REGENCY HEALTH SERVICES REPORTED REVENUES AND EARNINGS FOR THE SECOND QUARTER.TUSTIN Tustin (tŭs`tĭn), residential city (1990 pop. 50,689), Orange co., S Calif., part of the greater Los Angeles area; founded 1868, inc. 1927. Plastics, furniture, computers, and electronic equipment are manufactured. , Calif.--(BUSINESS WIRE)--August 3, 1995--Regency Health Services health services Managed care The benefits covered under a health contract , Inc. (NYSE NYSE See: New York Stock Exchange :RHS RHS Royal Horticultural Society RHS Right Hand Side RHS Rural Housing Service RHS Rickards High School (Tallahassee, FL) RHS Red Hat Society RHS Ridgewood High School (New Jersey) ) reported revenues and earnings for the second quarter and six months ended June June: see month. 30, 1995. For the second quarter ended June 30, 1995, revenues were $99.8 million compared to $94.5 million in the second quarter last year. Before taking into account a $3.1 million ($1.9 million after taxes or $0.09 per share) non- non- word element [L.]not . non- pref. Not: noninvasive. recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. charge due to the settlement of a class action suit, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $3.7 million for the second quarter, or $0.20 per share, compared to operating income of $1.7 million, or $0.11 per share, for the same period last year. Net income was $1.8 million, or $0.11 per share, compared to a net loss of $6.5 million, or $0.40 per share, for the same period last year. Included in the second quarter 1994 results was a charge of $11.2 million ($8.3 million after taxes or $0.51 per share) relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc merger and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expenses of the Regency/Care merger. Revenues for the six months ended June 30, 1995 were $197 million compared to $188 million for the six months ended last year. Operating income for the six months was $6.8 million, or $0.38 per share, excluding the non- recurring charge due to the settlement of a class action suit, versus $4.7 million, or $0.28 per share for the six months ended June 30, 1994, excluding the charge for merger and restructuring expenses. Net income was $4.9 million, or $0.29 per share, versus a net loss of $4.5 million, or $0.28 per share, for the six months ended June 30, 1994. Additionally, the results for the six months ended June 30, 1994 included an extraordinary charge of $975,000, or $0.06 per share, related to the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). earthquake earthquake, trembling or shaking movement of the earth's surface. Most earthquakes are minor tremors. Larger earthquakes usually begin with slight tremors but rapidly take the form of one or more violent shocks, and end in vibrations of gradually diminishing force in January January: see month. 1994.
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
(unaudited) (unaudited)
(in thousands, except per share amounts) Net operating revenue $99,766 $94,520 $197,314 $188,083 Costs and expenses before merger and restructuring expenses and class action suit settlement 93,797 91,739 186,366 180,471 Income from operations before merger and restructuring expenses, class action suit settlement and extraordinary item 5,969 2,781 10,948 7,612 Provision for income taxes 2,268 1,046 4,160 2,885 Income from operations after taxes, before merger and restructuring expenses, class action suit settlement and extraordinary item 3,701 1,735 6,788 4,727 Class action suit settlement, after taxes (1,921) -- (1,921) -- Merger and restructuring expenses, after taxes -- (8,265) -- (8,265) Extraordinary item, after taxes: Loss from earthquake amage -- -- -- (975) Net income (loss) $1,780 ($6,530) $4,867 ($4,513) Income per share from operations after taxes, before merger and restructuring expenses, class action suit settlement and extraordinary item $0.20 $0.11 $0.38 $0.28
Commenting on the quarter, Richard K. Matros, President and
Chief Executive Officer, stated, "We are pleased with the results we
achieved this quarter. Our operating margins improved during the
quarter to 16.4% from 13.6% in the second quarter last year,
recognizing that second quarter 1994 was a particularly poor quarter.
Occupancy in the second quarter was 91.6%, compared to 90.6% in the
same quarter last year. We also made progress in our efforts to
increase the quality payor mix, to 58.9% this quarter versus 57.7%
for the second quarter last year.
