Printer Friendly

SUMMIT HEALTH REPORTS STRONG THIRD QUARTER/NINE MONTH RESULTS

 SUMMIT HEALTH REPORTS STRONG THIRD QUARTER/NINE MONTH RESULTS
 BURBANK, Calif., April 22 /PRNewswire/ -- Summit Health Ltd. (NASDAQ: SUMH) today reported results for the third quarter and first nine of months of fiscal 1992, ended March 31, 1992.
 For the third quarter, net income more than doubled, reaching $3,830,000 or $0.12 per share compared with $1,851,000 or $0.06 per share for the same period in fiscal 1991. Revenues increased 17.5 percent to $119,421,000 compared with $101,654,000 in the third quarter of the prior year.
 For the first nine months of fiscal 1992, net income rose 83.9 percent to $9,781,000 or $0.30 per share compared with $5,318,000 or $0.17 per share in the comparable period last year. Revenues increased 17.4 percent to $340,242,000 from $289,937,000 in the first nine months of fiscal 1991.
 Commenting on the results, Donald J. Amaral, president and chief executive officer, said: "Our strong results reflect our ongoing emphasis on ambulatory, surgery and other specialty services as we focus on increasing utilization and improving margins. Outpatient surgeries in the third quarter grew 25.4 percent, while outpatient visits were up 19.5 percent in the quarter. This fueled the 25.4 percent increase in outpatient revenues compared with the third quarter last year."
 Health Choice Arizona, the company's managed care contractor serving Arizona, reached approximately 15,500 members enrolled at March 31, 1992. Contracting activity with health maintenance and preferred provider organizations continued to increase during the period.
 Amaral concluded: "Based on the strength of our first nine months and our confidence in our business outlook and strategies, we expect to exceed analyst earnings estimates for fiscal 1992 of $0.38 to $0.40 per share."
 For fiscal 1991, Summit Health earned $7.2 million or $0.23 per share on revenues of $392.3 million.
 Summit Health Ltd. provides high quality health care services to niche markets through 12 acute care hospitals with 1,648 licensed beds and 56 surgery suites. Through its majority-owned Summit Care subsidiary (NASDAQ: SUMC), the company also provides health care services to the elderly through 17 skilled nursing centers with 2,230 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)
 Periods ended Three Months Nine Months
 March 31 1992 1991 1992 1991
 Revenues $119,421 $101,654 $340,242 $289,937
 Income from operations 8,394 5,462 22,744 16,823
 Income before income
 taxes 6,386 3,086 16,301 8,863
 Net income $ 3,830 $ 1,851 $ 9,781 $ 5,318
 Net income per share $ .12 $ .06 $ .30 $ .17
 Average number of
 shares outstanding 32,434,754 31,250,700 32,430,207 31,250,700
 -0- 4/22/92
 /CONTACT: June Filingeri or Robert Borchert of Morgen-Walke Associates, 212-986-5900, for Summit Health; or Ken Dennard of Summit Health, 415-296-7383/
 (SUMH) CO: Summit Health Ltd. ST: California IN: HEA SU: ERN


GK -- NY018 -- 1078 04/22/92 09:11 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 22, 1992
Words:529
Previous Article:ALCO INTERNATIONAL GROUP SIGNS LETTER OF INTENT WITH NTC CAPITAL
Next Article:THRIFTY TEL INC. REPORTS REVENUE AND EARNINGS FOR THE NINE-MONTH PERIOD ENDED FEB. 29, 1992


Related Articles
SUMMIT HEALTH REPORTS GAINS IN SECOND QUARTER, SIX MONTH RESULTS
SUMMIT CARE REPORTS FISCAL 1992 THIRD QUARTER/NINE MONTH RESULTS
SUMMIT CARE REPORTS FISCAL 1992 FOURTH QUARTER AND FULL YEAR RESULTS
SUMMIT HEALTH REPORTS INCREASES IN THIRD QUARTER AND NINE MONTH RESULTS; THIRD QUARTER EARNINGS PER SHARE UP 25 PERCENT
EXPANSION, MARKET CHANGES CREATE 3RD-QUARTER LOSS FOR SUMMIT BANCORP
SUMMIT PROPERTIES ANNOUNCES RECORD EARNINGS RENTS CONTINUE STRONG GROWTH; COLLECTIONS UP 5.9% PROPERTY REVENUES UP 36%
The North Face, Inc. Reports Third Quarter Sales Increase of 36% and Income Increase of 62%
The North Face Reports Best Quarterly Results in Company History
Summit Bank Corporation Reports Record Earnings.
Summit Bank Corporation Reports 102% Increase in Quarterly Earnings.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters