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LIVING CENTERS OF AMERICA SECOND QUARTER RESULTS UP 34.4 PERCENT

 HOUSTON, April 21 /PRNewswire/ -- Living Centers of America, Inc. (NYSE: LCA), announced today the operating results for the second quarter ended March 31, 1993. The company reported net income of $3,557,000 or $.38 per share, for the quarter compared to $2,647,000, or $.30 per share, for the same period in 1992, up 34.4 percent over prior year. For the six months ended March 31, 1993, Living Centers reported net income of $6,254,000, or $.67 per share, compared to $4,434,000, or $.51 per share, for the same period in 1992, up 41.0 percent over prior year. Average center occupancy, adjusted for acquisitions and divestitures, remained constant at 82.2 percent for the quarter and increased from 81.9 percent to 82.2 percent for the six-month period.
 "We continue to experience growth in our quarterly earnings," said Living Centers of America Chairman and Chief Executive Officer Edward L. Kuntz. "Improvements in operating margins, interest reductions, and increases in earnings of our 49 percent owned pharmaceutical services affiliate continue to drive our performance."
 During the quarter, the company continued its plan of development through the acquisition of three additional facilities. The company also terminated the lease on one facility and closed another facility, both of which did not meet the company's required operating criteria.
 Living Centers of America, Inc., is the fourth largest provider of long-term health care in the United States. The company operates 215 centers in nine states: Texas, Colorado, Florida, Oklahoma, Louisiana, Nebraska, Wyoming, Arizona and Mississippi. Of the company's 215 centers, 157 provide long-term health care and 58 are devoted to the care of the developmentally disabled. Headquartered in Houston, the company is a publicly-held corporation whose stock is traded on the New York Stock Exchange. The company's facilities are licensed for 19,367 beds and employ approximately 14,000 individuals dedicated to providing quality health and human services for the elderly and disabled.
 LIVING CENTERS OF AMERICA, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited -- In thousands, except per share amounts)
 Periods ended Three Months Six Months
 March 31 1993 1992 1993 1992
 Net revenues $94,422 $85,179 $187,005 $169,881
 Costs and expenses:
 Payroll & payroll related 52,298 47,643 104,897 96,069
 Operating & administrative 32,202 28,876 63,818 57,528
 Depreciation & amortization 3,506 3,127 6,898 6,309
 Total 88,006 79,646 175,613 159,906
 Income from operations 6,416 5,533 11,392 9,975
 Interest expense, net:
 Intercompany interest expense -- 1,012 -- 2,866
 Interest expense, net 978 532 1,965 642
 Total 978 1,544 1,965 3,508
 Income before income taxes
 and equity earnings 5,438 3,989 9,427 6,467
 Provision for income taxes 2,311 1,635 4,007 2,651
 Income before equity earns. 3,127 2,354 5,420 3,816
 Equity earnings 430 293 834 618
 Net income $ 3,557 $ 2,647 $ 6,254 $ 4,434
 Earnings per share $0.38 $0.30 $0.67 $0.51
 Weighted average common and
 common equivalent shares
 outstanding 9,295 8,766 9,360 8,703
 LIVING CENTERS OF AMERICA, INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (In thousands, except share amounts)
 3/31/93 9/30/92
 (Unaudited)
 ASSETS
 Current assets:
 Cash & cash equivalents $ 2,660 $ 9,902
 Receivables (less allowances of $2,555
 and $2,747) 28,358 25,007
 Notes receivable, net 6,516 6,899
 Supplies 3,715 3,689
 Prepaid insurance 10,326 5,592
 Deferred income taxes 11,085 8,734
 Other (including patient trust funds of
 $2,653 and $2,673) 5,217 4,638
 Total current assets 67,877 64,461
 Property and equipment:
 Land, buildings and improvements 166,548 154,159
 Furniture, fixtures and equipment 39,201 36,520
 Leased property under capital leases 3,872 5,423
 Total 209,621 196,102
 Less accumulated depreciation 77,410 73,071
 Total 132,211 123,031
 Goodwill, net 25,605 26,002
 Investment in unconsolidated affiliate 5,433 4,599
 Notes receivable, net 5,129 6,055
 Other assets 4,707 2,188
 Total $240,962 $226,336
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Current maturities of long-term debt $ 1,237 $ 1,439
 Insurance notes payable 8,979 4,108
 Accounts payable 18,280 12,004
 Accrued payroll and related expenses 18,652 17,819
 Occupational injury and benefit reserve 7,359 3,669
 Accrued property and other taxes 2,179 3,241
 Patient trust funds 2,653 2,673
 Other accrued expenses 14,828 12,301
 Total current liabilities 74,167 57,254
 Long-term debt 64,966 69,282
 Deferred income taxes & other noncurrent
 liabilities 1,979 2,509
 Commitments and contingencies
 Stockholders' equity:
 Preferred stock, par value $.01; 5,000,000 shares
 authorized; none issued -- --
 Common stock, par value $.01; 35,000,000 shares
 authorized; 9,462,180 shares issued 95 95
 Capital surplus 90,316 90,167
 Retained earnings 13,884 7,630
 Treasury stock at cost - 279,404 and
 50,000 shares (4,445) (601)
 Total stockholders' equity 99,850 97,291
 Total $240,962 $226,336
 -0- 4/21/93
 /CONTACT: Dorothy M. Wiley of Living Centers of America, 713-578-4650/
 (LCA)


CO: Living Centers of America, Inc. ST: Texas IN: HEA SU: ERN GK-PS -- NY003 -- 8586 04/21/93 10:02 EDT
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Date:Apr 21, 1993
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