GRANCARE ANNOUNCES ACQUISITION
GRANCARE ANNOUNCES ACQUISITION CULVER CITY, Calif., Aug. 6 /PRNewswire/ -- GranCare Inc.
(NASDAQ: GRNC) announced today the acquisition of a long-term lease covering two health care facilities located in Southern California that expand its presence in the state as well as the range of ancillary services it provides. The Oakview Health Care Complex in Glendora, Calif., acquired by GranCare is the third largest health care complex of its kind in California and includes a subacute unit averaging more than 30 patients a day. Terms were not disclosed.
A total of 342 nursing beds (292 skilled and 50 intermediate care) have been added to GranCare's network of facilities with the acquisition of Oakview Convalescent Hospital and Oakview Manor. These facilities provide numerous ancillary services to its patients, including pharmacy services, which will be provided by GranCare's pharmacy. This acquisition, effective Aug. 1, 1992, brings the total number of GranCare long-term health care facilities to 68 facilities encompassing 8,920 beds. "We expect this transaction to add annual earnings of approximately $.04 per share to GranCare's operating results," said Gene E. Burleson, president and chief executive officer. "These facilities represent further diversification by GranCare, increasing our ancillary services, which provide higher quality revenues without significant incremental expense." GranCare presently operates 68 long-term health care facilities located in California, Wisconsin, Colorado, Arizona, Illinois and South Dakota, as well as four institutional pharmacies. The company reported revenues of $125.6 million and net income of $3.8 million, or $.45 per share, for the six months ended June 30, 1992. -0- 8/6/92 /CONTACT: Gene E. Burleson of GranCare, 310-645-1555, or Craig A. Parsons or Kim P. Feazle of Pondel Parsons & Wilkinson, 310-207-9300, for GranCare/ (GRNC) CO: GranCare Inc. ST: California IN: HEA SU: TNM
AL -- LA011 -- 7435 08/06/92 09:03 EDT
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|Date:||Aug 6, 1992|
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