IN HOME HEALTH REPORTS 144-PERCENT GAIN IN NET INCOME;
128-PERCENT INCREASE IN REVENUES FOR FISCAL FIRST QUARTER
PLYMOUTH, Minn., Jan. 30 /PRNewswire/ -- In Home Health, Inc. (NASDAQ: IHHI) today reported net income of $481,000 for the first quarter of fiscal 1992, a 144-percent increase over the $197,000 reported a year ago, according to Judy M. Figge, president and chief executive officer.
Operating income for the three months ended Dec. 31, 1991, rose 116 percent to $790,000 from $366,000 in the first quarter of fiscal 1991. Revenue was $15.1 million, up 128 percent over the $6.6 million of a year ago.
Earnings per share were $.03, unchanged from the first quarter of last year, in spite of a 113-percent increase in the average number of shares outstanding. The increased number of shares reflects the impact of In Home Health's Class A, B and C warrants which were exercised during the last 12 months.
"We are very pleased with the growth and the improved profitability we continue to experience in our more established markets. This was our company's 11th consecutive quarter of profitability. And, with revenue growth continuing to run in line with our operating plan," Figge said, "we look forward to another successful year in fiscal 1992."
"Our results are particularly satisfying in light of the impact of recent acquisitions, expansion of branches and the opening of new pharmacies," Figge continued.
In October, the company added three branches, two of which were in new markets, when it completed its previously announced acquisitions of Meyer Care SF, Inc.; and of Professional Medical Personnel, Inc. and Professional Medical Personnel - Home Health Care Division, Inc. Since June 1991, the company has added 11 branches and four pharmacies.
"These new operations contribute relatively little to revenue and typically incur losses during their first months of operation. With these additions, In Home Health has grown to 22 branches in 10 markets from just 10 branches in five markets 12 months ago," Figge added.
Recently, the Missouri State Board of Pharmacy granted the company a license allowing In Home Health to offer infusion services to its clients in the greater Kansas City market. This brings to six the number of metropolitan areas where the company has infusion pharmacies to complement existing health care services.
"Also during the quarter, In Home Health's Class C warrants were exercised, generating approximately $7.5 million in proceeds to the company," Figge said. As a result, total cash-on-hand was $9 million at period-end, and the company currently has 14.4 million common shares outstanding.
In December, a $5 million line of credit was completed to finance increased working capital needs. According to Figge, plans call for continued expansion in fiscal 1992, in terms of new markets, branches and infusion pharmacies.
In Home Health specializes in high-quality health services to clients in their own homes, including infusion therapy, high-tech nursing, rehabilitation and personal care. Home health care is estimated to be a $12-$15 billion per year industry in the United States at present, which is expected to grow to $30 billion by the mid-1990s.
IN HOME HEALTH, INC.
Consolidated Statements of Operations
(Unaudited; in thousands, except per-share amounts)
Three months ended Dec. 31 1991 1990
Revenue $15,148 $6,637
Direct costs 8,460 3,466
and selling expenses 5,898 2,805
Income from operations 790 366
Interest expense (income), net (25) 38
Income before income taxes 815 328
Income tax expense 334 131
Net income 481 197
Net income per share:
Primary $.03 $.03
Fully diluted .03 .03
Weighted average number of common
and common equivalent shares
Primary 15,135 7,109
Fully diluted 15,624 9,677
/CONTACT: Kenneth J. Figge, executive VP and CFO of In Home Health, 612-545-0102, or William H. Pfund of P.L. Thomas Group, 312-906-8060, for In Home Health/
(IHHI) CO: In Home Health, Inc. ST: Minnesota IN: HEA SU: ERN CK-TM -- NY106 -- 5449 01/30/92 16:35 EST