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HOMEDCO ANNOUNCES RECORD FIRST QUARTER OPERATING RESULTS

 FOUNTAIN VALLEY, Calif., Jan. 28 /PRNewswire/ -- Homedco Group Inc. (NASDAQ: HOME) today reported a record increase in revenues and pre-tax income for the first quarter of its 1993 fiscal year.
 For the quarter ended Dec. 31, 1992, the company reported that pre-tax income was $8.8 million, compared with $5.6 million for the same quarter last year, a 56.7 percent increase. Net income for the first quarter increased 42.8 percent to $5.4 million, or $0.41 per share. For the same quarter last year, net income -- before the cumulative effect of a change in accounting for income taxes -- was $3.8 million, or $0.29 per share. The company used an income tax provision for this year's first quarter of 38 percent, compared with 32 percent for the same quarter last year.
 Revenues for the first quarter increased 69.9 percent to $113.3 million, compared with $66.7 million for the same quarter last year. The company's two major business lines -- home respiratory therapy and home infusion therapy -- grew at rates of 95.8 percent and 33.5 percent, respectively. The increase in respiratory therapy revenues was the result of the August 1992 acquisition of Glasrock Home Health Care Inc., as well as approximately 16 percent growth from existing locations. Infusion therapy revenues increased by 33.5 percent over the comparable period last year, a continuation of the strong growth experienced in the centers last year.
 Commenting on the strong operating results, Jeremy M. Jones, president and chief executive officer, stated, "I continue to be pleased at the capabilities of our field management team. The Glasrock acquisition was a significant organizational challenge. Homedco managers planned the transition process in great detail and, over the last five months, they have done an outstanding job of executing their plans. We certainly have not yet completed the transition; there is still much more to do. However, all Homedco employees -- including the new members of the Homedco team who were acquired from Glasrock -- have done an outstanding job of integrating the Glasrock business. The integration progress has been an impressive achievement; it has been accomplished more quickly and more successfully than we had projected. I'm really very proud of the organization, and I expect that we will continue our strong performance."
 Homedco Group Inc. is a leading integrated provider of home health care services, offering home respiratory therapy, home infusion therapy and home medical equipment. The company provides its services through more than 230 branch locations serving patients in 44 states.
 HOMEDCO GROUP INC.
 Consolidated Statement of Operations
 (In thousands, except per share)
 (Unaudited)
 Three Months Ended
 Dec. 31,
 1992 1991
 Net revenues $113,343 $66,730
 Gross profit 80,636 47,823
 Operating expense 33,161 20,305
 General and administrative expense 30,710 18,842
 Provision for doubtful accounts, net
 of recoveries 5,241 2,448
 Amortization of intangible assets 572 88
 Operating income $10,952 $6,140
 Interest expense 2,196 553
 Income before taxes and cumulative effect
 of change in accounting for income taxes $8,756 $5,587
 Income taxes 3,335 1,786
 Net income before cumulative effect
 of change in accounting for income taxes $5,421 $3,801
 Cumulative effect of change in accounting
 for income taxes --- 3,415
 Net income $5,421 $7,216
 Primary earnings per share before
 cumulative effect of change
 in accounting for income taxes $0.41 $0.29
 Cumulative effect of change in accounting
 for income taxes 0.00 0.26
 Primary earnings per share $0.41 $0.55
 Weighted average number of common shares
 outstanding -- Primary calculation 13,201,973 13,026,159
 Fully diluted earnings per share before
 cumulative effect of change in
 accounting for income taxes $0.41 $0.29
 Cumulative effect of change in accounting
 for income taxes 0.00 0.26
 Fully diluted earnings per share $0.41 $0.55
 Weighted average number of common shares
 outstanding -- Fully diluted calculation 13,247,696 13,061,537
 -0- 1/28/93
 /CONTACT: Jeremy M. Jones, president, CEO, 714-755-5650, ext. 236, or Lawrence H. Smallen, CFO, 714-755-5600, ext. 205, both of Homedco Group/
 (HOME)


CO: Homedco Group Inc. ST: California IN: HEA SU: ERN

KJ-JB -- LA008 -- 0008 01/28/93 07:34 EST
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Date:Jan 28, 1993
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