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HEALTH-CHEM CORPORATION REPORTS RESULTS

 NEW YORK, May 3 /PRNewswire/ -- Health-Chem Corporation (AMEX: HCH) announced today operating results for the first quarter ended March 31, 1993.
 For the three months ended March 31, 1993, revenues were $10,249,000 compared to $9,832,000 in the comparable quarter last year. Income from operations was $555,000, or $.07 per share versus a loss from operations of $510,000, or $.07 per share in the corresponding earlier year quarter. Net income in the 1993 period was $626,000, or $.08 per share compared to net income of $244,000, or $.03 per share for the same period last year.
 The company noted that the improved income from operations was due to higher gross profit margins and the absence of a $0.8 million charge related to an uncollectible note which was written off in the first quarter of 1992. Net income for the 1992 period has been restated to reflect a $723,000 favorable adjustment related to the company's adoption of a change in accounting for income taxes.
 Health-Chem Corporation manufactures and distributes patented controlled release dispensers for the pharmaceutical and agricultural industries, along with industrial and health-care synthetic fabrics.
 HEALTH-CHEM CORPORATION
 Results of Operations
 (In thousands, except per share amounts, unaudited)
 Three months ended March 31 1993 1992
 Net sales $10,249 $ 9,832
 Cost of goods sold 6,741 6,659
 Gross profit 3,508 3,173
 Other expenses 3,053 3,914
 Income (loss) from operations
 before income taxes 455 (741)
 Income tax (benefit) (100) (231)
 Income (loss) from operations 555 (510)
 Extraordinary gain from repurchase
 of convertible subordinated debentures 71 31
 Cumulative effect of change in
 accounting for income taxes 0 723
 Net income 626 244
 Earnings per common share
 (Primary & Fully diluted)
 Income (loss) from operations 0.07 (0.07)
 Extraordinary gain from repurchase
 of convertible subordinated debentures 0.01 0.00
 Cumulative effect of change in
 accounting for income taxes 0.00 0.10
 Net income per share 0.08 0.03
 -0- 5/3/93
 /CONTACT: Bruce M. Schloss, vice president of Health-Chem, 212-398-0700/
 (HCH)


CO: Health-Chem Corporation ST: New York IN: HEA SU: ERN

SH-OS -- NY025 -- 3670 05/03/93 10:17 EDT
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Date:May 3, 1993
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