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SUMMIT HEALTH REPORTS GAINS IN SECOND QUARTER, SIX MONTH RESULTS

 SUMMIT HEALTH REPORTS GAINS IN SECOND QUARTER, SIX MONTH RESULTS
 BURBANK, Calif., Jan. 21 /PRNewswire/ -- Summit Health Ltd. (NASDAQ: SUMH) today reported increases in the company's second quarter and six month results.
 Net income rose 91 percent to $3,487,000, or 11 cents per share, for the quarter ended Dec. 31, 1991, compared to net income of $1,825,000, or 6 cents per share, for the second quarter of fiscal year 1991. Second quarter revenues increased to $114,729,000, a gain of 20 percent over revenues of $95,464,000 for the year-ago quarter.
 Net income for the first half of fiscal year 1992 was $5,949,000, or 19 cents per share, a gain of 72 percent over net income of $3,467,000, or 11 cents per share for the year-ago period. Revenues rose 17 percent from $188,283,000 to $220,821,000 for the six month period.
 "Summit Health's excellent results were produced by gains throughout our operations and were highlighted by continued increases in outpatient surgery and other specialty markets. Hospital Group margins increased to 7.5 percent for the quarter, up from 6.2 percent for the same period last fiscal year. The company experienced increasing activity and achieved decreases in expenses during the second quarter of fiscal year 1992," Don Amaral, president of Summit Health, said.
 Summit reported that outpatient revenues per visit increased 15 percent over the second quarter and 17 percent over the first half of fiscal year 1991. Outpatient revenues increased 29 percent in the second quarter, and outpatient visits increased 17 percent for the period.
 "Acute admissions increased 3 percent for the second quarter, continuing a positive trend started in the first quarter of the fiscal year. At the same time, length of stay decreased 7 percent for the quarter and 8 percent for the six months," Amaral noted.
 Health Choice Arizona, the company's managed care contractor serving Arizona Medicaid patients, enrolled approximately 2,800 members during the quarter to reach approximately 14,700 total enrollees. Contracting activity with health maintenance and preferred provider organizations continued to increase during the period.
 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.
 SUMMIT HEALTH LTD.
 Consolidated Operating Results
 (In millions, except per share data)
 Periods ended Three Months Six Months
 Dec. 31 1991 1990 1991 1990
 Net revenues $114,729 $95,464 $220,821 $188,283
 Income before income taxes 5,812 3,040 9,915 5,777
 Net income 3,487 1,825 5,949 3,467
 Net income per share $0.11 $0.06 $0.19 $0.11
 Wtd. avg. no. of shares
 outstanding 31,257 31,250 31,257 31,250
 -0- 1/21/92
 /CONTACT: Daniel Saks of Summit Health, 213-839-4868/
 (SUMH) CO: Summit Health Ltd. ST: California IN: HEA SU: ERN


GK-TS -- NY009 -- 1634 01/21/92 08:23 EST
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Publication:PR Newswire
Date:Jan 21, 1992
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