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INTEGRATED HEALTH SERVICES REPORTS RECORD FOURTH QUARTER AND YEAR END RESULTS

 -- Annual Earnings From Continuing Operations of $11.7 Million
 an Increase of 97 Percent From 1991 --
 HUNT VALLEY, Md., Feb. 22 /PRNewswire/ -- Integrated Health Services, Inc. (NASDAQ: IHSI) today announced record results for the fourth quarter and year ended Dec. 31, 1992. The company has surpassed analysts' year-end estimates every year since its inception as a public company.
 Net revenues for the quarter totaled $55.6 million, representing a 36 percent increase over the fourth quarter of 1991. Fourth quarter income from continuing operations was $0.28 per share compared to $0.21 fully taxed in 1991 representing a 33 percent increase. Reported income in 1991 was $0.24 per share because of tax loss carryforwards.
 Net revenues for the year ended Dec. 31, 1992 totaled $195.3 million, an increase of 36 percent over the previous year. Income from continuing operations in 1992 increased 46 percent to $1.02 per share, compared to $0.70 per share fully-taxed in 1991. Reported income in 1991 was $0.79 because of tax loss carryforwards. Earnings per share increased in 1992 despite a 56 percent increase in average shares outstanding.
 "Our continued record growth rate demonstrates the effective approach which IHS has taken in the subacute care market," said Robert N. Elkins, M.D., chairman and chief executive officer. "By providing high quality cost effective care, we are well-positioned for further growth under healthcare reform. IHS provides hospital care without hospital costs."
 "1992 was a very strong year for us, one in which we solidified our position as a definitive leader in subacute care," said Dr. Elkins. He outlined four of the important highlights of 1992:
 -- IHS exceeded its 500 MSU bed goal stated in the company's strategic business plan with a total of 624 MSU beds in 21 markets at year end.
 -- The company increased its contracts with managed care and insurance companies to over 20 national contracts and over 40 regional contracts.
 -- Revenues from higher margin specialty medical services increased 63 percent to $81.3 million in 1992 from $49.9 million in 1991.
 -- The company completed a public offering of 2.6 million shares in the second quarter, closed a $115 million convertible subordinated debenture and increased its revolving credit facility to $50 million in the fourth quarter.
 IHS is the leading provider of subacute care which uses its Medical Specialty Unit (MSU) program to provide a wide range of subacute stage medical and rehabilitative services traditionally given in an acute care 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. The MSU setting is both cost effective and less institutional. IHS currently operates 63 facilities nationwide with more than 8300 beds including a 624 bed network of MSU beds in 32 specialized units.
 INTEGRATED HEALTH SERVICES, INC.
 Three months ended Dec. 31 1992 1991
 Revenues $55,569,000 $40,753,000
 Pre-tax earnings 5,718,000 3,089,000
 Earnings before extraordinary item 3,546,000 2,292,000
 Extraordinary item - loss on
 extinguishment of debt 608,000 0
 Net earnings 2,938,000 2,292,000
 Interest add-back for convertible
 debentures 183,000 0
 Earnings for EPS before extraord. item 3,729,000 2,292,000
 Net earnings for EPS 3,121,000 2,292,000
 Earnings per common share:
 Earnings before extraordinary item 0.28 0.24
 Net earnings 0.24 0.24
 Twelve months ended Dec. 31 1992 1991
 Revenues 195,262,000 143,652,000
 Pre-tax earnings 18,809,000 7,985,000
 Earnings before extraordinary item 11,665,000 5,925,000
 Extraordinary item - loss on
 extinguishment of debt 2,524,000 0
 Net earnings 9,141,000 5,925,000
 Interest add-back from convertible
 debentures 183,000 0
 Earnings for EPS before extraord. item 11,848,000 5,925,000
 Net earnings for EPS 9,324,000 5,925,000
 Earnings per common share:
 Earnings before extraord. item - Primary 1.04 0.82
 Earnings before extraordinary item
 Fully diluted 1.02 0.79
 Net earnings 0.80 0.79
 Weighted average shares - Fully Diluted 11,630,000 7,457,000
 -0- 2/22/93
 /CONTACT: Robert N. Elkins, M.D., chairman, CEO & president, or Marc B. Levin, vice president - investor relations, both of Integrated Health Services, Inc., 410-584-7050, or Susan A. Noonan of Noonan/Russo Communications, Inc., 212-979-9180/
 (IHSI)


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

TM-KW -- NY009 -- 8790 02/22/93 08:33 EST
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Publication:PR Newswire
Date:Feb 22, 1993
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