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HORIZON HEALTHCARE ANNOUNCES RECORD SECOND QUARTER RESULTS

 HORIZON HEALTHCARE ANNOUNCES RECORD SECOND QUARTER RESULTS
 ALBUQUERQUE, N.M., Dec. 19 /PRNewswire/ -- Horizon Healthcare Corp. (NYSE: HHC) today announced the results of its second fiscal quarter, ended Nov. 30, 1991. Horizon reported net earnings of $1,165,000, a 191 percent increase over the net earnings of $401,000 reported for the second quarter of the prior fiscal year. Net earnings per share were 10 cents, an increase of 67 percent over the 6 cents earned in the second quarter of fiscal 1991 in light of an increase of 4.427 million additional common shares and common share equivalents. Net revenues from continuing operations were $39.3 million for the second quarter of fiscal 1992, a 49 percent increase as compared to $26.3 million for the like period of fiscal 1991. For the six months ended Nov. 30, 1991, revenues from continuing operations were $74.6 million, a gain of 44 percent, and net earnings were $2,131,000, a 185 percent increase over the $51.8 million and $749,000 respectively for the prior fiscal year. Earnings per share for the six months, increased to 19 cents from 11 cents, a 73 percent increase from the comparable period of the prior year, also with more common shares outstanding.
 Net revenues from Horizon's specialty services and programs, such as therapies, Alzheimer Living Centers, specialty hospital and pharmacy services increased 76 percent to $8.51 million or 21.7 percent of revenues for the second quarter vs 18.4 percent of revenues for the like period of the prior fiscal year.
 Commenting on the results, Neal Elliott, Horizon's chairman and CEO stated; "We are extremely pleased with the results achieved during the second quarter. This is our eleventh straight quarter of increased profitability, and marks both an earnings and revenue record for any quarter in our history. Our year to year comparisons continue to be outstanding. Two primary factors continue to drive Horizon's excellent financial performance. First, profit margins continue to grow due to the increased share of revenue from higher margin specialty services and programs. Second, revenue growth through the acquisition of new facilities continued to increase. This combination of growth through acquisitions and improved census continues to improve profit margins. Out projections indicate that this trend will continue."
 Addressing other developments during the quarter, Elliott noted; "We finalized the acquisition of two skilled nursing facilities in Nevada and Ohio as of Oct. 1. The acquisitions are consistent with our successful regional concentration strategy, and have already contributed to revenue and earnings for the quarter. This latest acquisition brings the total number of facilities operated in Nevada to 7 or approximately 32 percent of the total number of nursing home beds in the state."
 Commenting on the progress of the previously announced strategic alliance with Quantum Health Resources Inc., Elliott added, "The pilot program is very complementary to our operations. We are now evaluating the data from our pilot program to determine the scope and speed of the expansion to other Horizon facilities.
 Our Ohio and Southwest institutional pharmacy joint ventures continue to exceed revenue projections. We plan to provide pharmacy services to residents of our facilities in Nevada through our Southwest joint venture during the third quarter of fiscal 1992 bringing the total number of beds served to 9,450.
 In addition, the Horizon Specialty Hospital, which opened in June, is progressing with census growth. Accordingly, we are proceeding with our plans to commence operations at our second Specialty Hospital in Las Vegas, Nev., which we plan to open during the fourth quarter of fiscal 1992."
 Finally, Elliott stated, "We are confident about continued strong earnings for Horizon from expanding margins, improvement in census, and opportunistic acquisitions. The company's financial condition is as strong as it has ever been, and will continue to provide a strong base for continued successful implementation of our plan."
 Horizon Healthcare, headquartered in Albuquerque is a leading provider of quality long-term healthcare, which includes nursing homes, sub-acute hospitals, Alzheimer care, and related ancillary services. As of Nov. 30, 1991, the company operated 60 long term care centers with a total of 6,141 beds, in eight states, and two joint venture institutional pharmacies serving 8,450 beds.
 HORIZON HEALTHCARE CORP.
 Statement of Earnings Data
 (In thousands, except per share data)
 Quarter Ended Six Months Ended
 Nov. 30, Nov. 30,
 1991 1990 1991 1990
 Net revenues from
 continuing operations $39,301 $26,349 $74,658 $51,786
 Pre-tax earnings from
 continuing operations 1,585 401 2,912 749
 Provision for income
 taxes (420) --- (781) (88)
 Extraordinary item: tax
 benefit of net operating
 loss carry forward --- --- --- 88
 Net earnings $1,165 $401 $2,131 $749
 Per share:
 Primary: $.10 $.06 $.19 $.11
 Fully diluted: .10 .06 .19 .11
 Shares used in calculating
 earnings per
 share-primary 11,605 7,178 11,115 7,043
 -0- 12/19/91
 /CONTACT: Michael H. Seeliger of Horizon Healthcare, 505-881-4961/
 (HHC) CO: Horizon Healthcare Corp. ST: New Mexico IN: HEA SU: ERN


MC -- DV005 -- 3891 12/19/91 12:13 EST
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Date:Dec 19, 1991
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