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PCI SERVICES REPORTS RECORD FOURTH QUARTER AND FISCAL YEAR RESULTS

PCI SERVICES REPORTS RECORD FOURTH QUARTER AND FISCAL YEAR RESULTS
 PHILADELPHIA, Oct. 27 /PRNewswire/ -- PCI Services, Inc. (NASDAQ: PCIS), a leading contract packager for the pharmaceutical industry, today reported record revenues and record earnings for both the fourth quarter and fiscal year ended Sept. 30, 1992.
 Revenues for the quarter were $21,364,000, up from $15,289,000 in the corresponding year-earlier period. Gross profit increased to $5,151,000 from $2,739,000, an 88 percent increase. As a percentage of revenues, gross profit increased to 24 percent from 18 percent. Net income for the quarter amounted to $1,612,000 or $.26 per share on 6,181,000 weighted average number of shares outstanding, up from $569,000 or $.20 per share on 2,875,000 shares in the corresponding year-earlier period. For comparison purposes, results for the quarter ended Sept. 30, 1991, exclude management fees charged by MEDIQ Incorporated (AMEX: MED) when the company was wholly owned by MEDIQ and operating results of PCI of Virginia, which was transferred to MEDIQ effective Oct. 1, 1991.
 On the same basis, revenues for the year ended Sept. 30, 1992, amounted to $75,430,000 compared with $65,312,000 in fiscal 1991. Gross profit increased to $17,333,000 from $13,046,000. Net income amounted to $5,316,000, or $1.05 per share, on 5,079,000 shares, up from $3,246,000, or $1.14 per share, on 2,875,000 shares the previous year.
 The revenue and profit gains reflect an expanding roster of clients, some of which are among the world's leading pharmaceutical companies, additional volume with existing clients and an increasing share of business performed as a single-source supplier of packaging to the pharmaceutical industry.
 "We are highly pleased by our performance in the first fiscal year as a public company and we are optimistic about the outlook for further growth in the new year for PCI Services," said Richard A. Sauter, vice chairman and chief executive officer.
 When the company was wholly owned by MEDIQ, operating results included PCI of Virginia as well as management fees charged by MEDIQ. On this basis, revenues for the year ended Sept. 30, 1991, amounted to $67,825,000 and earnings totaled $47,000 or $.02 per share. In the fourth quarter of fiscal 1991, on a comparable basis, revenues totaled $16,256,000, and the company recorded a net loss of $388,000 or $.13 per share.
 PCI became publicly owned in February 1992, when it sold 3,306,250 common shares at $10 per share. The company is a principal independent supplier of specialty packaging services to the pharmaceutical industry.
 PCI SERVICES, INC.
 Operating Results
 (Amounts in thousands, except per-share data)
 Periods ended Three months Fiscal year
 Sept. 30 1992 1991 (Pro 1991 1992 1991 (Pro 1991
 forma) forma)
 Revenues $21,364 $15,289 $16,256 $75,430 $65,312 $67,825
 Gross profit 5,151 2,739 2,590 17,333 13,046 12,373
 Income before
 income tax
 expense 2,422 1,158 (414) 8,430 5,986 801
 Net income
 (loss) 1,612 569 (388) 5,316 3,264 47
 Earnings per share:
 Net income (loss) $.26 $.20 ($.13) $1.05 $1.14 $.02
 Average shares
 outstanding 6,181 2,875 2,875 5,079 2,875 2,875
 Note: Pro forma results exclude management fees charged by MEDIQ and the operating results of PCI of Virginia.
 /delval/
 -0- 10/27/92
 /CONTACT: Michael F. Sandler, vp and chief financial officer of PCI Services, 609-665-9399/
 (PCIS MED) CO: PCI Services, Inc.; MEDIQ Incorporated ST: Pennsylvania IN: SU: ERN


MP-LJ -- PH031 -- 5503 10/27/92 14:24 EST
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Date:Oct 27, 1992
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