HEALTHDYNE ANNOUNCES FIRST QUARTER IMPROVEMENTS
HEALTHDYNE ANNOUNCES FIRST QUARTER IMPROVEMENTS MARIETTA, Ga., April 22 /PRNewswire/ -- Healthdyne, Inc.
(NASDAQ: HDYN) today announced its financial results for the first quarter of 1992.
Revenues for the first quarter of $56.0 million increased 37 percent over the first quarter of 1991, while net earnings for the quarter increased 73 percent to $4.2 million, or $.26 per share, from $2.4 million, or $.16 per share. These results reflect continued strong performances from each of the company's three operating units. Home Nutritional Services, Inc. (NASDAQ: HNSI), the company's 66 percent owned home infusion therapy subsidiary, had revenues for the quarter of $29.0 million, up 29 percent from $22.4 million for the first quarter of 1991, while net earnings increased to $3.1 million from $2.6 million in 1991. Healthdyne Perinatal Services, the company's home obstetrical care subsidiary, continued its industry leading rate of growth with a 64 percent increase in revenues for the quarter to $15.9 million, which compares very favorably with $9.7 million in the first quarter of 1991. Operating profits for the quarter increased over 450 percent to $2.0 million compared to $360,000 for this division in the first quarter of 1991. Healthdyne Technologies, the company's manufacturing division, also continued to improve its performance. Their revenues increased 30 percent to $11.7 million, from $9.0 million in the first quarter of 1991, and their operating profit for the quarter increased 67 percent to $1.6 million from $1.0 million in the first quarter of 1991. According to Parker H. Petit, chairman and chief executive officer of Healthdyne: "I am extremely pleased with our strong operating performance. All three of our operating units are contributing to the growth in revenues and increased profitability. The outlook for our areas of high tech home healthcare continues to be very good; therefore, we have decided to continue our open market stock repurchase program." Healthdyne is a national provider of high technology home care medical services, including infusion therapy through Home Nutritional Services, its partially owned subsidiary, and home obstetrical care through Healthdyne Perinatal Services, and a manufacturer of high tech home care products through its Healthdyne Technologies Division. HEALTHDYNE, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Amounts in thousands, except per share amounts) (Unaudited) 3 mos. ended March 31 1992 1991 Revenues $55,981 $40,867 Cost of revenues 24,439 18,307 Gross profit 31,542 22,560 Selling and administrative expenses 19,082 14,331 Provision for doubtful accounts 4,470 3,237 Research and development expenses 494 480 Operating profit 7,496 4,512 Interest income 233 222 Interest expense (141) (170) Other income (expense), net (106) (1) Minority interest in earnings of partnerships (232) (30) Earnings before income tax expense and minority interest in net earnings of subsidiary 7,250 4,533 Income tax expense 2,018 1,283 Earnings before minority interest in net earnings of subsidiary 5,232 3,250 Minority interest in net earnings of subsidiary 1,055 842 Net earnings $ 4,177 2,408 Net earnings per common share and common share equivalent $ .26 .16 Weighted average number of common shares and common share equivalents 15,946 15,424 HEALTHDYNE, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets (Amounts in thousands) ASSETS 3/31/92 12/31/91 Current assets: (Unaudited) Cash and short-term investments $ 18,351 $ 23,015 Trade accounts receivable, net 78,470 74,165 Inventories 15,291 13,063 Deferred income taxes 1,084 841 Other current assets 4,801 4,702 Total current assets 117,997 115,786 Property and equipment, net 16,465 15,252 Goodwill and other intangibles, net 4,963 5,056 Other assets 2,611 2,649 Total $142,036 $ 138,743 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current installments of long-term debt and obligations under capital leases $ 339 595 Accounts payable, principally trade 8,801 8,861 Other current liabilities 11,224 11,974 Total current liabilities 20,364 21,430 Long-term debt and obligations under capital leases, excluding current installments 4,063 6,576 Deferred income taxes 6,766 6,766 Other long-term liabilities 560 604 Total liabilities 31,753 35,376 Min. interest in subsidiary and partnerships 24,956 23,352 Shareholders' equity 85,327 80,015 Total $ 142,036 138,743 -0- 4/22/92 /CONTACT: Donald R. Millard of Healthdyne, 404-423-4529/ (HDYN HNSI) CO: Healthdyne, Inc. ST: Georgia IN: HEA SU: ERN
BR-EA -- AT002 -- 1210 04/22/92 11:22 EDT
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|Date:||Apr 22, 1992|
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