Printer Friendly

SUMMIT HEALTH REPORTS INCREASES IN FIRST QUARTER RESULTS; EARNINGS PER SHARE UP 25 PERCENT

 BURBANK, Calif., Oct. 19 /PRNewswire/ -- Summit Health Ltd. (NASDAQ: SUMH) today reported increases in the company's fiscal 1994 first quarter ended Sept. 30, 1993. Net revenue for the quarter rose 6.1 percent to $129,254,000, compared to $121,792,000 recorded in the first quarter of fiscal 1993. Net income for the quarter increased 28.3 percent to $4,898,000, or $0.15 per share, compared to $3,817,000, or $0.12 per share, during the first quarter of last year.
 "The company's 6.1 percent growth during the quarter was fueled primarily by higher acuity on an inpatient basis and a further reduction in average length of stay from last year's 4.3 days down to 4.0 days in this year's period," said Don Amaral, chief executive officer of Summit Health. "As a result, net revenue per adjusted patient day increased nine percent. Also, labor costs in aggregate decreased $2.3 million at the hospital level resulting in a full percentage point improvement in operating profit margin."
 Summit Health Ltd. provides quality health care services to niche markets through 12 acute care hospitals with 1,618 licensed beds and four free-standing outpatient surgery centers. Summit Health, through its subsidiary Health Choice Arizona, a Medicaid HMO, insures approximately 21,000 lives in the state of Arizona. Also, through its majority-owned Summit Care subsidiary, the company provides health care services to the elderly through 17 skilled nursing centers with 2,228 licensed beds and four retirement centers with 468 beds. The company's facilities are located in California, Arizona, Texas and Iowa.
 SUMMIT HEALTH LTD.
 CONSOLIDATED OPERATING RESULTS
 (In thousands, except per share data)
 Three Months Ended Sept. 30,
 1993 1992
 Net revenues $129,254 $121,792
 Income from operations before interest
 expense and minority interest 11,912 8,838
 Income before income taxes
 and minority interest 9,701 6,840
 Minority interest in net income
 of consolidated subsidiary,
 net of taxes 600 477
 Net income $4,898 $3,817
 Earnings per share $0.15 $0.12
 Weighted average number of
 shares outstanding 33,753,289 32,901,187
 -0- 10/19/93
 /CONTACT: Doug Sherk or Miriam Adler of Morgen-Walke Associates, 415-296-7383, for Summit Health/
 (SUMH)


CO: Summit Health Inc. ST: California IN: HEA SU: ERN

CB-TM -- SF004 -- 3689 10/19/93 06:30 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 19, 1993
Words:389
Previous Article:TJ INTERNATIONAL RELEASES HIGHER SALES AND EARNINGS
Next Article:MOMENTUM BUILDS FOR MACINTOSH WITH POWERPC
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters