Regency Health Reports 13% Quarterly Net Income Gain

Nursing home operator Regency Health Services Inc. posted a 13% gain in net income for the second quarter on a 19% increase in revenue.

The company said that it earned $3.5 million, or 22 cents a share, up from $3.1 million, or 18 cents a share, for the 1996 second quarter. Revenue advanced to $163.2 million from $137.1 million. First half net income was up 16% to $6.7 million, or 42 cents a share, from $5.8 million, or 35 cents a share, for the first six months of 1996. Revenue showed a gain of 21% to $322.6 million from $266.1 million.

The company announced Monday that it has agreed to be acquired by much larger Sun Healthcare Group Inc. in Albuquerque, N.M.