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SUMMIT CARE REPORTS FISCAL 1992 THIRD QUARTER/NINE MONTH RESULTS

 SUMMIT CARE REPORTS FISCAL 1992 THIRD QUARTER/NINE MONTH RESULTS
 BURBANK, Calif., April 21 /PRNewswire/ -- Summit Care Corporation (NASDAQ: SUMC) today reported results for the third quarter and first nine of months of fiscal 1992, ended March 31, 1992.
 For the third quarter, income from operations increased 48.5 percent to $1,365,000 compared with $919,000 for the same period of fiscal 1991. Net income rose 33.8 percent to $665,000 compared with $497,000 in the third quarter of fiscal 1991. Net income for the fiscal 1992 third quarter includes interest expense of $143,000 paid to Summit Health Ltd. (NASDAQ: SUMH) through March 17, 1992, while Summit Care was still its wholly-owned subsidiary. Pro forma income per share for the third quarter of fiscal 1992 increased to $0.17 from $0.10 in the same period of 1991. Revenues for the quarter increased 14.7 percent to $18,100,000 compared with $15,780,000 last year.
 For the first nine months of fiscal 1992, income from operations reached $4,299,000, a 40.3 percent increase from the $3,064,000 reported for the same period last year. Net income rose 28.6 percent to $2,143,000 compared with $1,666,000 in the comparable period of fiscal 1991. The interest expense paid to Summit Health for the fiscal 1992 nine-month period was $391,000. Pro forma income per share for the first nine months of fiscal 1992 increased to $0.53 compared to $0.35 last year. Revenues for the period rose 16.0 percent to $53,914,000 compared with $46,458,000 in the first nine months of fiscal 1991.
 William C. Scott, President of Summit Care, commented: "Our progress in the third quarter reflects improved census throughout our operations combined with increased use of our rehabilitative and ancillary services and greater sales in our pharmacy. Our private pay mix also continued to improve during the quarter, reflecting the strong reputation we have built with referral sources and with our patients in providing cost- effective quality care."
 Summit Care Corporation provides quality health care services including rehabilitative care, infusion therapy and other ancillary services to the elderly through 17 skilled nursing care centers and four retirement centers located in California and Texas. The company also operates a full service pharmacy. Summit Care is 56 percent owned by Summit Health Ltd.
 SUMMIT CARE CORPORATION
 Consolidated Operating Results
 (In Thousands, Except Per Share Data)
 Periods ended Three months Nine Months
 March 31,
 1992 1991 1992 1991
 Revenues $18,100 $15,780 $53,914 $46,458
 Inc. from operations 1,365 919 4,299 3,064
 $ 1,666
 Pro forma income
 per share(A) $ .17 $ .10 $ .53 $ .35
 Avg. no. of shares
 outstanding 4,830,714 4,800,000 4,810,163 4,800,000
 (A) Earnings per share is calculated by dividing net income, after the elimination of interest expense, net of income taxes ($143 and $391 for the three and nine months ended March 31, 1992, respectively) relating to the period that Summit Care Corporation was a wholly owned subsidiary of Summit Health Ltd., by the average shares of common stock outstanding.
 -0- 4/21/92
 /CONTACT: June Filingeri, Robert Borchert, 212-986-5900, or Ken Dennard, 415-296-7383, all of Morgen-Walke Associates for Summit Care/
 (SUMC SUMH) CO: Summit Care Corporation; Summit Health Ltd. ST: California IN: HEA SU: ERN


SH -- NY013 -- 0390 04/21/92 08:55 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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