Printer Friendly

U.S. HEALTHCARE REPORTS RESULTS FOR THE FOURTH QUARTER

 BLUE BELL, Pa., Feb. 8 /PRNewswire/ -- U.S. Healthcare, Inc. (NASDAQ: USHC), one of the nation's leading providers of managed health care services, today reported earnings of $59,717,000 or $.55 per share for the fourth quarter of 1992 and $200,046,000 or $1.85 per share for the year ended Dec. 31, 1992.
 Revenue for the fourth quarter was $573 million, up 25 percent over the fourth quarter last year. Membership in U.S. Healthcare-owned HMOs gre9999w to 1,405,000 members at December 31, 1992, a gain of 165,000 from a year ago, the largest increase in membership in seven years. In addition, during the same period, membership in employer- insured plans for which U.S. Healthcare provides comprehensive managed care services increased from 53,000 to 91,000.
 Results for 1992 and 1991 are as follows (amounts in thousands, except per share data):
 Three months ended Years ended
 December 31 December 31
 1992 1991 1992 1991
 Revenue $573,265 $458,984 $2,189,224 $1,708,501
 Net income $59,717 $43,271 $200,046 $151,100
 Net income per common
 and common equivalent share -
 primary and fully diluted(A) $.55 $.40 $1.85 $1.39
 Weighted average number
 of common and common
 equivalent shares outstanding
 - fully diluted(A) 108,425 108,033 108,409 108,932
 (A) -- After giving effect to a 3 for 2 stock split effected in the form of a 50 percent stock dividend paid to common and Class B shareholders on September 28, 1992.
 The Company also announced that the Board of Directors approved a long-term employment agreement with Leonard Abramson, the Company's founder and chief executive officer. The initial term of the agreement is for five years beginning January 1, 1993. In addition, the Company approved employment agreements with other senior officers.
 U.S. Healthcare provides managed health care services through its HMOs in Pennsylvania, New Jersey, New York, Delaware, Connecticut, Massachusetts, New Hampshire and Maryland. The Company also provides a variety of managed health care services, including workers compensation managed care, to self-insured and other employers. In addition, the Company offers quality assessment and improvement programs, patient surveys and outcome tracking, and data analysis systems for providers and purchasers of health care.
 For additional information and current developments, telephone the U.S. Healthcare Financial News Line at 215-283-6700.
 U.S. HEALTHCARE, INC.
 SELECTED FINANCIAL DATA
 Three months ended Years ended
 December 31 December 31
 1992 1991 1992 1991
 OPERATING STATISTICS
 (As a percent)
 Medical cost ratio (medical costs
 as a percentage of premiums) 75.1 76.1 77.1 77.1
 Income from operations as a
 percentage of total revenue 17.1 15.3 15.1 14.4
 Net income as a percentage of
 total revenue 10.4 9.4 9.1 8.8
 MEMBERSHIP IN COMPREHENSIVE MANAGED CARE PLANS
 December 31 1992 1991
 U.S. Healthcare-owned HMOs:
 Mid-Atlantic:
 Commercial 889,000 840,000
 Medicare 21,000 18,000
 Total 910,000 858,000
 Greater New York:
 Commercial 447,000 350,000
 Medicare 2,000 --
 Medicaid 3,000 --
 Total 452,000 350,000
 New England - Commercial 43,000 32,000
 Total HMO members 1,405,000 1,240,000
 Employer-insured plans
 administered by U.S. Healthcare 91,000 53,000
 Total membership in comprehensive
 managed care plans 1,496,000 1,293,000
 U.S. HEALTHCARE, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (amounts in thousands)
 Dec. 31
 ASSETS 1992/1991
 Current assets:
 Cash and cash equivalents $131,566$ 50,590
 Marketable securities 47,024 39,511
 Other current assets 98,823 84,833
 Total current assets 277,413 174,934
 Long-term marketable securities 590,453 500,539
 Other long-term assets 113,228 82,745
 Total assets $981,094$758,218
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Medical costs payable $383,247$336,200
 Other current liabilities 79,537 64,768
 Total current liabilities 462,784 400,968
 Long-term liabilities 13,220 10,356
 Total liabilities 476,004 411,324
 Shareholders' equity 505,090 346,894
 Total liabilities and
 shareholders' equity $981,094$758,218
 U.S. HEALTHCARE, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (amounts in thousands except per share data)
 Three months ended Years ended
 December 31 1992 1991 1992 1991
 (unaudited)
 Revenue:
 Premiums $554,888 $444,623 $2,116,563 $1,659,667
 Investment income,
 including
 realized gains 15,421 12,905 60,139 44,101
 Other, principally
 administrative
 services fees 2,956 1,456 12,522 4,733
 Total 573,265 458,984 2,189,224 1,708,501
 Expenses:
 Medical costs 416,445 338,189 1,631,317 1,279,960
 Administrative,
 marketing and
 other operating costs 58,639 50,454 227,770 182,723
 Total 475,084 388,643 1,859,087 1,462,683
 Income from operations 98,181 70,341 330,137 245,818
 Income from U.S.
 Bioscience, Inc. -- -- -- 1,485
 Income before income taxes 98,181 70,341 330,137 247,303
 Income taxes 38,464 27,070 130,091 96,203
 Net income $ 59,717 $ 43,271 $ 200,046 $151,100
 Net income per common
 and common equivalent
 share - primary
 and fully diluted(A) $.55 $.40 $1.85 $1.39
 Weighted average number
 of common and common
 equivalent shares
 outstanding -
 fully diluted(A) 108,425 108,033 108,409 108,932
 (A) -- After giving effect to a 3 for 2 stock split effected in the form of a 50 percent stock dividend paid to common and Class B shareholders on September 28, 1992.
 -0- 2/8/93
 /CONTACT: Costas C. Nicolaides, executive vice president & chief financial officer of U.S. Healthcare, Inc., 215-283-6843/
 (USHC)


CO: U.S. Healthcare, Inc. ST: Pennsylvania IN: HEA SU: ERN

TS -- NY017 -- 3875 02/08/93 07:02 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 8, 1993
Words:954
Previous Article:GALOOB REPORTS FIRST PROFITABLE FOURTH QUARTER SINCE 1989
Next Article:TIME WARNER REPORTS EBITDA UP 11 PERCENT FOR THE YEAR
Topics:


Related Articles
U.S. HEALTHCARE REPORTS RESULTS FOR THE FOURTH QUARTER AND RECORD JANUARY MEMBERSHIP GROWTH
U.S. HEALTHCARE REPORTS RESULTS FOR THE FOURTH QUARTER
UNITED HEALTHCARE REPORTS RECORD 1993 YEAR-END, FOURTH QUARTER RESULTS; NET EARNINGS FOR YEAR UP 55 PERCENT; FOURTH QUARTER NET EARNINGS UP 64 PERCENT
COLUMBIA/HCA FOURTH QUARTER EARNINGS EXCEED ANALYSTS ESTIMATES
U.S. HEALTHCARE REPORTS RESULTS FOR THE FOURTH QUARTER
UNITED HEALTHCARE REPORTS RECORD YEAR AND FOURTH QUARTER 1994'S $1.77 NET EPS FROM OPERATIONS UP 44 PERCENT OVER 1993'S $1.23
U.S. HEALTHCARE ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS AND PRELIMINARY 1996 MEMBERSHIP GROWTH
Sun Healthcare Group Restates Earnings For 1994 And 1995; No Impact On Performance In 1996 Or Beyond
Matria Healthcare, Inc. Announces Fourth Quarter & Year-End Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters