Complete Management announces record third quarter results.

NEW YORK--(BUSINESS WIRE)--Nov. 14, 1996--

Primary EPS Increases To $.18 From $.11

Revenues Up 85% To $8.8 Million

Net Income Up 85% To $1.5 Million

Nine Months Primary EPS $.50 vs. $.36

Complete Management Inc. (ASE: CMI) today announced that, for the three months ended Sept. 30, 1996, gross revenues increased by 85 percent to $8,767,000 from pro forma gross revenues of $4,740,000 in the same 1995 quarter.

Actual revenues in the three months ended Sept. 30, 1995 were $2,666,000. Net income increased 85 percent to $1,476,000, or 18 cents per share, in the third quarter of 1996 from pro forma net income in the third quarter of 1995 of $798,000, or 11 cents per share. Actual net income for the third quarter of 1995 was $678,000. The 1996 earnings per share is based on 8,085,000 average shares outstanding while the pro forma 1995 figure is based on 7,438,000 average shares outstanding. The actual weighted avergage number of shares outstanding in the third quarter of 1995 was 2,981,000, before giving effect to the issuance of shares in the merger with Medical Management Inc. and the initial public offering.

For the nine months ended September 30, 1996 CMI had gross revenues of $20,030,000 compared to pro forma gross revenues of $14,747,000 for the first nine months of 1995 and actual gross revenues for the 1995 nine month period of $9,056,000. Net income in the first nine months of 1996 was $3,915,000 compared to pro forma net income of $2,692,000 for the first nine months of 1995 and actual net income in the first nine months of 1995 of $2,566,000. Earnings per share for the 1996 period was $.50 on 7,840,000 average shares outstanding versus pro forma 36 cents per share based on 7,438,000 average shares outstanding. Actual earnings in the first nine months of 1995 were 86 cents based on 2,981,000 average shares outstanding, again, before the MMI merger and the initial public offering.

"The results in the third quarter reflect both acquisitions made during the quarter and expansion of our existing client's business resulting in increased management fees to CMI," noted Steven Rabinovici, chairman and CEO of CMI. "Our first acquisition closed in July and three other transactions closed during the quarter. We have already closed two important transactions in the fourth quarter and expect to close additional transactions before the end of the year. We believe that our plan of improving our existing client's business and making sound acquisitions is being implemented in accordance with our program. We gain market share and position with each acquisition and we continue to make investments that will provide future growth as we move toward achieving our goal of being the premier physician practice management company in the tri-state area."

Complete Management offers a broad range of management and support services to medical practice groups and hospitals in the greater New York City metropolitan area, Long Island and the Hudson Valley region of New York State. -0-

                         COMPLETE MANAGEMENT, INC.
                     Consolidated Statements of Income


                                  Nine Months ended September 30

                                   Actual      Proforma   Actual
                                    1996        1995(a)    1995

Gross revenues                 $20,029,893  $14,747,258  $9,056,236

Income before provision for
 income taxes                    7,527,833    5,368,056   4,841,975

Net income                      $3,915,033   $2,692,056  $2,565,975

Earnings per share
      - primary                      $0.50        $0.36       $0.86
      - fully diluted                $0.42        $0.36       $0.86

Weighted average number of
 shares outstanding
      - primary                  7,839,899    7,438,298   2,980,573
      - fully diluted            9,264,473    7,438,298   2,980,573
-0-

                                  Three Months ended September 30

                                   Actual      Proforma    Actual
                                    1996        1995(a)     1995

Gross revenues                  $8,767,299   $4,739,917  $2,666,262

Income before provision for
 income taxes                    2,898,231    1,616,494   1,289,752

Net income                      $1,476,431     $798,494  $  677,702

Earnings per share
      - primary                      $0.18        $0.11       $0.23
      - fully diluted                $0.13        $0.11       $0.23

Weighted average number of
 shares outstanding
      - primary                  8,085,495    7,438,298   2,980,573
      - fully diluted           11,483,442    7,438,298   2,980,573

(a) Pro forma results for 1995 reflect the merger of Medical
Management, Inc. into the company and the initial public offering of
the company's common stock, as if such transactions had occurred on
January 1, 1995, even though both closed on January 3, 1996.  The
1995 pro forma results do not include the operations of those
acquisitions and mergers consummated during the quarter ended Sept.
30, 1996.

CONTACT: Steve Rabinovici

Chairman and Chief Executive Officer

[phone]

or

Arthur Goldberg

Chief Operating Officer 

[phone]

or

Beverly Jedynak

Martin E. Janis & Company, Inc.

[phone]