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INTEGRATED HEALTH SERVICES ANNOUNCES RECORD FIRST QUARTER RESULTS AND OPENING OF ADDITIONAL MEDICAL SPECIALTY UNITS (MSUs)

 INTEGRATED HEALTH SERVICES ANNOUNCES RECORD FIRST QUARTER RESULTS
 AND OPENING OF ADDITIONAL MEDICAL SPECIALTY UNITS (MSUs)
 HUNT VALLEY, Md., April 28 /PRNewswire/ -- Integrated Health Services, Inc. (NASDAQ: IHSI) today announced record revenues and earnings for the first quarter ended March 31, 1992.
 Earnings from continuing operations in the first quarter of 1992 were $.22 per share, which reflects a 57 percent gain from $.14 a share for the first quarter of 1991 on a fully taxed basis. In 1991, the company earned $.18 per share from continuing operations in the first quarter because of tax loss carryforwards.
 Revenues in the first quarter 1992 were $43,044,000 versus $31,148,000 for the same period last year, an increase of 38 percent. Revenues increased 30 percent on a same store basis.
 Revenues from the higher margin specialty medical services increased from $8,434,000 in the first quarter of 1991 to $16,568,000 in the first quarter of 1992. These revenues now represent 39 percent of total revenues.
 The company recently acquired two facilities: 138 beds in Raleigh, N.C. on Dec. 31, 1991 of which 30 beds will be converted to an MSU, and 99 beds in LaHabra, Calif. on Feb. 1, 1992 of which 30 beds will be converted to an MSU.
 IHS was named to the INC. Magazine's top 100 fastest growing public companies and ranks No. 52 on this list.
 IHS also announced that 42 additional MSU beds were opened in March and April 1992. The recently opened MSUs include 200 ventilator beds at the company's Clara Burke facility in Plymouth Meeting, Pa. In addition, the MSU programs at the Brentwood facility in Chicago, were expanded to include an additional 10 ventilator beds and 7 complex care beds, bringing its total MSU beds to 41. The ventilator program at Briarcliff in Alabaster, Ala. was also expanded by 5 beds bringing its total MSU beds to 18.
 Finally, the company announced that it has converted its 16-bed neuro rehab program at Gravois, St. Louis, to a complex care program.
 IHS now operates 355 MSU beds up from 197 beds at this time a year ago.
 Company Chairman and CEO, Robert N. Elkins, M.D., commented, "The new unit at Clara Burke and the expansion and conversion of MSU beds at the Brentwood, Briarcliff and Gravois facilities reflect the success of our model for upgrading skilled nursing facility beds to MSUs and expanding the size of the units to meet the needs of our patients and their families."
 Dr. Elkins added, "We are very pleased with the results of our strategy. The company's continued growth in specialty medical revenue and the consolidated results of operations in the first quarter strengthens our position as a leading provider of alternate site subacute care."
 Integrated Health Services' strategy is to use geriatric care facilities as a platform to provide a wide range of medical and rehabilitative services which traditionally have been provided in the acute care hospital. The company provides specialized subacute care such as post-operative care, ventilator therapy and wound management through MSUs located within its facilities. Integrated Health Services operates 45 geriatric care facilities, including 20 MSUs with a combined total of over 5,900 beds.
 INTEGRATED HEALTH SERVICES, INC.
 Three months ended March 31 1992 1991
 Revenues $43,044,000 $31,148,000
 Pre-tax earnings from continuing opers. 3,317,000 841,000
 Earnings from continuing operations 2,059,000 698,000
 Earnings from discontinued operations -- 100,000
 Net earnings 2,059,000 798,000
 Earnings per common share (fully diluted):
 Earnings from cont. opers. $.22 $.18
 Net earnings .22 .20
 Earnings from continuing operations
 if fully taxed in 1991 $.22 $.14
 Average shares outstanding 9,449,672 3,903,976
 -0- 4/28/92
 /CONTACT: Robert N. Elkins, chairman, CEO & president of Integrated Health Services, 410-584-7050; or Susan A. Noonan of Noonan/Russo Communications, 212-979-9180, for Integrated Health Services/
 (IHSI) CO: Integrated Health Services Inc. ST: Maryland IN: HEA SU: ERN


TS-HM -- NY018 -- 3607 04/28/92 09:25 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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