CORAL GABLES, Fla., Jan. 30 /PRNewswire/ -- Ramsay Health Care, Inc.
(Nasdaq: RHCI) today announced results for the second quarter ended December
31, 1996. The Company reported net income of $1,843,000, or $0.19 per share
for the quarter. The results include the non-recurring impact of a previously
announced judgement in favor of the Company which increased the second quarter
results by $0.15 per share. Excluding the positive impact of this judgement,
results for the quarter would have been $0.04 per share compared to $0.01 per
share reported in the first quarter.
For the six months ended December 31, 1996, the Company reported net
income of $1,991,000, or $0.21 per share. In addition, for the six months
ended December 31, 1996, the Company reported that acute psychiatric inpatient
days and residential treatment inpatient days increased 2.3% and 8.4%,
respectively, over the comparable six month period in the prior year.
Paul J. Ramsay, Chairman of the Board, commented, "We are very pleased
that the Company posted favorable results for the second quarter and half year
mark."
Bert G. Cibran, President, stated, "Our programs for juvenile offenders
and adolescents with behavior disorders continue to grow and diversify the
Company's revenue mix."
Ramsay Health Care, Inc. is a leading provider of behavioral healthcare
services, serving markets in 16 states. The Company delivers a comprehensive
range of behavioral healthcare services through alternative treatment sites
including freestanding hospitals, juvenile residential treatment units, and
outpatient programs and clinics. The Company also manages behavioral
healthcare programs on behalf of other hospitals and community mental health
centers.
RAMSAY HEALTH CARE, INC.
OPERATING RESULTS
QUARTER ENDED DECEMBER 31
1996 1995
$ % $ %
NET REVENUES 35,072,000 100.0% 31,815,000 100.0%
Operating Expenses:
Salaries, wages
and benefits 16,647,000 47.5% 16,194,000 50.9%
Other operating
expenses 11,332,000 32.3% 10,190,000 32.0%
Provision for doubtful
accounts 1,260,000 3.6% 1,070,000 3.4%
Depreciation and
amortization 1,280,000 3.6% 1,291,000 4.1%
Interest and other
financing charges 1,489,000 4.2% 1,783,000 5.6%
TOTAL OPERATING EXPENSES 32,008,000 91.3% 30,528,000 96.0%
INCOME BEFORE MINORITY
INTERESTS AND
INCOME TAXES 3,064,000 8.7% 1,287,000 4.0%
Minority interests --- 0.0% (49,000) -0.2%
INCOME BEFORE INCOME
TAXES 3,064,000 8.7% 1,336,000 4.2%
Provision for income
taxes 1,221,000 3.5% 501,000 1.6%
NET INCOME 1,843,000 5.3% 835,000 2.6%
PRIMARY EARNINGS PER
SHARE $0.19 $0.09
Primary Weighted Average
Shares Outstanding 9,814,000 9,378,000
RAMSAY HEALTH CARE, INC.
OPERATING RESULTS
SIX MONTHS ENDED DECEMBER 31
1996 1995
$ % $ %
NET REVENUES 66,607,000 100.0% 60,944,000 100.0%
Operating Expenses:
Salaries, Wages
and benefits 33,263,000 49.9% 32,433,000 53.2%
Other operating
expenses 22,356,000 33.6% 19,746,000 32.4%
Provision for
doubtful accounts 2,149,000 3.2% 2,026,000 3.3%
Depreciation
and amortization 2,593,000 3.9% 2,626,000 4.3%
Interest and other
financing charges 3,034,000 4.6% 3,509,000 5.8%
TOTAL OPERATING
EXPENSES 63,395,000 95.2% 60,340,000 99.0%
INCOME BEFORE MINORITY
INTERESTS AND INCOME
TAXES 3,212,000 4.8% 604,000 1.0%
Minority Interests --- 0.0% (101,000) -0.2%
INCOME BEFORE
INCOME TAXES 3,212,000 4.8% 705,000 1.2%
Provision for
income taxes 1,221,000 1.8% 261,000 0.5%
NET INCOME 1,991,000 3.0% 444,000 0.7%
PRIMARY EARNINGS
PER SHARE $0.21 $0.05
Primary Weighted Average
Shares Outstanding 9,706,000 9,262,000
SOURCE Ramsay Health Care, Inc.
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CONTACT:
Bert G. Cibran, President, 305-569-4621, or
Carol C. Lang, Chief Financial Officer, 305-569-4622, both of
Ramsay Health Care, Inc.
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