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COMMUNITY PSYCHIATRIC CENTERS ANNOUNCES FIRST QUARTER EARNINGS AND SETTLEMENT WITH ONTARIO (CANADA) HEALTH INSURANCE PLAN

 COMMUNITY PSYCHIATRIC CENTERS ANNOUNCES FIRST QUARTER EARNINGS
 AND SETTLEMENT WITH ONTARIO (CANADA) HEALTH INSURANCE PLAN
 LAGUNA HILLS, Calif., March 30 /PRNewswire/ -- Community Psychiatric Centers (NYSE: CMY) today reported that earnings per share for the first quarter ended Feb. 29, 1992, were $0.15, compared with $0.46 for the first quarter ended Feb. 28, 1991. Revenues and net earnings for the 1992 first quarter totalled $84,451,000 and $6,941,000, respectively, compared with $103,086,000 and $21,145,000 for the prior year. Average shares outstanding for the most recent quarter were 45,927,000 vs. 46,421,000 for the corresponding period a year ago.
 The year-over-year declines in revenues and earnings reflect the impact of a 13.7 percent decrease in same-store patient days, largely the result of the continuing reduction in average length of stay being fueled by the efforts of managed care firms and other payors to contain costs. However, on a sequential basis there were signs of stabilization in other aspects of patient activity: the first quarter same-store admissions increase of .9 percent was an improvement over the 5.4 percent drop in the fourth quarter of 1991, while net revenue per patient day increased to $490 from $479 in the 1991 fourth quarter. Also, average days outstanding in accounts receivable stood at 92 days at the close of the first quarter, down from 93 days the previous quarter.
 In late March, CPC received payment of $4.7 million from the Ontario Health Insurance Plan (OHIP) for care rendered to Canadian patients in the company's hospitals. In the third quarter of 1991, the company incurred a special charge to reflect a $6.6 million addition to reserves for doubtful accounts after OHIP slowed payments to U.S. hospitals and CPC elected to reject OHIP's settlement offer of $1.3 million. Subsequent negotiations with OHIP led to the agreed-upon payment of $4.7 million.
 According to CPC Chairman and Chief Executive Officer James W. Conte, "We believe our decision to reject OHIP's previous offers and to negotiate for a more equitable settlement have now been justified with a higher reimbursement than we otherwise would have received." Combined with the more than $5.8 million previously collected from OHIP before payments were slowed to American hospitals, CPC's reimbursement from OHIP has totalled nearly $10.5 million.
 Community Psychiatric Centers is a psychiatric services company which owns and operates 50 acute psychiatric hospitals in the United States and the United Kingdom. The company's stock is traded on the New York, Boston, Midwest and Pacific Stock Exchanges.
 COMMUNITY PSYCHIATRIC CENTERS
 March 30, 1992
 Consolidated Statement of Earnings
 Quarter ended Feb. 29, 1992 Feb. 28, 1991
 Revenues
 Operating revenues $83,555,000 $102,089,000
 Other income 896,000 997,000
 Total revenues 84,451,000 103,086,000
 Costs and Expenses:
 Operating 38,991,000 41,425,000
 General & administrative 30,977,000 25,112,000
 Depreciation 3,112,000 2,900,000
 Interest 354,000 86,000
 Total costs and expenses 73,434,000 69,523,000
 Earnings before taxes 11,017,000 33,563,000
 Income Taxes 4,076,000 12,418,000
 Net earnings $6,941,000 $21,145,000
 Earnings per share $0.15 $0.46
 Average shares outstanding 45,927,000 46,421,000
 COMMUNITY PSYCHIATRIC CENTERS
 March 30, 1992
 Quarter ended Feb. 29, 1992 Feb. 28, 1991
 Total:
 Patient days 169,466 194,092
 Admissions 9,430 9,345
 Acute patient revenue $83,555,000 $102,089,000
 Net revenue per patient day $493.05 $525.98
 Number of hospitals 50 50
 Average licensed beds 5,044 4,950
 Average length of stay 18.0 20.8
 Same-store:
 Patient days 166,051 192,428
 Admissions 9,281 9,197
 Acute patient revenue $81,423,000 $101,412,000
 Net revenue per patient day $490.35 $527.01
 -0- 3/30/92
 /CONTACT: Suzanne Hovdey of Community Psychiatric Centers, 714-831-1166/
 (CMY) CO: Community Psychiatric Centers ST: California IN: HEA SU: ERN


KJ-JL -- LA005 -- 2724 03/30/92 09:03 EST
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Date:Mar 30, 1992
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