Printer Friendly

GERIATRIC & MEDICAL CENTERS REPORTS RECORD REVENUES AND OPERATING INCOME FOR THE THIRD QUARTER ENDED FEB. 29, 1992

GERIATRIC & MEDICAL CENTERS REPORTS RECORD REVENUES AND OPERATING INCOME
 FOR THE THIRD QUARTER ENDED FEB. 29, 1992
 PHILADELPHIA, April 15 /PRNewswire/ -- Geriatric & Medical Centers, Inc. (NASDAQ: GEMC), today reported that for the first nine months of its current fiscal year, revenues and operating income are running well ahead of last year.
 Daniel Veloric, chairman of the board and president, said, "We are pleased to report that operating income for the third quarter ended Feb. 29, 1992, before interest, taxes and other nonoperating provisions, was $3,129,000 compared with $2,805,000 from a year ago, and that for the nine month period operating income increased to $10,009,000 from $7,345,000 last year."
 Net operating revenues for the third quarter were $41,059,000 compared with $35,314,000 for the same period last year. Largely due to a nonoperating provision of $1,091,000, net income for the third quarter was reduced to $368,000 or $.02 per share from the comparable period's $1,659,000 or $.11 per share, of which $751,000 or $.05 per share results from the utilization of net operating loss carryforwards.
 For the nine months of the current fiscal year, the company reported net operating revenues of $122,246,000, up from a year earlier of $106,996,000. Before extraordinary item, net income increased 52.4 percent to $2,861,000 or $.19 per share, which included non-recurring charges of $650,000, from $1,877,000 or $.13 per share. Net operating loss carryforwards increased net income by $.09 per share for the prior fiscal nine month period.
 Geriatric & Medical Centers, Inc. is a leading provider of home health care product and services to hospitals, HMOs, physician groups and long-term care facilities in the Mid-Atlantic Region.
 GERIATRIC & MEDICAL CENTERS, INC.
 Consolidated Statement of Operations
 (Unaudited)
 (In 000s except per share amounts)
 Periods Three Months Nine Months
 Ended 2/29/92 2/28/91(A) 2/29/92 2/28/91(A)
 Operating revenues, net $ 41,059 $ 35,314 $122,246 $106,996
 Operating income 3,129 2,805 10,009 7,345
 Interest expense, net (2,128) (2,404) (7,054) (7,727)
 Operating income (loss)
 after interest 1,001 401 2,955 (382)
 Provision for sale of
 accounts receivable (1,091)(B) -- (2,013)(B) --
 Nonoperating income, net 205 1,488(D) 3,327 (C) 3,895(D)
 Income before taxes and
 extraordinary item 115 1,889 4,269 3,513
 Income tax (benefit)
 provision (253) 981 1,408 1,636
 Income before extraord.
 item 368 908 2,861 1,877
 Extraordinary item -
 utilization of net
 operating loss
 carryforwards -- 751 66 1,406
 Net income $ 368 $ 1,659 $ 2,927 $ 3,283
 Earnings per common share:
 Income before extraord.
 item $.02 $.06 $.19 $.13
 Extraordinary item -- .05 -- .09
 Net income $.02 $.11 $.19 $.22
 Average common shares
 outstanding 15,104 15,061 15,104 15,061
 (A) -- Reclassified for comparative purposes. Per common share and average common shares outstanding data was retroactively restated for the five-for-four stock split declared March 26, 1992.
 (B) -- Includes interest expense, servicing costs, attorney fees and other administrative costs associated with the sale of accounts receivable.
 (C) -- Principally, recognition of deferred income related to assets previously sold.
 (D) -- Principally, gain on sale of a nursing home facility.
 -0- 4/15/92
 /CONTACT: Barry J. Klein, president-financial services group, Geriatric & Medical Centers, 215-748-8975, or Stan Froelich of Cameron Associates, 212-644-9560, for Geriatric & Medical Centers/
 (GEMC) CO: Geriatric & Medical Centers, Inc. ST: Pennsylvania IN: HEA SU: ERN


GK-OS -- NY022 -- 8581 04/15/92 10:21 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 15, 1992
Words:601
Previous Article:ETHYL REPORTS HIGHER FIRST-QUARTER RESULTS
Next Article:JOHNSON CONTROLS REPORTS HIGHER SECOND-QUARTER RESULTS


Related Articles
GERIATRIC & MEDICAL CENTERS REPORTS SIX MONTHS RESULTS, RECORD REVENUES AND A 57.6 PERCENT INCREASE IN NET INCOME
HILLHAVEN ANNOUNCES 1992 THIRD-QUARTER RESULTS
GERIATRIC & MEDICAL CENTERS REPORTS RECORD REVENUES AND OPERATING INCOME FOR THE THIRD QUARTER ENDED FEB. 29, 1992
GERIATRIC & MEDICAL CENTERS REPORTS FOURTH QUARTER FISCAL YEAR ENDED 1992 RESULTS
GERIATRIC & MEDICAL CENTERS, INC. REPORTS FIRST QUARTER FISCAL 1993 RESULTS
GERIATRIC & MEDICAL CENTERS, INC. REPORTS HIGHER OPERATING INCOME FOR THE SECOND QUARTER OF FISCAL 1993
HILLHAVEN ANNOUNCES 1993 THIRD-QUARTER RESULTS
GERIATRIC & MEDICAL COMPANIES ANNOUNCES IMPROVED THIRD QUARTER RESULTS
HELIAN HEALTH GROUP REPORTS FOURTH QUARTER AND YEAR-END RESULTS
GERIATRIC & MEDICAL COMPANIES, INC. REPORTS THIRD QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters