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CBL MEDICAL REPORTS FIRST QUARTER RESULTS

 LOS ANGELES, May 13 /PRNewswire/ -- CBL Medical, Inc. (NASDAQ: CBLM), which manages 10 medical centers and co-owns four Work Simulation Centers, today announced first quarter 1993 results.
 CBL MEDICAL, INC.
 First quarter ended March 31 1993 1992
 Revenue $4,452,152 $4,405,191
 Income before income taxes 444,785 794,616
 Net income 253,527 460,877
 Primary earnings per share $.07 $.13
 Fully diluted earnings per share $.07 $.12
 Weighted average number of
 common and common stock
 equivalent shares outstanding:
 Primary 3,848,137 3,641,914
 Fully diluted 5,113,222 4,549,992
 Robert B. Mishkin, board chairman and president, said: "Total new patients in our centers in the first quarter of 1993 was 16 percent greater than in the first quarter 1992 and 5 percent greater than new patients in the fourth quarter 1992. However, in the first quarter of 1993, we completed implementations of a reduced fee schedule for certain forensic services to keep our billing practices in line with the changing California workers' compensation rules. Thus, although we are seeing more patients, revenues did not increase proportionately. By adjusting fees, we believe our collection rate will rise and we have adjusted our allowance for uncollectible accounts accordingly.
 "Fees for medical services related to the treatment of workers' compensation patients are the subject of upcoming legislative hearings. It is anticipated these fees, which have not been adjusted since 1987, will be increased to more closely reflect today's cost of providing medical services.
 "On May 12, 1993, we reported a restructured management agreement with the six Northern California medical centers. When completed, CBL could earn up to $375,000 in annual management fees without an increase in corporate overhead. Further, we will eliminate approximately $400,000 in monthly cash expenses. Entering into this new agreement and the associated cost savings, moves CBL closer to its goals of generating positive cash flow, strengthening its financial condition and maintaining acceptable profit margins.
 "When comparing new patients in the four southern centers between fourth quarter of 1992 and the first quarter of 1993 against the six northern centers for the same periods, the southern centers had a 6 percent increase, while the northern centers increased 3 percent. Therefore, this growth coupled with the expected increased fees, should generate higher long-term profits in the Southern California centers."
 -0- 5/13/93
 /CONTACT: Robert B. Mishkin, board chairman and president of CBL Medical, 213-788-5845/
 (CBLM)


CO: CBL Medical, Inc. ST: California IN: HEA SU: ERN

TS-PS -- NY035 -- 8054 05/13/93 11:22 EDT
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Publication:PR Newswire
Date:May 13, 1993
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