|
HealthSouth 2Q profit falls
|
 |
August 3, 1999: 7:19 a.m. ET
Health services company cites industry troubles for 6.5% dip in net
|
NEW YORK (CNNfn) - Medical services company HealthSouth Corp. reported a 6.5 percent drop in second-quarter profit Tuesday, citing difficult conditions in the industry and in the capital markets.
The results matched the expectations of analysts polled by earnings tracker First Call Corp.
The Birmingham, Ala.-based company, the largest provider of outpatient surgery and rehabilitation treatment in the U.S., earned $114 million, or 27 cents per diluted share, on a net basis for the latest period, compared with $122 million, or 28 cents per share, in the year-earlier quarter. Revenue rose 7 percent to $1.05 billion
For the first six months of the year, net income dropped to $224 million, or 52 cents per diluted share, from $235 million, or 54 cents per share, in the 1998 period. Revenue rose 8 percent to $2.078 billion.
"While our earnings for the quarter and the six months were essentially flat year over year, we have seen positive developments since the first quarter and believe that our fundamental strengths, our exceptional asset base and our experienced management team will serve us well as we continue to move forward in an uncertain environment," said CEO Richard Scrushy.
HealthSouth's 1999 results include the operating results of National Surgery Centers Inc., which HealthSouth acquired in July 1998.
HealthSouth (HRC) shares finished unchanged at 12-1/4 Monday.
|
|
|
|
|
|
HealthSouth
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
