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HALLMARK HEALTHCARE REPORTS FIRST QUARTER EARNINGS

 HALLMARK HEALTHCARE REPORTS FIRST QUARTER EARNINGS
 ATLANTA, Oct. 28 /PRNewswire/ -- Hallmark Healthcare Corporation


reported net income of $454,000 or $.03 per share for the first fiscal quarter ended Sept. 30, compared to net income of $354,000 or $.02 per share for the first quarter of the prior fiscal year.
 The quarter ended Sept. 30 included extraordinary credits of $243,000 or $.02 per share resulting from the utilization of tax net operating loss carryforwards, compared to extraordinary credits of $194,000 or $.01 per share for the comparable period a year earlier.
 The company said earnings before interest, taxes, and extraordinary items were approximately $1.6 million (which includes a gain of approximately $750,000 on the previously announced sale of a healthcare facility) and $1.8 million in the quarters ended Sept. 30, 1992 and 1991, respectively. This decrease was due primarily to a decline in patient days and an increase in operating expenses.
 Patient revenues net of contractual allowances were $40.4 million in the quarter ended Sept. 30, compared to $39.2 million in the same quarter a year earlier. This increase resulted primarily from the addition of new services and price increases at the company's hospitals.
 The increase in net patient revenues was partially offset by contractual allowances which, as a percent of gross operating revenues, increased from 32 percent for the quarter ended Sept. 30, 1991, to 34 percent for the quarter ended Sept. 30, 1992. The increase in contractuals was primarily attributable to price increases which were greater than the increase in reimbursement rates from the Medicare program in the company's operating hospitals. The provision for uncollectible accounts as a percent of net patient service revenues decreased from 8.4 percent for the quarter ended Sept. 30, 1991, to 7.1 percent for the quarter ended Sept. 30, 1992. This reduction was primarily attributable to improved billing procedures at one facility.
 Operating expenses, excluding interest, increased approximately $2.0 million for the prior year due to the addition of new services and fees paid to outside medical specialists. Interest expense decreased approximately $269,000 in the quarter ended Sept. 30, 1992, primarily due to reductions in the company's bank debt.
 Hallmark Healthcare Corporation is an Atlanta-based corporation which provides healthcare services to communities through ownership or management of general acute care hospitals and related healthcare services. The company operates 18 facilities in nine states.
 HALLMARK HEALTHCARE CORPORATION
 Financial Highlights
 (in thousands except per share data)
 Quarter ended 9/30/92 9/30/91
 Total revenues $41,581 $40,514
 Income (loss) from continuing
 operations (208) 411
 Gain on sale of healthcare facility 752 ---
 Provision for income taxes 333 251
 Net income before extraordinary item 211 160
 Extraordinary item 243 194
 Net income $ 454 $ 354
 Net income per common and common equivalent share:
 Net income before
 extraordinary item $ 0.01 $ 0.01
 Extraordinary item 0.02 0.01
 Net income per common
 and common equiv. share $ 0.03 $ 0.02
 Weighted average common and
 common equiv. shares outstanding 16,714 16,824
 A copy of the company's Form 10-Q for the period ending Sept. 30 may be obtained by written request to Robert M. Thornton Jr., executive vice president and chief financial officer, Hallmark Healthcare Corporation, 300 Galleria Parkway, Suite 650, Atlanta, GA 30339.
 -0- 10/28/92 R
 /CONTACT: Robert M. Thornton Jr., executive vice president and chief financial officer of Hallmark Healthcare, 404-933-5500/ CO: Hallmark Healthcare Corporation ST: Georgia IN: HEA SU: ERN


BR-BN -- AT016 -- 6310 10/28/92 17:55 EST
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Date:Oct 28, 1992
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