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PROVIDENCE HEALTH CARE REPORTS 1992 RESULTS; REVENUE GAIN OF 11 PERCENT

 BEREA, Ohio, March 31 /PRNewswire/ -- Providence Health Care, Inc. (NASDAQ: PHCI) had net income of $477,000 or $.09 per common share for the year ended Dec. 31, 1992, after extraordinary aggregate charges, net of tax benefit, of $343,000, according to Lawrence B. Cummings, chairman and chief executive officer. This compares to net income of $150,000 or $.01 per common share for fiscal 1991, which included an extraordinary gain of $154,000. Income before extraordinary items per common share was $.18 in 1992 as compared to a loss of $.10 in 1991.
 Revenues increased 11 percent to $27.6 million in 1992 over $24.8 reported in the previous year. Extraordinary net charges reported in 1992 consists of losses on early extinguishments of debt net of a gain from the use of net operating loss carryforwards.
 Cummings said, "The company achieved a major objective in 1992 of renewing the capital structure to form a solid foundation for future growth. We have refinanced our debt with long-term bonds at favorable rates and established substantial cash reserves for acquisitions and future growth. Our January, 1993 acquisition of the Westwood nursing facility in Bluefield, Virginia is the first step towards realizing the growth."
 Providence Health Care is a provider of long-term nursing care, principally in the state of Ohio. The company operates 13 nursing facilities in Ohio, one in Vermont and one in Virginia for an aggregate of 1,245 beds. Providence also has a contract to manage a 175-bed facility in Ohio.
 -0- 3/31/93
 /CONTACT: Lawrence B. Cummings, chairman, president and CEO, Providence Health Care, Inc., 216-243-4732/
 (PHCI)


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

BM -- CL003 -- 1363 03/31/93 09:04 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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