Printer Friendly

NATIONAL HERITAGE REPORTS SECOND QUARTER EARNINGS

 NATIONAL HERITAGE REPORTS SECOND QUARTER EARNINGS
 DALLAS, Feb. 13 /PRNewswire/ -- National Heritage, Inc. (NYSE: NHR)


today reported net income of $21,000, for the three months ended Dec. 31, 1991, compared with net income of $139,000 or $.01 per share in the second quarter of fiscal 1991. Second quarter revenues totaled $13 million, compared with revenues of $13.6 million in the same period a year ago.
 For the six months ended Dec. 31, 1991, National Heritage reported net income of $47,000 vs. net income of $82,000 in the first half of fiscal 1991. Revenues for the first six months of fiscal 1992 were $25.5 million, compared with $27.8 million for the first half of fiscal 1991.
 Chairman Robert M. Galecke commented, "Results for the second quarter of fiscal 1992 reflect our ongoing efforts to stabilize and improve the overall financial health of National Heritage, while strengthening our presence within the nursing home industry.
 "Revenues from facility residents increased as a result of the company's purchase of a 99-bed nursing home in South Des Moines, Iowa, in late October 1991 and continuing efforts to enhance revenues by increasing the number of facilities certified to receive Medicare payments, increasing the number of Medicare residents at these facilities, and by improving the billing arrangement for Medicare services."
 Operating revenues were slightly lower for the three- and six-month periods in fiscal 1992 due to a reduction in fees from management agreements which were either canceled or modified. These lower revenues were offset by a 7 percent decrease in operating expenses during the second quarter of 1992. Additionally, a reduction in the company's personnel costs lowered general and administrative expenses, in comparison to prior periods.
 The company's cash balance for the second quarter was reduced due to the final settlement of preference claims in the Southmark bankruptcy proceedings, partial settlement of retrospective premiums for workers' compensation insurance and the purchase of the South Des Moines, Iowa, nursing home.
 Galecke added, "Our primary objective is still to stay profitable and enhance our current operations while we continue to identify and qualify new management and leasing opportunities. It is gratifying to see our efforts begin to have an impact at the operational level."
 National Heritage, Inc., headquartered in Dallas, is a leading manager and operator of long-term care facilities for the elderly.
 NATIONAL HERITAGE, INC. AND SUBSIDIARIES
 Financial Highlights
 (Unaudited; dollars in thousands, except per-share amounts)
 Periods ended Three Months Six Months
 Dec. 31 1991 1990 1991 1990
 Operating revenues $13,001 $13,646 $25,558 $27,787
 Earnings before
 income tax 21 112 80 37
 Income tax (benefit)
 expense -- (27) 33 (45)
 Net earnings 21 139 47 82
 Earnings per share
 of common stock -- $.01 -- --
 Weighted average
 shares
 outstanding 16,890 16,890 16,890 16,890
 -0- 2/13/92
 /CONTACT: Vicki A. Bolton of National Heritage, 214-233-3900/
 (NHR) CO: National Heritage Inc. ST: Texas IN: HEA SU: ERN


CK -- NY034 -- 9796 02/13/92 13:50 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 13, 1992
Words:499
Previous Article:EARTHWINDS UPDATE: LAUNCH NOW SCHEDULED FOR FEB. 14
Next Article:REPUBLIC HEALTH SIGNS LETTER OF INTENT TO PURCHASE SAFECARE HEALTH SERVICES
Topics:


Related Articles
NATIONAL HERITAGE REPORTS FIRST QUARTER RESULTS
AMERICAN HERITAGE LIFE INVESTMENT CORPORATION REPORTS RECORD FIRST QUARTER EARNINGS FROM OPERATIONS
KEYSTONE HERITAGE GROUP REPORTS SECOND QUARTER EARNINGS, DECLARES REGULAR QUARTERLY CASH DIVIDEND
NATIONAL HERITAGE REPORTS FOURTH QUARTER AND YEAR END RESULTS
NATIONAL HERITAGE REPORTS FIRST QUARTER RESULTS
NATIONAL HERITAGE REPORTS SECOND QUARTER AND SIX MONTH RESULTS
HERITAGE FINANCIAL SERVICES ANNOUNCES RECORD EARNINGS; NET INCOME UP 18 PERCENT
Michigan Heritage Bancorp Reports Second Quarter Earnings.
American Heritage Life Investment Corporation Announces Record Second Quarter Earnings from Operations and Further Discusses Allstate Details.
Michigan Heritage Bancorp Reports 66% Increase in Second Quarter Net Interest Income After Provision for Loan Losses.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters