARTER EARNINGS INCREASE

 GRANCARE REPORTS STRONG THIRD QUARTER EARNINGS INCREASE
 CULVER CITY, Calif., Oct. 20 /PRNewswire/ -- GranCare Inc. (NASDAQ: GRNC) today reported a significant increase in net earnings on record revenues for the third quarter and nine months ended Sept. 30, 1992.
 For the 1992 third quarter period, net earnings were approximately $2.9 million, or $.30 per share, on revenues of $75.4 million, compared with net earnings of $.9 million, or $.18 per share, on revenues of $38.4 million for the third quarter ended Sept. 30, 1991. The third quarter earnings per share represent a 67 percent increase over the prior-year's quarter.
 GranCare's net earnings for the nine months ended Sept. 30, 1992, were $6.6 million, or $.75 per share, on revenues of $201.1 million. This compares with net earnings of $1.8 million, or $.36 per share, on revenues of $111 million for the same period last year.
 "Our growth strategy of building our pharmacy and ancillary services business, as well as acquiring facilities and related businesses, is paying tangible benefits, as evidenced by our substantial gains in the third quarter," said Gene E. Burleson, president and chief executive officer. "The recent addition of seven facilities from The Samaritan Foundation as well as annual increases in reimbursement rates favorably impacted our quarterly results. In the future, we anticipate the additions of the ConvaCare pharmacy operations, Oakview Health Care Complex and the pending acquisition of 17 Michigan facilities will enhance GranCare's profitability," he added.
 Per share earnings figures for the current quarter and nine-month periods are based on approximately 85 percent more shares outstanding than the corresponding prior year periods, reflecting the effect of two public offerings.
 GranCare operates 68 long-term health care facilities located in California, Wisconsin, Colorado, Arizona, Illinois and South Dakota, as well as four institutional pharmacies.
 GRANCARE INC. AND SUBSIDIARIES
 Condensed Consolidated Income Statements
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Net revenues $75,427 $38,393 $201,054 $111,000
 Income before income taxes 4,628 1,400 10,903 2,704
 Income taxes 1,776 492 4,286 892
 Net income $2,852 $908 $6,617 $1,812
 Net income per common share
 (primary and fully diluted) $.30 $.18 $.75 $.36
 Average number of common and
 common equivalent shares
 outstanding
 -- Primary 9,491 5,136 8,797 5,091
 -- Fully diluted 9,575 5,136 8,831 5,091
 -0- 10/20/92
 /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, 310-645-1555, for GranCare/
 (GRNC) CO: GranCare Inc. ST: California IN: HEA SU: ERN


LS-JB -- LA022 -- 2026 10/20/92 09:02 EDT
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Publication:PR Newswire
Date:Oct 20, 1992
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