Printer Friendly

HELIAN HEALTH GROUP REPORTS 1993 SECOND QUARTER AND SIX-MONTH RESULTS

 MONTEREY, Calif., July 19 /PRNewswire/ -- Helian Health Group Inc. (NASDAQ-NMS: HHGR) reported today that fiscal 1993 second quarter revenue increased 25 percent; net income decreased 60 percent; and cash flow decreased 2 percent compared with the similar quarter of last fiscal year.
 First six-months 1993 revenue increased 21 percent; net income decreased 60 percent; and cash flow increased 1 percent compared with the first half of last year.
 Thomas D. Wilson, president of Helian, said, "During the last several years, Helian's earnings have greatly benefited from its surgery operations. Twelve-month 'same-store' patient visits and operating income from surgical operations are up from last year's pace by 22 percent and 20 percent, respectively. The company has made a commitment to significantly expand the number of its surgery facilities.
 "In the last year Helian has developed three surgery facilities and will soon open one more in Salinas, Calif. Each of these newly constructed facilities progresses through an initial start-up period generating losses until attaining sufficient revenue levels to offset both pre-opening and operating expenses. As anticipated, the company's second quarter and first half results were affected by our start-up facilities. Developing new surgery facilities is important to growing Helian and management expects these facilities to contribute to earnings during this fiscal year."
 Wilson added, "We are pleased to announce an agreement in which the dominant hospital in the Salinas area has become our partner in the Salinas Surgery Center -- scheduled for opening in August. This partnership should shorten the 'ramp-up' period for this new facility and further enhance its performance. Also, the company expects to conclude the previously announced acquisition of the Lodi Outpatient Surgical Center in the last half of this year."
 Helian Health Group Inc. is a progressive medical services company. Helian is dedicated to solving the major health problem that confronts the United States today -- namely, lowering the high cost of medical services. To this end, Helian specializes in two modern methods of providing health care:
 Surgery Operations: Helian operates four surgical facilities and is in the process of purchasing or developing two more. One of the nation's leading ambulatory surgery centers (Surgecenter of Palo Alto) is operated by Helian. Late last year, the company opened an ambulatory surgery center in Northridge; has agreed in principal to purchase a facility in Lodi; and is nearing completion of a center in Salinas. Helian is actively introducing new-concept surgical hospitals to the medical community. The first -- the Recovery Inn(SM) of Los Gatos -- opened in June 1992. The second -- the Recovery Inn(SM) of Menlo Park - - opened in December 1992. Both of these Recovery Inns(SM) will enable patients to undergo surgery and to recuperate in a hotel-like setting -- at a low cost to the payor.
 Occupational Health Care: Helian is the dominant provider of occupational health care in Tucson, Ariz.; Fresno; and Atlanta. The company has more than 10,000 employer clients and attends to more than 250,000 patient visits per year.
 HELIAN HEALTH GROUP INC.
 Financial Highlights
 (Unaudited)
 Three Months Ended May 31,
 1993 1992 Pct.
 Change
 Revenue $8,814,020 $7,067,597 plus 24.7
 Operating income $ 310,112 $1,067,943 -71.0
 Net income $ 258,491 $ 639,859 -59.6
 Earnings per share $ 0.05 $ 0.12 -58.3
 Cash flow (A) $1,110,700 $1,137,594 -2.4
 Share equivalents 5,454,055 5,441,194 plus 0.2
 Patient visits 67,530 60,032 plus 12.5
 Six Months Ended May 31,
 1993 1992 Pct.
 Change
 Revenue $15,860,725 $13,140,783 plus 20.7
 Operating income $ 495,590 $ 1,700,157 -70.9
 Net income $ 405,467 $ 1,021,145 -60.3
 Earnings per share $ 0.07 $ 0.19 -63.2
 Cash flow (A) $ 1,996,798 $ 1,980,491 plus 0.8
 Share equivalents 5,480,549 5,427,004 plus 1.0
 Patient visits 126,464 114,175 plus 10.8
 (A) Cash flow is defined as net income plus depreciation.
 -0- 7/19/93
 /CONTACT: J. Spencer Davis, vice president of investor and media relations, of Helian Health Group, 408-646-9000/
 (HHGR)


CO: Helian Health Group Inc. ST: California IN: MTC HEA SU: ERN

GT-TB -- SJ005 -- 3121 07/19/93 13:37 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 19, 1993
Words:706
Previous Article:McCLATCHY NEWSPAPERS REPORTS SECOND QUARTER EARNINGS
Next Article:CHARLES I. HOPKINS CHAIRMAN OF THE NATIONAL RAILWAY LABOR CONFERENCE ISSUES STATEMENT ON THE BMWE'S INFORMATIONAL PICKETING
Topics:


Related Articles
HELIAN REPORTS RECORD SECOND QUARTER AND FIRST-HALF EARNINGS ON RECORD REVENUES
HELIAN HEALTH GROUP ACQUIRES A MEDICAL PRACTICE IN CONYERS, GA AND WILL OPEN A NEW LOCATION IN STOCKBRIDGE, GA
HELIAN HEALTH GROUP REPORTS 1993 FIRST QUARTER RESULTS AND AUTHORIZES REPURCHASE OF STOCK
HELIAN HEALTH GROUP REPORTS 1993 THIRD QUARTER AND NINE-MONTH RESULTS
HELIAN HEALTH GROUP REPORTS FOURTH QUARTER AND YEAR-END RESULTS
HELIAN HEALTH GROUP INC. ANNOUNCES 95% INCREASE IN FIRST QUARTER EARNINGS
HELIAN HEALTH GROUP INC. ANNOUNCES 132% INCREASE IN SECOND QUARTER EARNINGS
HELIAN HEALTH GROUP INC. ANNOUNCES STRONG EARNINGS ON RECORD THIRD QUARTER REVENUES
HELIAN HEALTH GROUP, INC. ANNOUNCES FOURTH QUARTER AND YEAR-TO-DATE RESULTS AND RESTATEMENT OF PRIOR THREE QUARTERS
HELIAN HEALTH GROUP, INC. ACQUIRES INDUSTRIAL MEDICAL GROUP IN FRESNO, CALIF.

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