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PROVIDENCE HEALTH CARE REPORTS 1991 RESULTS; REVENUE GAIN OF 17 PERCENT

PROVIDENCE HEALTH CARE REPORTS 1991 RESULTS; REVENUE GAIN OF 17 PERCENT
 BEREA, Ohio, April 6 /PRNewswire/ -- Providence Health Care, Inc. (NASDAQ: PHCI), announced today that it had net income of $150,000, or 1 cent per share, for the year ended Dec. 31, 1991, as compared with a loss of $1.6 million in fiscal 1990, according to Lawrence B. Cummings, chairman and chief executive officer.
 Revenues increased 17 percent to $24.8 million in 1991 over $21.3 million reported in the previous year.
 Cummings said, "We have made great strides during 1991, and our results for the year are very encouraging. With the successful completion of a 2.87 million share initial public offering in February 1992, we substantially reduced debt and significantly lowered expenses, both for interest and fees. Our improved financial strength, coupled with a strong market niche and a 91.2 percent occupancy rate in our facilities this last year, bode well for further gains in 1992."
 Providence Health Care is a provider of long-term nursing care, principally in the State of Ohio. The company operates, through its subsidiary, Northwestern Service Corporation, 13 long-term nursing care facilities in Ohio and one in Vermont for an aggregate of 1,081 beds.
 PROVIDENCE HEALTH CARE, INC.
 Consolidated Statement of Operations
 (In thousands, except per share amounts)
 Twelve months ended Dec. 31 1991 1990 Pct. Change
 Patient service revenues $24,823 $21,290 17
 Net income (loss) $ 150 $(1,590) N/M
 Net inc. (loss) per common share (A) $.01 $(1.13) N/M
 Aver. common shares outstanding (B) 1,366 1,446 (5)
 (A) -- After deducting preferred stock dividends.
 (B) -- In February 1992, subsequent to year end, Providence Health Care completed a public offering of 2,870,000 additional common shares.
 -0- 4/6/92
 /CONTACT: Lawrence B. Cummings, chairman and CEO of Providence Health Care, 216-243-4732/
 (PHCI) CO: Providence Health Care, Inc. ST: Ohio IN: HEA SU: ERN


GK-TS -- NY018 -- 5239 04/06/92 09:33 EDT
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Publication:PR Newswire
Date:Apr 6, 1992
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