Regency Health Reports Rise in 3rd-Quarter Net Income
Regency Health Services Inc., which operates health care facilities, reported third quarter net income of $4 million, or 22 cents a share. For the same period last year, the company had net income of $561,000, or 3 cents a share, including a charge of $3.5 million related to merger and restructuring expenses.
Revenue increased 15% to $107.5 million from $93.4 million.
For the nine-month period, net income was $8.9 million, or 51 cents a share, contrasted with a net loss of nearly $4 million, or 24 cents a share, for the same period last year. The 1994 figure included charges of $16.3 million related to merger and restructuring expenses and the earthquake in January, 1994. Revenue rose 8% to $304.8 million from $281.5 million.
South Coast Rehabilitation Services, which Regency acquired in July, contributed to the Tustin company’s growing revenue, said Richard K. Matros, president and chief executive officer.
Regency operates 94 health care facilities with 9,180 beds in California, Ohio and West Virginia.