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CARENETWORK RECORDS A 1992 LOSS

 MILWAUKEE, Feb. 26 /PRNewswire/ -- CareNetwork, Inc. (NASDAQ: CRNT) announced a $3,258,000 net loss on revenues of $45,835,000 in the fourth quarter of 1992. For the year ended Dec. 31, 1992, a net loss of $8,192,000 was realized on revenues of $182,193,000. The fourth quarter net loss does not include any tax benefit of net operating loss carrybacks. The first three quarters include a tax benefit of $2,483,000 due to carrybacks.
 On a per share basis, the fourth quarter of 1992 results reflect a $.72 per share net loss, compared to a $.22 per share net income for the fourth quarter of 1991. For the year ended Dec. 31, 1992, a $1.77 per share net loss was recognized compared to a $1.03 per share net income for the year ended Dec. 31, 1991.
 Fourth quarter 1992 revenues were up 8.7 percent over the fourth quarter of 1991 revenues of $42,148,000. WHO enrollment as of Feb. 1, 1993 was 110,488, a 21.4 percent decrease over 140,629 as of Sept. 30, 1992. Network EPO enrollment was 5,268 members.
 "The 1992 results are disappointing. We are focusing our efforts on a measured and decisive company-wide turnaround in 1993," said Elwood I. Kleaver, Jr., the new president and chief executive officer of CareNetwork, Inc. "I am continuing to work on our functional areas and have begun to implement a turnaround plan to address the areas that need improvement. From my prior managed care turnaround experience, we must sweat the details, improve service to providers and members on a daily basis, and energize our own team to reach higher performance targets. "
 -0- 2/26/93
 /CONTACT: Elwood I. Kleaver, Jr., president and chief executive officer, 414-223-7712; Thomas R. Sobocinski, executive vice president and chief marketing officer, 414-223-7714; or Walter R. Barry, manager of investor relations, 414-223-0172, all of CareNetwork/
 (CRNT)


CO: CareNetwork, Inc. ST: Wisconsin IN: INS SU: ERN

KH -- MN004 -- 0961 02/26/93 16:02 EST
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Publication:PR Newswire
Date:Feb 26, 1993
Words:341
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