"During the quarter, we reached an early settlement on a class
action suit filed against the Company in July, 1994. Although we
incurred a one-time charge, we felt an early settlement was in the
best interests of our shareholders.
"We are also very pleased with the South Coast Rehab acquisition
completed this quarter. Rehab services represents a new business
segment for Regency. This presents an opportunity for us to expand
our ancillary services, an important element of our overall
strategy."
Regency operates 93 specialty health care facilities in
California, Ohio, New Mexico and West Virginia with 9,134 licensed
beds. Regency also provides rehabilitation therapies, subacute care,
Alzheimer's care, institutional pharmacy services, home healthcare,
skilled nursing, residential care, long- term nursing care, and care
for mentally disordered and developmentally disabled individuals.
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REGENCY HEALTH SERVICES, INC.
Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30
1995 1994 1995 1994
(unaudited) (unaudited)
NET OPERATING REVENUE $99,766 $94,520 $197,314 $188,083 COSTS AND EXPENSES: Nursing services 26,298 25,405 52,028 50,470 Dietary services 6,056 6,170 12,010 12,151 Other patient services 11,090 11,381 22,223 22,251 Ancillary services 19,731 19,584 39,238 38,556 Administrative and general 20,258 19,089 40,659 37,385 Class action suit settlement 3,098 -- 3,098 -- Merger and restructuring expenses -- 11,150 -- 11,150 Rent, property taxes and insurance 6,103 5,778 11,750 11,233 Depreciation and amortization 2,336 2,442 4,622 4,686 Interest expense 1,925 1,890 3,836 3,739 Total costs and expenses 96,895 102,889 189,464 191,621 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES AND EXTRAORDINARY ITEM 2,871 (8,369) 7,850 (3,538) PROVISION (BENEFIT) FOR INCOME TAXES 1,091 (1,839) 2,983 -- INCOME BEFORE EXTRAORDINARY ITEM 1,780 (6,530) 4,867 (3,538) EXTRAORDINARY ITEM: Loss from earthquake damage -- -- -- (975) NET INCOME (LOSS) $1,780 ($6,530) $4,867 ($4,513) PRIMARY INCOME (LOSS) PER SHARE: Income (loss) before extraordinary item $0.11 ($0.40) $0.29 ($0.22) Extraordinary item -- -- -- ($0.06) NET INCOME (LOSS) PER SHARE $0.11 ($0.40) $0.29 ($0.28) FULLY DILUTED INCOME (LOSS) PER SHARE: Income (loss) before extraordinary item $0.11 ($0.40) $0.29 ($0.22) Extraordinary item -- -- -- ($0.06) NET INCOME (LOSS) PER SHARE $0.11 ($0.40) $0.29 ($0.28) WEIGHTED AVERAGE SHARES: Primary 16,600 16,433 16,594 16,385 Fully Diluted 20,567 16,433 20,548 16,385
REGENCY HEALTH SERVICES, INC.
Supplemental Financial Information
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
(unaudited) (unaudited)
Number of healthcare facilities 93 94 93 94 Number of licensed beds 9,134 9,255 9,134 9,255 Number of subacute units 42 25 42 25 Occupancy % 91.6 90.6 91.7 90.5 Revenue Mix: Medicaid 41.1% 42.3% 41.1% 42.0% Medicare 33.4% 32.3% 32.9% 32.3% Private/Other 25.5% 25.4% 26.0% 25.7% CONTACT: Regency Regency, in British history, the period of the last nine years (1811–20) of the reign of George III, when the king's insanity had rendered him unfit to rule and the government was vested in the prince of Wales (later George IV) as regent. Health Services, Inc., Tustin Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a K. Matros, (714) 544-4443 or Morgen-Walke Associates, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. P. Jones/Caroline Babbitt Babbitt self-satisfied conformer to middle-class ideas and ideals. [Am. Lit: Babbitt] See : Middle Class Babbitt anti-intellectual, bourgeois conformist. [Am. Lit.: Babbitt] See : Philistinism (212) 850-5600 Jenifer Kirtland Kirtland may refer to either of:
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