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INTEGRATED HEALTH SERVICES ANNOUNCES SECOND QUARTER RESULTS

 INTEGRATED HEALTH SERVICES ANNOUNCES SECOND QUARTER RESULTS
 HUNT VALLEY, Md., July 27 /PRNewswire/ -- Integrated Health Services, Inc. (NASDAQ: IHSI) today announced revenues and earnings for the second quarter ended June 30, 1992.
 Earnings from continuing operations in the second quarter of 1992 were $.25 per share, which reflects a 79 percent gain from $.14 a share for the second quarter of 1991 on a fully taxed basis. Reported earnings from continuing operations in the second quarter of 1991 were $.15 per share because of tax loss carryforwards.
 Revenues in the second quarter 1992 were $44,786,000 versus $33,932,000 for the same period last year, an increase of 32 percent.
 Revenues from the higher margin specialty medical services increased from $10,797,000 in the second quarter of 1991 to $18,934,000 in the second quarter of 1992, an increase of 75 percent. These revenues now represent 42 percent of total revenues.
 Earnings from continuing operations for the first six months in 1992 were $.47 per share compared with $.28 per share on a fully taxed basis for the same period last year, an increase of 68 percent. Reported net earnings for the six months ended June 30, 1991 were $.33 because of tax loss carryforwards.
 Revenues for the six months ended June 30, 1992 were $87,829,000 compared with $65,080,000 for the same period last year, an increase of 35 percent.
 Specialty medical revenues for the six months ended June 30, 1992, were $35,492,000 or 40 percent of consolidated revenues as compared to $19,231,000 or 30 percent in the same period last year.
 Net earnings for the quarter and the six months ended June 30, 1992 were reduced by an extraordinary loss on the extinguishment of debt subsequent to the company's public offering in April 1992. The extraordinary loss was $1,916,000 (net of tax) or $.18 per share. Accordingly, net earnings for such periods were $.07 and $.29, respectively, as compared to $.11 and $.28, respectively in the prior year on a fully taxed basis. Reported net earnings for such periods in 1991 were $.13 and $.33 respectively.
 The company announced that it has opened 116 additional beds during the second quarter in its national network of Medical Specialty Units (MSUs), which provide a variety of cost-effective, subacute care services traditionally provided in a hospital. IHS also announced the acquisition of two skilled nursing facilities with a total of 280 beds, at least 60 of which are expected to be upgraded to MSU beds.
 Company Chairman and CEO, Robert N. Elkins, M.D., commented, "We are extremely pleased with the results of our strategy. The consolidated results of operations in the second quarter strengthens our position as a leading


provider of alternate site subacute care and we expect continued growth throughout the remainder of the year."
 IHS uses geriatric care facilities as a platform for the company's MSU program which provides a wide range of subacute stage medical and rehabilitative services traditionally given in an acute care hospital. Patients who are medically stable but require sophisticated monitoring and therapy receive specialized care such as ventilator therapy, wound management and post-operative care. The MSU setting is both cost effective and less institutional. IHS currently operates 51 geriatric care facilities nationwide with more than 6,700 beds including a 439 bed network of MSU beds in 24 specialized units.
 INTEGRATED HEALTH SERVICES, INC.
 Three months ended June 30 1992 1991
 Revenues $44,786,000 $33,932,000
 Pre-tax earnings from continuing operations 4,614,000 1,558,000
 Earnings from continuing operations 2,859,000 1,082,000
 Loss from discontinued operations 0 100,000
 Earnings before extraordinary item 2,859,000 982,000
 Loss on extinguishment of debt, net of tax 1,916,000 0
 Net earnings 943,000 982,000
 Earnings per common share:
 Earnings from continuing operations $.25 $.15
 Earnings before extraordinary item .25 .13
 Net earnings .07 .13
 Six months ended June 30 1992 1991
 Revenues $87,829,000 $65,080,000
 Pre-tax earnings from continuing operations 7,930,000 2,399,000
 Earnings from continuing operations 4,918,000 1,780,000
 Loss from discontinued operations 0 0
 Earnings before extraordinary item 4,918,000 1,780,000
 Loss on extinguishment of debt, net of tax 1,916,000 0
 Net earnings 3,002,000 1,780,000
 Earnings per common share:
 Earnings from continuing operations $.47 $.33
 Earnings before extraordinary item .47 .33
 Net earnings .29 .33
 Average shares outstanding 10,526,000 5,444,000
 -0- 7/27/92
 /CONTACT: Robert N. Elkins, chairman, CEO and 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-OS -- NY022 -- 3389 07/27/92 09:51 EDT
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Date:Jul 27, 1992
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