AMERICAN ONCOLOGY REPORTS SECOND QUARTER RESULTS.

Houston, Texas--(BUSINESS WIRE)--July 27, 1995--American Oncology Resources, Inc.(Nasdaq: AORI) today announced selected financial results for the quarter ended June 30, 1995.

For the second quarter, net revenues were $24.7 million, up 502% from $4.1 million a year ago. Net earnings for the second quarter of 1995 totaled $2.1 million, or $.11 per share, on 18.1 million shares outstanding, compared with net earnings of $100,000 or $.01 per share on 15.0 million shares outstanding in the prior year period.

For the first six months of 1995, net revenues were $39.2 million, up 503% from $6.5 million for the same period a year ago. Net earnings for the first six months of 1995 were $3.1 million, or $.18 per share on 17.0 million shares outstanding, compared to a $100,000 loss, or ($.01) per share on 14.2 million shares outstanding in the prior year period.

American Oncology Resources, Inc. entered into management agreements with five oncology practices in 1994 and five oncology practices in the first six months of 1995. Changes in the results of operations for both the second quarter and six month periods ended June 30, 1995, from the comparable periods in 1994 were caused primarily by affiliations with these oncology practices. R. Dale Ross, Chairman and CEO of American Oncology Resources, stated: "We are pleased with our strong revenue and earnings growth, reflecting both our continued success with new market development and the internal growth and efficiencies we are achieving in our existing markets. American Oncology Resources is committed to the implementation of a disease management approach to cancer care. The continued integration of oncology practices into the AOR network provides participating oncologists a significant opportunity to focus their coordinated efforts on improving patient outcomes and controlling treatment costs."

Ross continued, "With a solid management team in place, a geographically diverse acquisition pipeline and our IPO now completed, we believe we can provide affiliated oncologists with the tools and support to improve coordination of care, control costs and broaden access to patients through managed care relationships."

American Oncology Resources, Inc. completed its initial public offering in June, raising $107 million. $35 million of the proceeds were used for debt retirement, and the remainder will be used for general corporate purposes, including transactions with additional physician groups. Managing underwriters for the offering were Alex. Brown & Sons Incorporated, Robertson, Stephens & Company and Volpe, Welty & Company.

American Oncology Resources, Inc. is a multi-state physician practice management company focusing exclusively on oncology. Headquartered in Houston, the company provides comprehensive management services under long term agreements to twelve oncology practices, comprised of ninety physicians in nine states. -0-

                     AMERICAN ONCOLOGY RESOURCES, INC.
                           Financial Highlights
                   (In thousands, except per share data)

                                       Three Months Ended
                                              30-Jun
                                       1995           1994

Net revenue                         $  24,644      $   4,148
Operating expenses                  $  19,810      $   4,101
Interest inc(exp)                   $  (1,385)     $      31
Earnings before taxes               $   3,449      $      78
Net earnings                        $   2,068      $      78
Net earnings per share              $    0.11      $    0.01

Average number of shares outstanding   18,113         15,000

                                         Six Months Ended
                                              30-Jun
                                       1995           1994

Net revenue                        $   39,244     $    6,495
Operating expenses                 $   32,282     $    6,577
Interest inc(exp)                  $   (1,929)    $       (1)
Earnings before taxes              $    5,033     $      (83)
Net earnings                       $    3,050     $      (83)
Net earnings per share             $     0.18     $    (0.01)

Average number of shares outstanding   17,001         14,161

CONTACT: American Oncology Resources, Inc.

L. Fred Pounds or Leo Sands

713/873-2674