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HEALTH IMAGES, INC. ANNOUNCES THIRD QUARTER 1993 RESULTS

 ATLANTA, Oct. 27 /PRNewswire/ -- Health Images, Inc. (NYSE: HII), today announced for the quarter ending Sept. 30 net income of $1,042,100 or $0.09 per share on both a primary and fully diluted share basis.
 Net revenues were $19,728,500. In the prior year period Health Images recorded net revenues of $17,976,500 and net income of $1,793,700 or $0.15 per share on both a primary and fully diluted share basis. Primary earnings per share were calculated on 11,539,100 and 12,276,400 weighted average common share and net dilutive common share equivalents outstanding for the 1993 and 1992 periods respectively. Compared to the prior year period, same center MRI studies conducted decreased by 2.1 percent, while same center net revenues decreased by 3.3 percent. Total MRI studies conducted increased by 10.0 percent.
 For the nine months ending Sept. 30 net income was $2,729,700 or $0.23 per share on both a primary and fully diluted basis on net revenues of $55,887,000. For the prior year period, net income was $.41 per share on both a primary and fully diluted basis. Primary earnings per share were calculated on 11,637,000 and 12,460,500 weighted average common share and net dilutive common share equivalents outstanding for the 1993 and 1992 periods respectively. Compared to the prior year period, same center MRI studies conducted decreased by 3.6 percent, while same center net revenues decreased by 5.1 percent. Total MRI studies conducted increased by 11.3 percent.
 W.A. Wilson, president and CEO of Health Images, Inc. stated: "Third quarter 1993 results, although down from our all-time record quarter achieved in the third quarter of 1992, represent a 50 percent improvement in operating and net income over the results achieved for the quarter ending June 30. This represents our first improved sequential quarterly comparison since the third quarter of last year. These results were achieved in spite of expenses related to the closing of our Chardon, Ohio manufacturing facility, a higher charge off rate for bad debts and uncollectible accounts, and initial operating losses deriving from two new de novo imaging centers in Cape Coral, Fla., and East Hertfordshire, United Kingdom."
 Health Images, Inc. operates outpatient medical centers, manufactures magnetic resonance imaging scanners, and provides equipment maintenance services for major medical diagnostic imaging equipment.
 HEALTH IMAGES OPERATING RESULTS
 3 months ended Sept. 30
 Inc. Pct. inc.
 1993 1992 (dec.) (dec.)
 Net patient service
 revenue $17,853,100 $16,482,600 $1,370,500 8.3
 Engineering revenue 1,068,600 1,142,400 (73,800) (6.5)
 Other income 806,800 351,500 455,300 129.5
 Total net revenue 19,728,500 17,976,500 1,752,000 9.7
 Operating costs 14,953,300 12,523,700 2,429,600 19.4
 Provision for bad
 debt 819,000 450,600 368,400 81.8
 General and admin.
 expenses 1,779,600 1,805,900 (26,300) (1.5)
 Total operating
 expenses 17,551,900 14,780,200 2,771,700 18.8
 Operating income 2,176,600 3,196,300 (1,019,700) (31.9)
 Equity in loss of
 affiliate (119,200) --- 119,200 ---
 Interest income 55,800 271,600 (215,800) (79.5)
 Interest expense (424,400) (489,700) (65,300) (13.3)
 Income bef. prov. for
 income taxes and
 minority interest 1,688,800 2,978,200 (1,289,400) (43.3)
 Minority int. in income
 of consolidated
 entities 49,500 86,000 (36,500) (42.4)
 Income before income
 taxes 1,639,300 2,892,200 (1,252,900) (43.3)
 Provision for
 income taxes 597,200 1,098,500 (501,300) (45.6)
 Net income $ 1,042,100 $ 1,793,700 (751,600) (41.9)
 Net income per share
 (primary) $ 0.09 $ 0.15 $ (0.06) (40.0)
 Net income per share
 (fully diluted) $ 0.09 $ 0.15 $ (0.06) (40.0)
 Primary common shares and
 net dilutive common share
 equivalents 11,539,100 12,276,400 (737,300) (6.0)
 Fully diluted common share
 and net dilutive common
 share equivalents 11,563,400 12,276,400 (713,000) (5.8)
 Total MRI studies
 conducted 22,385 20,347 2,038 10.0
 Same center studies
 conducted 19,921 20,347 (426) (2.1)
 Same center net
 revenues 15,938,500 16,482,600 (544,100) (3.3)
 Centers in operation 44 38 6 15.8
 HEALTH IMAGES OPERATING RESULTS
 9 months ended Sept. 30
 Inc. Pct. inc.
 1993 1992 (dec.) (dec.)
 Net patient service
 revenue $50,101,500 $45,333,700 $4,767,800 10.5
 Engineering revenue 3,448,200 4,254,500 (806,300) (19.0)
 Other income 2,337,300 1,457,100 880,200 60.4
 Total net revenue 55,887,000 51,045,300 4,841,700 9.5
 Operating costs 42,804,100 35,447,200 7,356,900 20.8
 Provision for bad
 debt 1,921,900 1,472,200 449,700 30.5
 General and admin.
 expenses 5,118,900 5,168,300 (49,400) (1.0)
 Total operating
 expenses 49,844,900 42,087,700 7,757,200 18.4
 Operating income 6,042,100 8,957,600 (2,915,500) (32.5)
 Equity in loss of
 affiliate (350,700) --- 350,700 ---
 Interest income 217,600 960,400 (742,800) (77.3)
 Interest expense (1,262,800) (1,478,000) (215,200) (14.6)
 Income bef. prov. for
 income taxes and
 minority interest 4,646,200 8,440,000 (3,793,800) (45.0)
 Minority int. in income
 of consolidated
 entities 134,400 289,000 (154,600) (53.5)
 Income before income
 taxes 4,511,800 8,151,000 (3,639,200) (44.6)
 Provision for
 income taxes 1,782,100 3,046,800 (1,264,700) (41.5)
 Net income $ 2,729,700 $ 5,104,200 (2,374,500) (46.5)
 Net income per share
 (primary) $ 0.23 $ 0.41 $ (0.18) (43.9)
 Net income per share
 (fully diluted) $ 0.23 $ 0.41 $ (0.18) (43.9)
 Primary common shares and
 net dilutive common share
 equivalents 11,637,000 12,460,500 (823,500) (6.6)
 Fully diluted common share
 and net dilutive common
 share equivalents 11,637,000 12,460,500 (823,500) (6.6)
 Total MRI studies
 conducted 61,668 55,408 6,260 11.3
 Same center studies
 conducted 53,414 55,408 (1,994) (3.6)
 Same center net
 revenues 43,027,300 45,333,700 (2,306,400) (5.1)
 Centers in operation 44 38 6 15.8
 -0- 10/27/93
 /CONTACT: W.A. ("Bill") Wilson, president and CEO, or Laura J. Werner, director, shareholder relations, Health Images, 404-587-5084/
 (HII)


CO: Health Images, Inc. ST: Georgia IN: MTC HEA SU: ERN

RA-BR -- AT009 -- 7378 10/27/93 13:55 EDT
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