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GRANCARE POSTS 22 PERCENT EARNINGS INCREASE FOR THIRD QUARTER

 CULVER CITY, Calif., Oct. 28 /PRNewswire/ -- GranCare Inc. (NYSE: GC) achieved significantly improved earnings for the third quarter and nine months ended Sept. 30, 1993, it was announced today.
 Net earnings were up 22 percent to $3.5 million, or $.34 per primary share ($.33 per share fully diluted), from $2.9 million, or $.30 per share on a primary and fully diluted basis, in the prior-year period. Per share results were based on 33 percent more shares outstanding in the current-year period, on a fully diluted basis. Revenues for the third quarter were $112.7 million, up 49 percent from $75.4 million for the corresponding period last year.
 Net earnings for the nine months ended Sept. 30, 1993, were up 46 percent to $9.6 million, or $.93 per primary share ($.91 share fully diluted), from $6.6 million, or $.75 per share (on a primary and fully diluted basis), in the year-earlier period. Per share results were based on 41 percent more shares outstanding in the 1993 nine-month period, on a fully diluted basis. Revenues for the nine months increased 61 percent to $323.9 million from $201.1 million in the same period last year.
 "We are very encouraged by the gains derived from changes in our patient mix that continue to increase the demand for ancillary services, and by the expansion of our specialty medical programs beyond GranCare facilities. In addition, we are pleased with the contributions made by acquisitions made in 1992 and 1993. Our operating results clearly reflect our strategy of leveraging more of our facilities with value- added services," stated Gene E. Burleson, president and chief executive officer.
 The company operates 82 long-term health care facilities totaling more than 11,100 beds located in California, Michigan, Wisconsin, Colorado, Arizona and South Dakota, and offers a broad range of specialty medical services.
 GRANCARE INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 (In thousands, except per share data)
 Net revenues $112,729 $75,427 $323,892 $201,054
 Income before
 income taxes 5,378 4,628 15,411 10,903
 Income taxes 1,892 1,776 5,763 4,286
 Net income $3,486 $2,852 $9,648 $6,617
 Net income per common
 and common equivalent
 share:
 Primary $0.34 $0.30 $0.93 $0.75
 Fully diluted $0.33 $0.30 $0.91 $0.75
 Weighted average number
 of common and common
 equivalent shares
 outstanding:
 Primary 10,391 9,491 10,392 8,797
 Fully diluted 12,727 9,575 12,418 8,831
 -0- 10/28/93
 /CONTACT: Gene E. Burleson of GranCare, 310-645-1555; or Craig A. Parsons of Pondel Parsons & Wilkinson, 310-207-9300/
 (GC)


CO: GranCare Inc. ST: California IN: HEA SU: ERN

JB-JL -- LA007 -- 7727 10/28/93 09:00 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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