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MEDIQ REPORTS FIRST QUARTER FISCAL 1993 RESULTS

 PENNSAUKEN, N.J., Feb. 3 /PRNewswire/ -- MEDIQ Incorporated (AMEX: MED), a healthcare services company, today reported substantially improved operating results for the first quarter of fiscal 1993.
 For the three months ended Dec. 31, 1992, revenues increased to $46,107,000, a gain of 7 percent over revenues of $43,063,000 in the prior year. Operating income improved 90 percent to $5,172,000 in fiscal 1993 from $2,721,000. Income from continuing operations rose to $1,712,000 or $.07 per share in fiscal 1993 from $171,000 or $.01 per share in 1992. Net income was $1,914,000 or $.08 per share, as compared to first quarter 1992 net income of $313,000 or $.01 per share.
 The improvement in operating results in the first quarter reflected strong gains by MEDIQ/PRN Life Support Services, Inc., the country's leading provider of life support and critical care medical equipment on a rental basis to hospitals, home health care providers and alternative health care facilities. MEDIQ/PRN's revenues increased 81 percent and operating income increased 109 percent in the first quarter of 1993.
 MEDIQ Incorporated, whose shares (MED and MED.Pr) and debentures (MED.C) are traded on the American Stock Exchange, provides products and services to hospitals, nursing homes and healthcare professionals through its subsidiaries. MEDIQ's principal businesses include medical equipment rental, diagnostic imaging and testing, maintenance of diagnostic equipment, healthcare facility planning, design and project management, and utilization review of medical claims made to insurance companies. MEDIQ also owns 42 percent of PCI Services, Inc. (NASDAQ: PCIS), a leading independent provider of pharmaceutical packaging services and 49.9 percent of NutraMax Products, Inc. (NASDAQ: NMPC), a manufacturer and marketer of private label health and personal care products.
 MEDIQ INCORPORATED
 CONSOLIDATED OPERATING RESULTS
 (Unaudited; in thousands, except per-share data)
 Three months Dec. 31 1992 1991(A)
 Revenues $46,107 $43,063
 Operating income 5,172 2,721
 Income (loss) from continuing
 operations before income taxes 2,719(B) (557)
 Income from continuing operations 1,712 171
 Income from discontinued operations 247 142
 Net income 1,914 313
 Earnings per share:
 Income from continuing operations $.07 $.01
 Income from discontinued operations .01 ---
 Net income .08 .01
 Weighted average shares outstanding 24,329 23,871
 (A) Restated to reflect the investments in PCI Services, Inc. and NutraMax Products, Inc. under the equity method of accounting, and to reclass the operations of Mental Health Management, Inc. to discontinued operations.
 (B) Includes pretax income of $2,188,000 related to the issuance of common stock by PCI Services, Inc. in December 1992.
 /delval/
 -0- 2/3/93
 /CONTACT: Michael F. Sandler, senior vp-finance of MEDIQ, 609-665-9300/
 (MED PCIS NMPC)


CO: MEDIQ Incorporated ST: New Jersey IN: HEA SU: ERN

MK-LJ -- PH039 -- 2528 02/03/93 15:22 EST
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Publication:PR Newswire
Date:Feb 3, 1993
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