Integrated Health Services Inc. of Owings Mills, coming off a year of furious expansion, reported yesterday that its first-quarter profits more than doubled from the same period a year ago.
The company also announced yesterday that its board had approved repurchase in the open market of up to $50 million of the company's outstanding stock. The company has 20.7 million shares outstanding.
The health care company said its first-quarter net income totaled $13.6 million, or 53 cents per share, up 113 percent from $6.4 million, or 38 cents per share, in the previous period. Revenue doubled, to $265.4 million.
IHS, which provides an array of services to patients, usually in specially outfitted nursing homes, has grown rapidly through acquisitions. Last year, it increased the number of facilities it runs in 30 states from 115 to 192 and the number of beds from 15,000 to 25,000. Earlier this month, it announced that it would buy IntegraCare Inc., a Florida rehabilitation services company.
Company Chairman and Chief Executive Robert N. Elkins said yesterday that the company would continue to expand in ways that supplement IHS' core "subacute care" facilities.
"Although subacute care has been the springboard of our growth, we are clearly becoming a post-acute care company with a diversified revenue stream," he said in a prepared statement.
The company announced its earnings after the stock markets closed yesterday. Its shares ended the day at $32.625, down 75 cents.