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CAREMARK REPORTS RECORD QUARTERLY SALES, UP 24.7 PERCENT

 NORTHBROOK, Ill., April 19 /PRNewswire/ -- Caremark International Inc. (NYSE: CK) today said its first quarter sales were $427.8 million, a record for any quarterly period. This represents an increase of 2.7 percent over sales in the first quarter of 1992.
 Income before sundry and income taxes for the quarter was $27.0 million, an increase of 6.7 percent over last year's first quarter. These results include the first full quarter of overhead expenses necessary to operate Caremark as an independent company, following its spin-off last November from Baxter International. Exclusive of these incremental expenses, income before sundry and income taxes increased 17.4 percent.
 Net income for the quarter was $15.7 million, an increase of 4.7 percent over the year-earlier quarter, and earnings per share for the quarter were 22 cents.
 "This is our first full quarter as an independent company, and we're very pleased with our strong revenue growth, as well as earnings that were right on target with our performance expectations," said C.A. Lance Piccolo, chairman and chief executive officer. "We're also making significant progress on the implementation of the restructuring program that was announced in December, the benefits of which are beginning to be reflected in our financial performance," he said.
 Piccolo added that many of last year's new business initiatives, such as oncology centers, physical therapy acquisitions and the physician practice management business, have grown substantially and are contributing to the company's overall profitability.
 "Significant health care reform is right on the horizon, and we view that as a major opportunity," Piccolo said. "Under any program likely to be adopted, Caremark is extremely well positioned as the broadest alternate site provider to work with physicians, hospitals, third-party payors and corporations to bring quality, cost-effective services to patients and clients."
 Caremark International Inc. is a leading provider of alternate site health care services, delivering home infusion, HIV/AIDS care, cancer treatments, women's health programs, hemophilia and immune therapies, and physical therapy in non-hospital settings, as well as providing prescription drug delivery and benefits management. The company had 1992 sales of $1.46 billion.
 CAREMARK INTERNATIONAL INC.
 Consolidated Statements of Income
 (Unaudited, in millions, except per share data)
 Three Months Ended March 31 1993 1992
 Net revenues $ 427.8 $ 343.2
 Cost of goods and services sold 336.9 268.2
 Marketing and administrative
 expenses 49.2 41.4
 Provision for doubtful accounts 10.8 5.5
 Minority interests 3.9 2.8
 Income before sundry
 and income taxes 27.0 25.3
 Sundry, net -- (0.2)
 Income before income taxes 27.0 25.5
 Income tax expense 11.3 10.5
 Net income $ 15.7 $ 15.0
 Net income per common share $ 0.22
 Weighted average shares
 outstanding 71.2
 CAREMARK INTERNATIONAL INC.
 Industry Segment Data
 (Unaudited, in millions)
 Three months ended March 31 1993 1992
 Net revenues:
 Patient Care $ 244.4 $ 216.1
 Managed Care 183.4 127.1
 Net revenues $ 427.8 $ 343.2
 Income before sundry and
 income taxes:
 Patient Care $ 25.1 $ 23.2
 Managed Care 6.6 4.1
 General Corporate (4.7) (2.0)
 Income before sundry and
 income taxes $ 27.0 $ 25.3
 -0- 4/19/93
 /CONTACT: Les Jacobson of Caremark International Inc., 708-559-4695/
 (CK)


CO: Caremark International Inc. ST: Illinois IN: HEA SU: ERN

TS -- NY042 -- 7233 04/19/93 09:44 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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