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HALLMARK HEALTHCARE REPORTS SECOND QUARTER EARNINGS UP OVER PREVIOUS YEAR

 HALLMARK HEALTHCARE REPORTS SECOND QUARTER EARNINGS UP
 OVER PREVIOUS YEAR
 ATLANTA, Feb. 10 /PRNewswire/ -- Hallmark Healthcare Corporation (formerly National Healthcare, Inc.) reported net income of $920,000 or $.05 per share for the second fiscal quarter ended Dec. 31, 1991, compared to net income of $352,000 or $.02 per share for the second quarter of the prior fiscal year.
 The quarter ended Dec. 31, 1991, included extraordinary credits of $380,000 or $.02 per share resulting from the utilization of tax net operating loss carryforwards, compared to extraordinary credits of $155,000 or $.01 per share for the comparable period a year earlier.
 The company said operating earnings were approximately $2.3 million and $2.6 million in the quarters ended Dec. 31, 1991 and 1990, respectively. This decrease was due primarily to a decline in patient days.
 Patient revenues net of contractual allowances were $42.0 million in the quarter ended Dec. 31, 1991, compared to $37.7 million in the same quarter a year earlier. This increase resulted primarily from the addition of new services and increased charges 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 31 percent for the quarter ended Dec. 31, 1990, to 33 percent for the quarter ended Dec. 31, 1991. The increase in contractuals was primarily attributable to increased charges which were greater than corresponding increases in reimbursement rates from the Medicare and Medicaid programs. The provision for uncollectible accounts as a percent of net patient service revenues increased from 6.6 percent for the quarter ended Dec. 31, 1990, to 7.5 percent for the quarter ended Dec. 31, 1991, largely due to economic conditions in the communities in which the company operates.
 Interest expense decreased approximately $895,000 in the quarter ended Dec. 31, 1991. The decrease was primarily attributable to a reduction in the company's bank debt, the amortization of $1.5 million of deferred debt restructuring credits in the quarter ended Dec. 31, 1991, compared to $984,000 for the quarter ended Dec. 31, 1990, and the company's restructuring of $6,231,000 principal amount of its 14.5 percent subordinated debentures during fiscal 1991.
 Operating expenses, excluding interest, increased approximately $4.5 million or 12.3 percent from the prior year due to the addition of new services and fees paid to outside medical specialists at the company's hospitals.
 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 19 hospital facilities in nine states.
 HALLMARK HEALTHCARE CORPORATION
 (in thousands, except per share)
 Quarter ended Dec. 31 1991 1990
 Net patient service revenues $41,997 $37,708
 Other revenues 1,363 1,392
 Total revenues 43,360 39,100
 Operating expenses 41,029 38,533
 Interest 1,332 2,227
 Income before taxes and
 extraordinary items 999 340
 Provision for income taxes 483 223
 Net income before extraord. items 516 117
 Extraordinary items:
 Gain on restructure of debt, net of
 income tax effect of $13 for the
 quarter and six months ended Dec. 31,
 1991 and $41 for the quarter and
 six months ended Dec. 31, 1990 24 80
 Credit resulting from utilization of
 net operating loss carryforward 380 155
 Net income $ 920 $ 352
 Net income per common
 and common equivalent
 share:
 Income before
 extraordinary items $ 0.03 $ 0.01
 Extraordinary items 0.02 0.01
 Net income per common
 and common equiv. share $ 0.05 $ 0.02
 Weighted average common and common
 equivalent shares
 outstanding 16,882 15,835
 6 months ended Dec. 31 1991 1990
 Net patient service revenues $81,211 $75,332
 Other revenues 2,663 2,527
 Total revenues 83,874 77,859
 Operating expenses 79,762 72,727
 Interest 2,701 4,434
 Income before taxes and
 extraordinary items 1,411 698
 Provision for income taxes 735 494
 Net income before extraord. items 676 204
 Extraordinary items:
 Gain on restructure of debt, net of
 income tax effect of $13 for the
 quarter and six months ended Dec. 31,
 1991 and $41 for the quarter and
 six months ended Dec. 31, 1990 24 80
 Credit resulting from utilization of
 net operating loss carryforward 574 310
 Net income $ 1,274 $ 594
 Net income per common
 and common equivalent
 share:
 Income before
 extraordinary items $ 0.04 $ 0.01
 Extraordinary items 0.04 0.03
 Net income per common
 and common equiv. share $ 0.08 $ 0.04
 Weighted average common and common
 equivalent shares
 outstanding 16,878 15,835
 -0- 2/10/92
 /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


BN-BR -- AT005 -- 8236 02/10/92 11:22 EST
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Date:Feb 10, 1992
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