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INTEGRATED HEALTH SERVICES ANNOUNCES THIRD QUARTER RESULTS

 INTEGRATED HEALTH SERVICES ANNOUNCES THIRD QUARTER RESULTS
 HUNT VALLEY, Md., Oct. 22 /PRNewswire/ -- Integrated Health


Services, Inc. (NASDAQ: IHSI), today announced revenues and earnings for the third quarter ended Sept. 30, 1992.
 Earnings per share from continuing operations in the third quarter of 1992 were $.27 per share, which reflects a 29 percent gain from $.21 a share for the third quarter of 1991 on a fully-taxed basis. Reported earnings from continuing operations in the third quarter last year were $.22 because of tax loss carryforwards.
 Earnings from continuing operations in the third quarter of 1992 were $3,201,000, which represents a 97 percent increase over the same period last year on a fully-taxed basis.
 Revenues in the third quarter 1992 were $51,863,000 versus $37,819,000 for the same period last year, an increase of 37 percent.
 Revenues from the higher margin specialty medical services increased from $14,400,000 in the third quarter of 1991 to $21,796,000 in the third quarter of 1992, an increase of 51 percent. These revenues now represent 42 percent of total revenues.
 Earnings from continuing operations for the nine months ended Sept. 30, 1992, were $8,119,000, which represents a 155 percent increase over the same period last year on a fully-taxed basis.
 Earnings per share from continuing operations for the first nine months in 1992 were $.74 per share compared with $.49 per share on a fully-taxed basis for the same period last year, an increase of 51 percent. Reported net earnings for the nine months ended Sept. 30, 1991, were $.55 because of tax loss carryforwards.
 Revenues for the nine months ended Sept. 30, 1992, were $139,692,000 compared with $102,899,000 for the same period last year, an increase of 36 percent.
 Specialty medical revenues for the nine months ended Sept. 30, 1992, were $57,288,000 or 41 percent of consolidated revenues as compared to $33,631,000 or 33 percent of consolidated revenues in the same period last year.
 Net earnings for the nine months ended Sept. 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 the nine month period were $.56, as compared to $.49, respectively, in the prior year on a fully-taxed basis. Reported net earnings in 1991 were $.55.
 Company Chairman and CEO Robert N. Elkins, M.D., commented, "We are extremely pleased with the continued growth that reflects the success of our subacute care operations. In particular, we are highly confident that the strength of our subacute and managed care strategy will continue to support our record growth in the coming years."
 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 55 geriatric care facilities nationwide with more than 7,200 beds including a 501-bed national network of MSU beds in 26 specialized units.
 INTEGRATED HEALTH SERVICES, INC.
 Three months ended Sept. 30 1992 1991
 Revenues $51,863,000 $37,819,000
 Pre-tax earnings from cont. opers. 5,160,000 2,497,000
 Earnings from continuing operations 3,201,000 1,853,000
 Net earnings $ 3,201,000 $ 1,853,000
 Earnings per common share:
 Earnings from continuing operations $.27 $.22
 Net earnings $.27 $.22
 Nine months ended Sept. 30 1992 1991
 Revenues $139,692,000 $102,899,000
 Pre-tax earnings from cont. opers. 13,090,000 4,896,000
 Earnings from continuing operations 8,119,000 3,633,000
 Earnings before extraordinary item 8,119,000 3,633,000
 Extraordinary item - loss on
 extinguishment of debt 1,916,000 --
 Net earnings $ 6,203,000 $ 3,633,000
 Earnings per common share:
 Earnings from continuing operations $.74 $.55
 Earnings before extraordinary item .74 .55
 Net earnings $.56 .55
 Average shares outstanding 11,008,000 6,555,000
 -0- 10/22/92
 /CONTACT: Robert N. Elkins, M.D., chairman, CEO and president of IHS, 410-584-7050; or Susan A. Noonan of Noonan/Russo Communications, 212-979-9180, for IHS/
 (IHSI) CO: Integrated Health Services, Inc. ST: Maryland IN: HEA SU: ERN


GK-PS -- NY031 -- 3424 10/22/92 10:22 EDT
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Date:Oct 22, 1992
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