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SIERRA TUCSON COMPANIES INC. ANNOUNCES UNAUDITED THIRD QUARTER RESULTS

 SIERRA TUCSON COMPANIES INC. ANNOUNCES
 UNAUDITED THIRD QUARTER RESULTS
 TUCSON, Ariz., Oct. 21 /PRNewswire/ -- Sierra Tucson Companies Inc. (NASDAQ: STSN), today announced its unaudited results of operations for the third quarter ended Sept. 30, 1992.
 Revenues for the quarter ended Sept. 30, 1992, decreased $3,098,181 to $9,414,771, or 25 percent less than the corresponding quarter of 1991. Net income decreased $2,175,698 to $263,932, or 89 percent less than the corresponding quarter of 1991. Earnings per share decreased $.26 to $.03 or 90 percent less than the corresponding quarter of 1991.
 The decrease in revenues resulted primarily from lower utilization levels at the Arizona facility and the closing of the German treatment facility in June 1992. The decline in net income and earnings per share from the corresponding quarter of 1991 resulted from lower levels of utilization, losses incurred at the adolescent care facility and increased revenue deductions. Industry- wide reimbursement issues and overall economic pressures continue to have an adverse effect on utilization levels and financial performance.
 William T. O'Donnell Jr., president and chairman of the board said, "Amidst continuing industry-related pressures, this quarter's results, compared to the second quarter of 1992, show a significant reduction in operating expenses. Our collections and cash flow have been good and the balance sheet is strong. Management continues to aggressively pursue the challenges of revenue optimization and expense control."
 SIERRA TUCSON COMPANIES INC.
 Unaudited Statement of Results
 Consolidated
 Sept. 30, 1992
 Third quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 (Unaudited) (Unaudited) (Unaudited) (Unaudited)
 Total
 revenues $9,414,771 $12,512,952 $34,093,130 $34,527,766
 Income before
 taxes &
 extraordinary
 item 216,723 3,991,961 427,891 11,901,022
 Income before
 extraordinary
 item 263,932 2,439,630 456,607 7,449,191
 Earnings per
 share before
 extraordinary
 item 0.03 0.29 0.05 0.98
 Extraordinary item,
 net (loss on early
 retirement of debt) --- --- --- 339,794
 Net income 263,932 2,439,630 456,607 7,109,397
 Earnings per share 0.03 0.29 0.05 0.94
 W.A. common
 equivalents 8,496,887 8,517,278 8,495,223 7,563,188
 -0- 10/21/92
 /CONTACT: John H. Schmitz, CFO, or Jim Rianoshek, investor relations, 602-792-5800, of Sierra Tucson Companies/
 (STSN) CO: Sierra Tucson Companies Inc. ST: Arizona IN: HEA SU: ERN


EH-BP -- LA006 -- 2816 10/21/92 11:10 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
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