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INTEGRATED HEALTH SERVICES ANNOUNCES YEAR END RESULTS

 INTEGRATED HEALTH SERVICES ANNOUNCES YEAR END RESULTS
 HUNT VALLEY, Md., March 2 /PRNewswire/ -- Integrated Health Services, Inc. (NASDAQ: IHSI) today announced record revenues and earnings for the quarter and year ended Dec. 31, 1991. Revenues for calendar year 1991 were $143,652,000 versus $98,352,000 for the prior year, an increase of 46 percent. Pre-tax earnings from continuing operations for the calendar year 1991 were $7,985,000 compared with $2,712,000 in the prior year, an increase of 194 percent. Earnings before extraordinary items for 1991 were $5,925,000, or $.79 per share, versus $987,000, or $.27 per share in 1990, an earnings per share increase of 193 percent.
 Revenues for the fourth quarter ended Dec. 31, 1991 were $40,753,000 versus $27,853,000 for the same period last year, an increase of 46 percent. Pre-tax earnings from continuing operations for the fourth quarter in 1991 were $3,089,000 compared with $1,069,000 in the prior year, an increase of 189 percent. Earnings before extraordinary items in the fourth quarter of 1991 were $2,292,000 or $.24 per share, versus $393,000 or $.12 per share, in 1990, an earnings per share increase of 100 percent.
 The increase in revenues for the three months and twelve months ended Dec. 31, 1991, as compared with the same period last year, is primarily attributable to an increase in specialty medical revenues, due to the company's growth in Medical Specialty Units (MSUs).
 Had the company's results of operations been fully taxable (assuming a 35 percent tax rate), earnings from continuing operations for the quarter ended Dec. 31, 1991, would have been $2,008,000 or $.21 per share, compared with $695,000 or $.18 per share in the same period last year. Had results of operations been fully taxable, earnings from continuing operations for the twelve months ended Dec. 31, 1991, would have been $5,190,000 or $.70 per share, compared with $1,763,000, or $.47 per share in the same period last year, an earnings per share increase of 49 percent.
 Specialty medical revenues for the quarter ended Dec. 31, 1991 were $16,270,000 or 40 percent of consolidated revenues as compared to $7,589,000 or 27 percent in the same period last year. For the twelve months ended Dec. 31, 1991, specialty medical revenues were $49,901,000 or 35 percent of consolidated revenues as compared to $25,769,000 or 26 percent in the same period last year.
 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 currently operates 44 geriatric care facilities, including 19 MSUs with a combined total of over 5,900 beds.
 INTEGRATED HEALTH SERVICES, INC.
 Three months ended Dec. 31 1991 1990
 Revenues $40,753,000 $27,853,000
 Pre-tax earnings from cont. opers. 3,089,000 1,069,000
 Earnings from cont. opers. 2,292,000 893,000
 Earnings before extraord. item 2,292,000 393,000
 Net earnings (loss) 2,292,000 (1,238,000)
 Earnings per common share
 (fully diluted):
 Earnings from cont. opers. 0.24 0.24
 Earnings before extraord. item 0.24 0.12
 Net earnings (loss) 0.24 (0.32)
 Twelve months ended Dec. 31 1991 1990
 Revenues $143,652,000 $98,352,000
 Pre-tax earnings from cont. opers. 7,985,000 2,712,000
 Earnings from cont. opers. 5,925,000 2,337,000
 Earnings before extraord. item 5,925,000 987,000
 Net earnings (loss) 5,925,000 (644,000)
 Earnings per common share
 (fully diluted):
 Earnings from cont. opers. 0.79 0.63
 Earnings before extraord. item 0.79 0.27
 Net earnings (loss) 0.79 (.17)
 Average shares outstanding 7,456,793 3,717,415
 -0- 3/2/92
 /CONTACT: Robert N. Elkins, chairman, CEO and president of Integrated Health Services, 410-584-7050, or Susan Noonan of Noonan/Russo, 212-979-9180, for Integrated Health Services/
 (IHSI) CO: Integrated Health Services, Inc. ST: Maryland IN: HEA SU: ERN


KD-OS -- NY064 -- 4028 03/02/92 13:54 EST
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Date:Mar 2, 1992
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