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GRANCARE POSTS HIGHER FIRST-QUARTER REVENUES, EARNINGS

 GRANCARE POSTS HIGHER FIRST-QUARTER REVENUES, EARNINGS
 CULVER CITY, Calif., April 21 /PRNewswire/ -- GranCare Inc. (NASDAQ: GRNC) today reported higher revenues and earnings for the first quarter ended March 31, 1992. Net earnings were $1.8 million, or 22 cents per share, on revenues of $62 million, compared with net earnings of $401,000, or 8 cents per share, on revenues of $36 million for the corresponding 1991 period. GranCare completed an acquisition of long-term health care facilities in September 1991 that significantly increased the size of the company; therefore, prior year comparisons are not indicative of ongoing operations.
 Net earnings for the first quarter of 1992 of $1.8 million improved over net earnings in the fourth quarter of 1991 of $1.5 million, which excludes approximately $0.5 million, net of tax, of certain accrued interest forgiven during the fourth quarter of 1991.
 "We are particularly pleased with our first-quarter results and look forward to continued opportunities for improvement," stated Gene E. Burleson, president and chief executive officer.
 On April 16, 1992, GranCare entered into an agreement for a long- term lease with respect to seven additional long-term health care facilities from Health and Rehabilitation Properties Trust.
 The company recently filed a registration statement for an offering of 2.5 million shares (including 500,000 shares for selling shareholders) anticipated to be completed in May 1992.
 GranCare operates 59 long-term health care facilities located in California, Wisconsin, Colorado, Arizona and Illinois, as well as four institutional pharmacies.
 GRANCARE INC.
 CONDENSED CONSOLIDATED RESULTS OF OPERATIONS(A)
 (In thousands, except per-share data)
 Three Months Ended March 31: 1992 1991
 Net revenues $62,016 $36,151
 Income before income taxes 3,004 579
 Income taxes 1,190 178
 Net income 1,814 401
 Net income per common share
 (primary and fully diluted) $ 0.22 $ 0.08
 Average number of primary common
 and equivalent shares outstanding 8,232 5,051
 (A) Prior year comparisons are not meaningful since the company's historical financial results are not indicative of ongoing operations. The company completed a significant acquisition in September 1991.
 -0- 4/21/92
 /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: ERN


SC -- NYON1 -- 0443 04/21/92 09:35 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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