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PEER REVIEW ANALYSIS, INC. REPORTS FIRST QUARTER RESULTS

 MALDEN, Mass., May 7 /PRNewswire/ -- Peer Review Analysis, Inc. (NASDAQ-NMS: PRAI), a leading provider of managed health care review services, today announced financial results for the first quarter ended March 31, 1993. Revenue decreased slightly to $2.16 million compared to $2.20 million for the fourth quarter of 1992. A net loss of $231,000 or 8 cents per share was reported vs. a net loss of $273,000 (net of one- time charges of $790,000) in the fourth quarter of 1992.
 Compared to first quarter prior year, revenue decreased 8 percent from $2.36 million. The net loss of $231,000 compared to a net loss of $21,000 or 1 cent per share for the same quarter prior year, which is when the company first began to experience the significant reduction in referral volume from its largest client.
 Cheryl L. Clarkson, acting chief executive officer, announced that "The improvement over the fourth quarter of 1992 reflects the strategy that has been implemented to transition PRA toward a return to profitability, including operating cost efficiencies and selective price increases." Clarkson further stated that PRA is successfully diversifying its client base, thereby reducing its dependence on a few large clients.
 Additional measures that have been implemented by management to accelerate the return to profitability include investments in software enhancement and systems that will improve the quality of the company's products and improve productivity, the creation of a customer service department to better respond to customer needs, and the suspension of Auto-PREP(tm) product development and marketing activities, according to Russ Robbins, vice president of investor relations and acting president.
 The company's cash position was $8.7 million at March 31, 1993, after PRA placed approximately $610,000 into escrow and deposits to fund obligations for its expected June 1993 relocation to Copley Place, Boston. Other uses of cash included $125,000 to repay the company's line of credit and operating losses.
 Clarkson also announced that the company has retained Tucker Anthony Incorporated, an investment banking firm based in Boston, to review financial and strategic alternatives for the company.
 Founded in 1984, Peer Review Analysis, Inc., provides a wide range of managed health care services designed to assure quality and appropriateness of medical treatment at the most reasonable cost based on its intensive, specialty matched physician peer review approach. PRA's clients include many of the nation's largest health insurers as well as large self-insured employers, health maintenance organizations (HMOs) and third party claims administrators.
 PEER REVIEW ANALYSIS
 Quarter Ended March 31,
 1993 1992
 Revenues 2,157,906 2,356,129
 Loss before income taxes (229,363) (20,869)
 Provision for income taxes 0 0
 Net loss (229,363) (20,869)
 Loss per common share (0.08) (0.007)
 Weighted average number of common
 shares and equivalents outstanding 2,756,000 2,868,000
 -0- 5/7/93
 /CONTACT: Russell G. Robbins president (acting), vice president investor relations of Peer Review Analysis, Inc., 617-322-6400/
 (PRAI)


CO: Peer Review Analysis, Inc. ST: Massachusetts IN: HEA SU: ERN

DJ-DD -- NE009 -- 6128 05/07/93 16:52 EDT
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Publication:PR Newswire
Date:May 7, 1993
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