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INTEGRATED HEALTH SERVICES ANNOUNCES RECORD EARNINGS FOR THIRD QUARTER; IHS REPORTS RECORD RESULTS FOR 11 CONSECUTIVE QUARTERS

 OWINGS MILLS, Md., Oct. 25 /PRNewswire/ -- Integrated Health Services, Inc. (IHS) (NYSE: IHS) today announced record earnings and revenues for the third quarter ended September 30, 1993.
 Net revenues for the third quarter totaled $72.2 million, representing a 39 percent increase over the third quarter of 1992. Net earnings from continuing operations increased 44 percent to $4.6 million from $3.2 million in the third quarter of 1992. Earnings per share from continuing operations were $0.34, which reflects a 26 percent increase from $0.27 per share in the same period of 1992.
 Net revenues for the nine months ended September 30, 1993 totaled $192.7 million, representing a 38 percent increase over the first nine months of 1992. Net earnings from continuing operations increased 53 percent to $12.4 million from $8.1 million for the first nine months of 1992. Earnings per share from continuing operations were $0.96 which reflects a 30 percent increase from $0.74 per share in 1992.
 "We are excited by the extraordinary growth we have seen in our subacute care services. During the third quarter, we exceeded our 1993 goal to have 1,000 MSU beds in place, closing the quarter with a total of 1,024, up from 837 in the second quarter, said Robert N. Elkins, M.D., chairman and chief executive officer of IHS. "These financial results reflect our continued effort to expand IHS' services along the full continuum of subacute care. We are integrating our recently acquired pharmacy services, which will help us predict and control associated patient care costs."
 Revenues from higher margin specialty medical services increased 80 percent to $39.3 million from $21.8 million in the third quarter 1992. For the nine months, specialty medical services revenue increased 72 percent to $98.3 million from $57.3 million in the comparable period of 1992.
 During the quarter, IHS purchased a specialty reimbursement and consulting company with which IHS had an affiliation, with expertise in subacute programs. Also during the quarter IHS began trading on the New York Stock Exchange, marking another significant milestone for IHS.
 IHS is the leading national provider of subacute care, a healthcare approach increasingly recognized by insurers and industry experts as an effective solution to rising hospital costs. The company's Medical Specialty Unit (MSU) program provides a wide range of subacute stage medical and rehabilitative services traditionally given in a hospital. Patients who are medically stable, but require sophisticated monitoring and therapy, receive specialized care, such as ventilator therapy, wound management and post-operative care, at a savings of approximately 30 to 60 percent compared to traditional acute care hospitals. The MSU setting offers a high level of patient care in a less institutionalized environment more conducive to recovery. IHS currently operates 67 facilities nationwide with more than 8,700 beds, including 2,200 subacute beds.
 INTEGRATED HEALTH SERVICES, INC.
 3 Months Ended Sept. 30 1993 1992
 Revenues $72,171,000 $51,863,000
 Pre-Tax Earnings 7,536,000 5,160,000
 Net Earnings 4,597,000 3,201,000
 Interest Add-Back for Convertible Debentures 1,117,000 ---
 Net Earnings for EPS 5,714,000 3,201,000
 Earnings per common share:
 Net earnings-Primary 0.35 0.27
 Net Earnings-Fully Diluted 0.34 0.27
 9 Months Ended Sept. 30 1993 1992
 Revenues 192,693,000 139,692,000
 Pre-tax earnings 20,326,000 13,090,000
 Earnings before Extraordinary Item 12,399,000 8,119,000
 Extraordinary Item-Loss on
 Extinguishment of Debt --- 1,916,000
 Net Earnings 12,399,000 6,203,000
 Interest Add-Back from Convertible Debentures 3,351,000 ---
 Earnings for EPS before extraordinary item 15,750,000 8,119,000
 Net Earnings for EPS 15,750,000 6,203,000
 Earnings Per Common Share:
 Earnings before Extraordinary Item-Primary 0.98 0.74
 Earnings before Extraordinary Item -
 Fully Diluted 0.96 0.74
 Net Earnings-Fully Diluted 0.96 0.56
 Weighted Average Shares-Fully Diluted 16,395,000 11,008,000
 -0- 10/25/93
 /CONTACT: Robert N. Elkins, M.D., chairman and CEO, Marc Levin, senior vice president, both of Integrated Health, 410-998-8400 or Susan A. Noonan of Noonan/Russo Communications, 212-696-4455/
 (IHS)


CO: Integrated Health Services, Inc. ST: Maryland IN: HEA SU: ERN

LG -- NY031 -- 6178 10/25/93 09:49 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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