SUMMIT HEALTH REINSTATES QUARTERLY STOCK DIVIDEND
SUMMIT HEALTH REINSTATES QUARTERLY STOCK DIVIDEND BURBANK, Calif., Jan. 7 /PRNewswire/ -- Summit Health Ltd.
(NASDAQ: SUMH) today announced that its board of directors has reinstated the regular quarterly dividend paid to shareholders of the company's common stock. A dividend of 2 cents per share will be paid on Feb. 14, 1992, to shareholders of record on Jan. 17. The last quarterly dividend to Summit Health shareholders was paid on July 18, 1988.
"We have spent the past three years building the solid operational and financial base that exists at Summit Health today," said Don Freeberg, the company's founder and chairman. "Our management team and hospital and long-term care groups comprise a company that we believe will continue providing top quality health care while rewarding our shareholders. The reinstatement of the company's dividend signifies the board's confidence in the continued growth of Summit Health." Don Amaral, the company's president and CEO, added, "Our turnaround and financial gains are the result of a dedicated team effort focusing on cost-effective delivery of high-quality medical services in niche markets -- such as outpatient surgery, imaging and women's health -- that allow the company to achieve both growth and profitability. Through the successful ongoing implementation of this strategy, we are committed to building a business that will reward its shareholders over the long term." Summit Health recently reported a 50 percent gain in net income to $2,462,000, or 8 cents per share, on revenues of $106.1 million for the company's first fiscal quarter ended Sept. 30, 1991. Net income tripled to $7,185,000, or 23 cents per share, on revenues of $392.3 million for the fiscal year ended June 30, 1991. Summit Health Ltd. owns and manages hospitals, long-term care and retirement centers, and medical service operations. The company has 12 acute care hospitals with 1,648 licensed beds and 56 surgery suites, 17 skilled nursing centers with 2,230 licensed beds and four retirement centers with 468 licensed beds. Summit Health's 33 facilities are located in California, Arizona, Texas and Iowa. -0- 1/7/92 /CONTACT: Daniel Saks of Summit Health, 213-839-4868/ (SUMH) CO: Summit Health Ltd. ST: California IN: HEA SU: DIV
CK-TS -- NY009 -- 7165 01/07/92 08:15 EST
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|Date:||Jan 7, 1992|
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