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PHP HEALTHCARE ACHIEVES RECORD REVENUES AND EARNINGS IN 1992

 PHP HEALTHCARE ACHIEVES RECORD REVENUES AND EARNINGS IN 1992
 ALEXANDRIA, Va., July 28 /PRNewswire/ -- PHP Healthcare Corporation (NASDAQ-NMS: PHPH) achieved record revenues of $118 million and record net earnings of $4.3 million for fiscal year 1992 which ended April 30. When compared to the prior year, revenues increased 24 percent while net earnings grew 14 percent. This growth in revenues and net earnings was due to both the commencement of new projects and growth in existing projects during fiscal 1992.
 Net earnings per share decreased to 85 cents per share in fiscal 1992 compared with 89 cents for fiscal year 1991. This decline was due in part to a fourth quarter decline in the patient utilization of certain of the company's projects and an increased number of outstanding shares. The reduced fourth quarter utilization represented the first such downward trend since these contracts commenced and is not expected to continue.
 "Although we anticipated a higher level of profit for the year we found that the increase in demand for primary care services was lower than anticipated during the fourth quarter," commented Charles H. Robbins, chairman, "resulting in a lesser than anticipated profit of $400,000 or .08 for the quarter. Although we are disappointed in our fourth quarter results, we are anticipating a rebound of earnings momentum in our first quarter, ending July 31, 1992, to approximately .28 per share or approximately $1.4 million. I am also pleased to announce that we have applied for a listing on the NYSE with the expectation of increased market liquidity."
 PHP Healthcare is a diversified managed care company that specializes in building cost effective health delivery partnerships with government at the local, state and federal levels, and the private sector.
 PHP HEALTHCARE CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Earnings
 Years Ended April 30, 1992, 1991 and 1990
 (In thousands, except per share date)
 1992 1991 1990
 Revenues $117,790 $ 95,323 $ 81,075
 Direct Costs 100,813 79,958 67,237
 Gross Profit 16,977 15,365 13,838
 General & administrative
 expenses 10,093 8,293 8,544
 Operating Income 6,884 7,072 5,294
 Other income (expense):
 Interest expense (283) (1,061) (966)
 Interest income 409 -- --
 Miscellaneous income 25 139 102
 Earnings before income taxes,
 minority interest and
 extraordinary item 7,035 6,150 4,430
 Income taxes 2,807 2,415 1,810
 Earnings before minority interest
 and extraordinary item 4,228 3,735 2,620
 Minority interest 39 -- --
 Earnings before extraordinary
 item 4,267 3,735 2,620
 Extraordinary item -
 shareholder suit settlement -- -- (750)
 Net earnings $ 4,267 $ 3,735 $ 1,870
 Earnings per share:
 Earnings before extraordinary
 item $ .85 $ .89 $ .57
 Extraordinary item:
 Shareholder suit settlement -- -- (.16)
 Net earnings $ .85 $ .89 $ .41
 Weighted average number of
 shares outstanding 5,043 4,216 4,587
 Consolidated Balance Sheets
 (In thousands, except share data)
 April 30, 1992, and 1991
 1992 1991
 Assets
 Current assets:
 Cash and cash equivalents $ 4,060 $ 307
 Accounts receivable, net 19,759 16,852
 Income tax receivable 601 --
 Prepaid expenses 1,412 1,433
 Pharmaceutical and medical supplies 1,037 1,156
 Deferred income tax charge -- 1,037
 Other current assets 1,366 407
 Total current assets 28,235 21,192
 Property and equipment, net 15,052 9,231
 Deferred income tax charge -- 175
 Excess of cost over fair value
 of assets acquired, net of
 accumulated amortization of $623
 in 1992 and $510 in 1991 11,303 869
 Other assets 1,152 1,172
 Total Assets $55,742 $32,639
 Liabilities and Stockholders' Equity
 Current Liabilities:
 Current maturities of notes payable
 to bank $ 1,390 $ 2,709
 Current maturities of
 notes payable-other 1,136 626
 Accounts payable 4,345 3,464
 Accrued salaries and benefits 4,598 3,307
 Billings in excess of costs 1,338 2,846
 Income tax payable -- 291
 Total current liabilities 12,807 13,243
 Billings in excess of costs,
 net of current portion 170 858
 Notes payable to bank, net of
 current maturities 2,901 8,459
 Notes payable-other, net of
 current maturities 4,513 --
 Deferred lease obligation 226 278
 Deferred income taxes 159 --
 Total liabilities 20,776 22,838
 Minority interest 2,340 4
 Stockholders' equity:
 Preferred stock, $0.01 par value,
 500,000 shares authorized, none
 issued -- --
 Common stock, $0.01 par value,
 10,000,000 shares authorized,
 7,062,577 shares issued in 1992
 and 6,026,327 shares issued in
 1991 71 60
 Additional paid-in capital 27,289 6,976
 Retained earnings 10,568 6,301
 Treasury stock, 1,913,066 common
 shares in 1992 and 1,813,066
 common shares in 1991 (5,302) (3,540)
 Total minority interest and
 stockholders' equity 32,626 9,797
 Total Liabilities and
 Stockholders' Equity $55,742 $32,639
 -0- 7/28/92
 /CONTACT: Charles H. Robbins, president and chairman, or Anthony M. Picini, vice president, finance, PHP Healthcare Corporation, 703-998-7808/
 (PHPH) CO: PHP Healthcare Corporation ST: Virginia IN: HEA SU: ERN


MH -- DC008 -- 4067 07/28/92 11:52 EDT
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Date:Jul 28, 1992
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