Printer Friendly

IN HOME HEALTH REPORTS SUBSTANTIAL GAINS IN THIRD QUARTER

 IN HOME HEALTH REPORTS SUBSTANTIAL GAINS IN THIRD QUARTER
 MINNETONKA, Minn., July 27 /PRNewswire/ -- In Home Health, Inc. (NASDAQ: IHHI) had a 105-percent year-over-year gain in net income for its third quarter ended June 30, 1992, on $19.7 million in revenue, it was reported today by Judy M. Figge, president and CEO.
 Third quarter net income was $624,000 as compared with $305,000 reported in the third quarter of fiscal 1991, and was an 11 percent gain over the company's fiscal 1992 second quarter earnings. Quarterly earnings per share rose to $.04 from $.03 per share in the third quarter of fiscal 1991, despite a 14 percent increase in the average number of shares outstanding. The increase in shares primarily reflects the exercise of In Home Health warrants over the last 12 months.
 Third quarter income from operations exceeded $1 million for the first time, reaching $1,092,000, up 114 percent from the $510,000 a year ago. Revenue totaled $19.7 million in the quarter, more than double the $9.7 million of the third quarter of fiscal 1991 and an 11 percent increase over second quarter fiscal 1992 revenue.
 Nine Month Results
 For the first nine months of fiscal 1992, In Home Health had net income of $1,668,000, up 159 percent from the $643,000 attained during the first nine months of fiscal 1991.
 Income from operations increased 146 percent to $2,865,000 for the first nine months from $1,163,000 in the comparable period a year ago. Revenue was $52.7 million, a 120 percent gain over the $23.9 million of last year.
 Nine month earnings per share were $.11 on 15.7 million average shares outstanding, a 57 percent increase over $.07 on 10.9 million average shares outstanding during the first three quarters of fiscal 1991. The increased shares outstanding reflects the exercise of the company's outstanding warrants during the last 12 months.
 "The strong momentum, exhibited in both our third quarter and nine month results, reflected our presence in 11 of the nation's top 25 markets, recently increased to 12 with the acquisition of Professional Homecare of Washington in Seattle, and demonstrates the effectiveness of our strategy of focusing on major market centers with our home health care services," Figge said.
 "Improved profit results were partially the result of the growing importance of infusion product revenue, which accounted for 4.5 percent of total revenue for the first three quarters of fiscal 1992, up from only 1.8 percent for the first nine months of fiscal 1991. Despite the substantial initial costs of our infusion-pharmacy expansion, we remain confident of the long-term benefits resulting from our commitment to this key support service," she added. "And, despite the success we've achieved to date, our focus clearly remains on looking for better ways to provide the care and treatment services to meet the individual needs of our clients in their own homes."
 In Home Health provides extensive health care service to clients of all ages in their own homes. The company currently operates 24 branches and six infusion pharmacies in 12 geographic markets, including Phoenix, Ariz.; Los Angeles and San Francisco; Denver; Chicago; Detroit; Minneapolis/St. Paul; Kansas City and St. Louis, Mo.; Cincinnati; Houston; and Seattle.
 IN HOME HEALTH, INC.
 Consolidated Statements of Operations
 (Unaudited -- Amounts in thousands, except per share amounts)
 Periods Ended Three Months Percent Nine Months Percent
 June 30 1992 1991 Change 1992 1991 Change
 Revenue $19,725 $9,722 103 $52,699 $23,901 120
 Direct costs
 of revenue 10,674 5,393 98 28,636 12,922 122
 General, admin.
 & selling exps. 7,959 3,819 108 21,198 9,816 116
 Inc. from opers. 1,092 510 114 2,865 1,163 146
 Int. exp., net 35 2 N/M 39 91 (57)
 Inc. bef. inc.
 taxes 1,057 508 108 2,826 1,072 164
 Inc. tax exp. 433 203 113 1,158 429 170
 Net income 624 305 105 1,668 643 159
 Net inc. per shr. $.04 $.03 33 $.11 $.07 57
 Weighted avg. no.
 of com. & com.
 equiv. shares 15,914 13,930 14 15,736 10,874 45
 -0- 7/27/92
 /CONTACT: Judy M. Figge, president and CEO of In Home Health, 612-449-7500/
 (IHHI) CO: In Home Health Inc. ST: Minnesota IN: HEA SU: ERN


LR-PS -- NY026 -- 3429 07/27/92 10:37 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 27, 1992
Words:739
Previous Article:ONE HUNDRED AND TWENTY-FOUR PAY'N SAVE STORES NOW OPERATING AS PAYLESS DRUG STORES
Next Article:UNIVERSITY OF SOUTH FLORIDA APPRENTICE WINS NAACP COMPETITION FOR RESEARCH
Topics:


Related Articles
AMSERV ANNOUNCES THIRD QUARTER RESULTS AND STOCK REPURCHASE PROGRAM
SAFEGUARD HEALTH ENTERPRISES INC. REPORTS SUBSTANTIAL INCREASE IN THIRD QUARTER NET INCOME AND EARNINGS
COTTON STATES LIFE AND HEALTH INSURANCE COMPANY ANNOUNCES A SUBSTANTIAL JUMP IN THIRD-QUARTER EARNINGS
FEDERAL HOME LOAN BANK OF PITTSBURGH REPORTS INCOME AND LOAN INCREASES
PFIZER RECORDS $750 MILLION PRE-TAX RESTRUCTURING CHARGE AS PART OF ACCELERATED PROGRAM TO IMPROVE COMPETITIVENESS AND PRODUCTIVITY
PFIZER RECORDS $750 MILLION PRE-TAX RESTRUCTURING CHARGE AS PART OF ACCELERATED PROGRAM TO IMPROVE COMPETITIVENESS AND PRODUCTIVITY
HOSPITAL STAFFING SERVICES REPORTS FIRST QUARTER PROFIT; COMPANY ALSO REPORTS THAT VALUE MAXIMIZATION PROGRAM IS UNDERWAY
UNITED WISCONSIN SERVICES REPORTS THIRD QUARTER EARNINGS
HEALTHDYNE ANNOUNCES THIRD QUARTER RESULTS
Coram Announces Third Quarter 1998 Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters