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COMMUNITY PSYCHIATRIC CENTERS ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

               COMMUNITY PSYCHIATRIC CENTERS ANNOUNCES
                  SECOND QUARTER FINANCIAL RESULTS
    LAGUNA HILLS, Calif., July 1 /PRNewswire/ -- Community Psychiatric Centers (NYSE: CMY) today reported earnings of $0.29 per share for the second quarter ended May 31, 1992, compared with $0.58 per share for the same period of the prior year.  Earnings per share for the 1992 second quarter include the one-time benefit of a $4.7 million payment ($0.06 per share) from the Ontario (Canada) Health Insurance Plan (OHIP).
    Revenues in the second quarter of 1992 declined to $94,696,000 from $117,724,000 a year earlier.  Net income decreased to $12,946,000 from $26,712,000 in 1991.  The revenue and earnings declines reflect the impact of a 13.8% drop in same-store patient days, a 0.9 percent decrease in same-store admissions, and a reduction in the average net revenue per patient day from $524 to $488 from the corresponding quarter of 1991.  The average length of stay was 18.5 days, up slightly from 18.0 days in the first quarter of 1992, but down from 21.0 days in the 1991 second quarter.  The lower length of stay is due primarily to the growth of managed care business and payors' increasing efforts to reduce the costs of psychiatric treatment by limiting inpatient stays.  Average days outstanding in accounts receivable at the close of the second quarter improved to 83 days from 92 days in the first quarter and 93 days at year-end 1991.
    Average shares outstanding for the second quarter ended May 31, 1992 were 45,082,000, down from 46,449,000 a year earlier.  The average was affected by the company's stock buyback program, initiated in November 1991.
    For the six months ended May 31, 1992, earnings per share totaled $0.44, compared with $1.03 in the comparable period of 1991.  Total revenues and net earnings for the first half of 1992 were $179,147,000 and $19,887,000, compared with $220,810,000 and $47,857,000, respectively, in the year-ago period.  Average shares outstanding for the 1992 first half were 45,502,000, down from 46,436,000 for the first six months of 1991.
    Community Psychiatric Centers delivers psychiatric services through 50 hospitals in the United States and United Kingdom.  The company's stock is traded on the New York, Boston, Midwest and Pacific stock exchanges.
                    COMMUNITY PSYCHIATRIC CENTERS
                 Consolidated Statement of Earnings
            (Unaudited, subject to year-end adjustments)
                                        Quarter Ended May 31,
                                       1992                1991
    Revenues
     Operating revenues           $93,851,000         $116,887,000
     Other income                     845,000              837,000
    Total revenues                 94,696,000          117,724,000
    Costs and Expenses:
     Operating                     42,979,000           43,756,000
     General & administrative      27,628,000           28,769,000
     Depreciation                   3,146,000            2,984,000
     Interest                         394,000              237,000
    Total costs and expenses       74,147,000           75,746,000
    Earnings before taxes          20,549,000           41,978,000
    Income Taxes                    7,603,000           15,266,000
    Net earnings                  $12,946,000          $26,712,000
    Earnings per share                  $0.29                $0.58
    Average shares outstanding     45,082,000           46,449,000
                    Community Psychiatric Centers
                 Consolidated Statement of Earnings
            (Unaudited, subject to year-end adjustments)
                                       Six Months Ended May 31,
                                       1992                1991
    Revenues
     Operating revenues          $177,406,000        $218,976,000
     Other income                   1,741,000           1,834,000
    Total Revenues                179,147,000         220,810,000
    Costs and Expenses:
     Operating                     81,970,000          85,181,000
     General & administrative      58,605,000          53,881,000
     Depreciation                   6,258,000           5,884,000
     Interest                         748,000             323,000
    Total costs and expenses      147,581,000         145,269,000
    Earnings before taxes          31,566,000          75,541,000
    Income taxes                   11,679,000          27,684,000
    Net earnings                  $19,887,000         $47,857,000
    Earnings per share                  $0.44               $1.03
    Average shares outstanding     45,502,000          46,436,000
                    COMMUNITY PSYCHIATRIC CENTERS
                                           Quarter Ended May 31,
                                           1992              1991
     Total:
    Patient days                         192,183             223,183
    Admissions                            10,395              10,627
    Acute patient revenue            $93,851,000        $116,887,000
    Net revenue per patient day          $488.34             $523.73
    Number of hospitals                       50                  51
    Average beds in service                5,044               5,066
    Average length of stay                  18.5                21.0
     Same-facility:
    Patient days                         190,812             221,401
    Admissions                            10,344              10,443
    Acute patient revenue            $93,203,000        $116,335,000
    Net revenue per patient day          $488.45             $525.45
                                           Six Months Ended May 31,
                                            1992              1991
     Total:
    Patient days                         361,649             417,275
    Admissions                            19,825              19,972
    Acute patient revenue           $177,406,000        $218,976,000
    Net revenue per patient day          $490.55             $524.78
    Number of hospitals                       50                  51
    Average beds in service                5,044               5,012
    Average length of stay                  18.2                20.9
     Same-facility:
    Patient days                         356,863              413,829
    Admissions                            19,625               19,640
    Acute patient revenue           $174,626,000         $217,747,000
    Net revenue per patient day          $489.34              $526.18
    -0-                     7/1/92
    /CONTACT:  Suzanne Hovdey of Community Psychiatric Centers, 714-831-1166/
    (CMY) CO:  Community Psychiatric Centers ST:  California IN:  HEA SU:  ERN KJ -- LA003 -- 5535 07/01/92 09:31 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 1, 1992
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