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MEDIQ/PRN LIFE SUPPORT SERVICES, INC. REPORTS RESULTS

 PENNSAUKEN, N.J., Aug. 2 /PRNewswire/ -- MEDIQ/PRN Life Support Services, Inc., a wholly owned subsidiary of MEDIQ Incorporated (AMEX: MED), today reported sharply higher operating results for the three and nine months ended June 30, 1993, compared to the same periods in the prior year.
 Revenues for the three months ended June 30, 1993, were $18,936,000, an increase of 34 percent over revenues of $14,182,000 in the prior year quarter. Operating earnings before interest expense income taxes, depreciation and amortization (EBITDA) improved 48 percent to $7,524,000 from $5,080,000 last year. Earnings before interest expense and income taxes (EBIT) increased to $3,292,000 from $2,239,000. Net income for the quarter was $101,000 compared to a net loss of $3,334,000 in the prior quarter. The net loss in the prior year quarter included an extraordinary charge of $2,982,000.
 Revenues for the nine months ended June 30, 1993, increased to $59,524,000, a gain of 60 percent over revenues of $37,271,000 for the same period in the prior year. EBITDA improved to $24,542,000, a 102 percent increase compared to $12,137,000 in the same period last year. EBIT increased to $11,967,000 from $4,828,000. Net income for the nine months ended June 30, 1993, increased $4,117,000 to $1,140,000, from the net loss of $2,977,000 for the nine months ended June 30, 1992. Net income for the nine months ended June 30, 1993, included an extraordinary charge of $101,000 while the net loss for the nine months ended June 30, 1992, included an extraordinary charge of $2,982,000.
 Commenting on the results, Bernard J. Korman, president and chief executive officer, said, "We are pleased with the performance of MEDIQ/PRN which reflects the company's increased share of the hospital and home healthcare markets as well as the continued cost savings which resulted from the company's acquisition of ATI Medical in May 1992."
 MEDIQ/PRN is the largest provider in the United States of life support and critical care medical equipment to hospitals, home healthcare providers and alternate care facilities on a rental basis.
 MEDIQ/PRN LIFE SUPPORT SERVICES, INC.
 (Operating results; in thousands)
 Three months ended June 30 1993 1992
 Revenues $18,936 $14,182
 Earnings before interest
 expense, income taxes,
 depreciation
 and amortization (EBITDA) 7,524 5,080
 Earnings before interest
 expense and income taxes
 (EBIT) 3,292 2,239
 Income (loss) before
 income taxes 339 (533)
 Income (loss) before
 extraordinary charge 101 (352)
 Extraordinary charge --- (2,982)
 Net income (loss) 101 (3,334)
 Nine months ended June 30 1993 1992
 Revenues $59,524 $37,271
 Earnings before interest
 expense, income taxes,
 depreciation
 and amortization (EBITDA) 24,542 12,137
 Earnings before interest
 expense and income taxes
 (EBIT) 11,967 4,828
 Income (loss) before
 income taxes 2,588 75
 Income (loss) before
 extraordinary charge 1,241 5
 Extraordinary charge (101) (2,982)
 Net income (loss) 1,140 (2,977)
 /delval/
 -0- 8/2/93
 /CONTACT: Michael F. Sandler, treasurer of MEDIQ/PRN Life Support Services, 609-665-9399/
 (MED)


CO: MEDIQ /PRN Life Support Services; MEDIQ Incorporated ST: New Jersey IN: HEA SU: ERN

MJ-CC -- PH019 -- 8355 08/02/93 12:05 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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