Printer Friendly

GERIATRIC & MEDICAL CENTERS, INC. REPORTS HIGHER OPERATING INCOME FOR THE SECOND QUARTER OF FISCAL 1993

 PHILADELPHIA, Jan. 15 /PRNewswire/ -- Geriatric & Medical Centers, Inc. (NASDAQ: GEMC) today reported higher operating income for the second quarter ended Nov. 30, 1992, with improved operating results in its long-term care division.
 Net revenues for the second quarter were $41,238,000 compared with $41,132,000 reported last year. Operating income for the three month period increased 14 percent to $4,095,000 from $3,600,000. Net income was $607,000 or 4 cents per share, compared with $2,015,000 or 13 cents per share for the prior year period, which included non-operating income before tax provisions of $3,080,000 related to the previous sale of facilities.
 Net revenues for the six months were $81,844,000 compared with $80,360,000 for the same period last year. Operating income for the six month period increased 17 percent to $8,072,000 from $6,880,000. Net income was $1,008,000, or 7 cents per share, compared with $2,559,000 or 17 cents per share a year earlier, which included non-operating income before tax provision of $3,122,000 related to the previous sale of facilities.
 Daniel Veloric, chairman of the board and president, said, "Our results from operations are indicative of a major turnaround in the long-term care industry. Improved reimbursement, better control of labor costs and management efficiencies are contributing to higher productivity and operating profitability. The performance of our support services group, however, is somewhat disappointing as it continues to be affected by changes in government programs and a decision by the company to concentrate in the local marketplace."
 Geriatric & Medical Centers, Inc.'s GeriMed Services and United Health Care Services Groups are leading providers of health care products and services to hospitals, HMOs, physician groups and long-term care facilities.
 GERIATRIC & MEDICAL CENTERS, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited, in thousands except per common share)
 Periods ended Three months Six months
 Nov. 30 1992 1991(A) 1992 1991(A)
 Operating revenues, net $41,238 $41,132 $81,844 $80,360
 Operating income 4,095 3,600 8,072 6,880
 Interest expense, net (2,848) (2,400) (5,653) (4,926)
 Provision for costs on sale
 of accounts receivable (725) (922) (1,470) (922)
 Non-operating income, net 289 3,080 395 3,122
 Income before income taxes
 and extraordinary item 811 3,358 1,344 4,154
 Income tax provision 204 1,343 336 1,661
 Income before extraordinary item 607 2,015 1,008 2,493
 Extraordinary item --
 utilization of net
 operating loss
 carryforwards -- -- -- 66
 Net income $607 $2,015 $1,008 $2,559
 Earnings per common share:
 Income before
 extraordinary item $0.04 $0.13 $0.07 $0.16
 Extraordinary item -- -- -- 0.01
 Net income $0.04 $0.13 $0.07 $0.17
 Average common shares
 outstanding 15,205 15,078 15,205 15,078
 (A) -- Reclassified for comparative purposes. Per common share and average common shares outstanding data was retroactively restated for the five-for-four stock split issued April 30, 1992.
 -0- 1/15/93
 /CONTACT: James J. O'Malley, chief financial officer of Geriatric & Medical Centers, Inc., 215-748-8852, or Stan Froelich of Cameron Associates, 212-644-9560, for Geriatric & Medical Centers, Inc./
 (GEMC)


CO: Geriatric & Medical Centers, Inc. ST: Pennsylvania IN: HEA SU: ERN

PS-TS -- NY011 -- 5249 01/15/93 09:39 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:Jan 15, 1993
Words:554
Previous Article:POWER TEST INVESTORS ANNOUNCES CASH DISTRIBUTION
Next Article:LIFETIME PRODUCTS, INC. CORPORATE UPDATE
Topics:


Related Articles
MESA MEDICAL REPORTS INCREASED SECOND QUARTER SALES AND EARNINGS
GERIATRIC & MEDICAL CENTERS, INC. REPORTS FIRST QUARTER FISCAL 1993 RESULTS
MEDIQ REPORTS FIRST QUARTER FISCAL 1993 RESULTS
AEQUITRON MEDICAL ANNOUNCES RECORD SALES FOR THIRD QUARTER NET INCOME FOR THE NINE MONTHS UP 60 PERCENT
WILSHIRE TECHNOLOGIES REPORTS RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF FISCAL 1993
STRONG SECOND QUARTER SALES AND EARNINGS REPORTED BY ST. JUDE MEDICAL
AEQUITRON MEDICAL ANNOUNCES SECOND QUARTER RESULTS
IMEX MEDICAL SYSTEMS REPORTS INCREASED EARNINGS FOR SECOND QUARTER AND FIRST HALF OF FISCAL 1994
BIO-LIFE SYSTEMS REPORTS HIGHER FISCAL YEAR-END SALES AND OPERATING INCOME; EXPECTS TO REPORT STRONG FISCAL FIRST QUARTER RESULTS
ST. JUDE MEDICAL, INC. REPORTS FIRST QUARTER NET SALES AND NET INCOME

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