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CHRONIMED ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS

 MINNEAPOLIS, Aug. 24 /PRNewswire/ -- CHRONIMED Inc. (NASDAQ: CHMD), today announced its fourth quarter and annual results for the period ended July 2, 1993.
 CHRONIMED reported net income for the year of $1,159,128, up 155 percent from $453,763 in the prior year. Income per share was $.18 for the year compared to $.10 in the prior year on a 46 percent increase of weighted average number of shares outstanding. Revenue for the year was $31.2 million, up 53 percent from $20.4 million in fiscal 1992.
 Net income for the fourth quarter fiscal 1993 was $222,911, compared to $232,013 in fourth quarter of fiscal 1992. During the fourth quarter the company increased its reserve for uncollectible accounts by $210,000 which reduced net income, bringing the provision for the fiscal year to $416,000. These accounts receivable are primarily with state Medicaid offices. Collection efforts are continuing on these accounts. During the quarter the company invested in establishing a national sales force to sell proprietary medical products and added staff and expanded activities for the Orphan Medical and Nutritional Products divisions. Revenue for the quarter was up 40 percent from $6.2 million in 1992 to $8.7 million this year. Quarterly weighted average common and equivalent shares outstanding increased from 6.41 million a year earlier to 6.77 million this quarter. The company changed its fiscal year end from June 30 to a 52 week year that ends on the Friday closest to June 30.
 CHRONIMED Inc. is a Minnesota-based distributor of prescription drugs, medical and nutritional products, and proprietary educational materials by mail order to people with chronic health conditions.
 CHRONIMED INC.
 (In thousands, except per share data)
 4th Quarter Ended Year Ended
 7/02/93 6/30/92 7/02/93 6/30/92
 Revenue $8,708 $6,216 $31,202 $20,397
 Net income $223 $232 $1,159 $454
 Net income per share $.03 $.04 $.18 $.10
 Weighted average common and
 equivalent shares outstanding
 (000s) 6,770 6,412 6,599 4,532
 -0- 8/24/93
 /CONTACT: Maurice R. Taylor II of CHRONIMED, 612-541-0239/
 (CHMD)


CO: CHRONIMED Inc. ST: Minnesota IN: MTC SU: ERN

DB-KH -- MN020 -- 5576 08/24/93 16:23 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
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