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HEALTH-CHEM REPORTS RESULTS

 NEW YORK, March 23 /PRNewswire/ -- Health-Chem Corporation (AMEX: HCH) announced today operating results for the quarter and year ended Dec. 31, 1992.
 For the year ended Dec. 31, 1992, revenues increased to $38,717,000 from $37,100,000 last year. The company had net income in 1992 of $2,697,000,or $.35 per share compared to a net loss of $79,000, or $.02 per share in 1991, which included a loss on disposal of discontinued operations of $718,000. Income from continuing operations in 1992 was $1,749,000 compared to $483,000 in the prior year.
 For the three months ended Dec. 31, 1992, revenues were $8,872,000 compared to $9,303,000 in the comparable quarter last year. Net income in the 1992 period was $2,690,000, or $.36 per share compared to net income of $144,000 or $.02 per share for same period last year, on a fully diluted basis. Income from continuing operations in the 1992 period was $2,633,000 versus $25,000 for the corresponding earlier year quarter.
 The company noted that the increase in revenues for the year was primarily the result of increased sales of the company's transdermal nitroglycerin patches and environmental products. The improvement in operating income for the year was due to higher gross profit margins and, in large part, to realization in the fourth quarter of income from the liquidation of the company's interest in preferred stock of $2.5 million and the reversal of an accrual of $1.6 million related to the settlement of a tax matter.
 Separately, the company also announced that Fred E. Magenheimer had resigned as vice president and director of the company and as president of the company's wholly-owned subsidiary, Herculite Products, Inc. no successor for Mr. Magenheimer has been named.
 The company also announced the election of Harry M. Markowitz, Ph.D., as a member of the company's board of directors. Since 1982, Dr. Markowitz has served as professor of finance at Baruch College of the City University of New York. Dr. Markowitz was the recipient of the 1990 Nobel Prize in Economic Sciences. Since 1990, he has also served as a consultant to Daiwa Securities Trust Co.
 The company announced that it has set Thursday, May 6, 1993 as the date on which it will hold its annual meeting of stockholders. The record date for the meeting has been fixed as the close of business on March 31, 1993.
 Health-Chem Corporation manufactures and distributes patented controlled release dispensers for the pharmaceutical industry, along with industrial and health care synthetic fabrics.
 HEALTH-CHEM CORPORATION
 Results of Operations
 (unaudited -- in thousands, except per sahre amounts)
 For the periods 12 months Three months
 ended Dec. 31, 1992 1991 1992 1991
 Net sales $38,717 $37,100 $ 8,872 $ 9,303
 Cost of goods sold 26,459 26,784 6,414 6,328
 Gross profit 12,258 10,316 2,458 2,975
 Other expenses 10,913 9,589 (134) 2,913
 Inc. (loss) from cont.
 opers. bef. taxes 1,345 727 2,592 62
 Inc. tax provision
 (benefit) (404) 244 (41) 37
 Inc. (loss) from cont.
 operations 1,749 483 2,633 25
 Loss from dicont. opers.
 net of inc. taxes -- (30) -- 32
 Loss on disposal of assets
 of discont. opers. net of
 income taxes -- (718) -- (73)
 Inc. (loss) bef. extraord.
 gain & cumulative effect of
 accounting change 1,749 (265) 2,633 (16)
 Extraord. gain from repurchase of
 convertible subordinated
 debentures 225 186 57 160
 Cumulative effect of change
 in accounting for inc.
 taxes 723 -- -- --
 Net income (loss) 2,697 (79) 2,690 144
 Earnings per common share (primary & fully diluted)
 Inc. (loss) from cont.
 operations 0.22 0.06 0.35 --
 Loss from discont.
 operations -- -- -- --
 Loss on disposal of
 discont. opers. -- (0.10) -- (0.01)
 Extraord. gain from repurchase
 of convertible subord.
 debentures 0.03 0.03 0.01 0.02
 Cumulative effect of change
 in accounting for inc.
 taxes 0.10 -- -- --
 Net income (loss) per
 share 0.35 (0.02) 0.36 0.02+
 -0- 3/23/93
 /CONTACT: Bruce M. Schloss vice president of Health-Chem Corporation, 212-398-0700/
 (HCH)


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

AH-KS -- NY065 -- 8785 03/23/93 15:28 EST
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Date:Mar 23, 1993
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