Printer Friendly

PROVIDENCE HEALTH CARE BOARD AUTHORIZES STOCK BUY-BACK; RECEIVES REPORT ON POTENTIAL PURCHASERS

 BEREA, Ohio, Dec. 30 /PRNewswire/ -- Lawrence B. Cummings, Chairman, President and Chief Executive Officer of Providence Health Care, Inc. (NASDAQ: PHCI) today announced that the Board of Directors has authorized the repurchase of up to 200,000 shares of stock.
 Mr. Cummings stated, "We believe that a stock repurchase program will promote an orderly market in the Company's shares and is a prudent use of the Company's funds, market conditions permitting."
 Also, as previously announced, the Board of Directors has adopted a resolution to seek to maximize shareholder value by soliciting offers for the Company. The Company reported that several prospective buyers have begun their examination of the Company's operations and financial statements and that it expects to be receiving bids that it can review shortly.
 Mr. Cummings added, "We are extremely pleased at the interest shown by several parties in a possible transaction and believe, although no assurance can be given that a transaction will be consummated, that we can negotiate in the near term an agreement with a purchaser which will provide maximum value to shareholders."
 Providence Health Care, Inc. was formed in February 1989 and acquired Northwestern Service Corporation, a nursing home operator, in June 1989. The Company operates 15 long-term care facilities, 13 in Ohio and one each in Vermont and Virginia, with an aggregate 1,245 beds. Of these, 1,184 are nursing care beds and 61 are assisted-living beds. In addition, the Company manages a 175 bed facility in Cleveland, Ohio. Through Northwestern, which was merged into Providence in December 1992, the Company has been engaged in the nursing home business since 1970 and since 1983 has grown significantly through selected acquisitions and internal development. All of the Company's Ohio facilities are located within approximately 150 miles of the Company's headquarters in Berea, a Cleveland suburb.
 -0- 12/30/93
 /CONTACT: Mark H. Harnett of Mackenzie Partners, 212-929-5500, or Kamal Mustafa of Hamilton Capital Partners, 201-228-9605 both for Providence Health Care/
 (PHCI)


CO: Providence Health Care, Inc. ST: Ohio IN: HEA SU:

LG-SP -- NY026 -- 8135 12/30/93 16:12 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 30, 1993
Words:347
Previous Article:STANDARD & POOR'S STOCK PRICE INDEX -- CLOSING, FRIDAY, NOV. 26
Next Article:EQUITY INVESTMENTS CORP. ANNOUNCES UPDATE ON RIGHTS OFFERING
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters