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U.S. HEALTHCARE REPORTS RESULTS FOR THE THIRD QUARTER

 U.S. HEALTHCARE REPORTS RESULTS FOR THE THIRD QUARTER
 BLUE BELL, Pa., Oct. 26 /PRNewswire/ -- U.S. Healthcare, Inc.


(NASDAQ: USHC), one of the nation's leading providers of managed health care services, today reported earnings of $47,937,000 or $.44 per share for the third quarter of 1992, compared to $39,263,000 or $.36 per share for the same period last year.
 Revenue for the third quarter was $561 million, up 29 percent over the third quarter last year. Membership in U.S. Healthcare-owned HMOs grew to 1,380,000 members at Sept. 30, 1992, a gain of 155,000 from a year ago. In addition, during the same period, membership in employer- insured plans for which U.S. Healthcare provides comprehensive managed care services increased from 51,000 to 85,000.
 Results for 1992 and 1991 are as follows:
 U.S. HEALTHCARE, INC.
 (Amounts in thousands, except per share data)
 Three months ended Nine months ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Revenue $560,631 $435,315 $1,615,959 $1,249,517
 Net income 47,937 39,263 140,329 107,829
 Net income per common and common
 equivalent share - primary
 and fully diluted (A) $.44 $.36 $1.30 $.99
 Weighted average number of common
 and common equivalent shares
 outstanding - fully
 diluted(A) 108,432 108,986 108,344 108,951
 (A) After giving effect to a 3-for-2 stock split effected in the form of a 50 percent stock dividend paid to common and Class B shareholders on Sept. 28, 1992.
 U.S. Healthcare provides managed health care services through its HMOs in Pennsylvania, New Jersey, New York, Delaware, Connecticut, Massachusetts, New Hampshire and Maryland. The company also provides a variety of managed health care services, including workers compensation managed care, to self-insured and other employers. In addition, the company offers quality assessment and improvement programs, patient surveys and outcome tracking, and data analysis systems for providers and purchasers of health care.
 U.S. HEALTHCARE, INC.
 SELECTED FINANCIAL DATA
 Three months ended Nine months ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 OPERATING STATISTICS (In pct.)
 Medical cost ratio (medical costs
 as a percentage of premiums) 78.3 77.2 77.8 77.5
 Income from operations as a
 percentage of total revenue 14.1 14.7 14.4 14.0
 Net income as a percentage of
 total revenue 8.6 9.0 8.7 8.6
 MEMBERSHIP IN COMPREHENSIVE MANAGED CARE PLANS
 Sept. 30
 1992 1991 Dec. 31, 1991
 U.S. Healthcare-owned HMOs:
 Mid-Atlantic:
 Commercial 878,000 831,000 840,000
 Medicare 20,000 17,000 18,000
 Total 898,000 848,000 858,000
 Greater New York:
 Commercial 437,000 346,000 350,000
 Medicare 2,000 -- --
 Medicaid 1,000 -- --
 Total 440,000 346,000 350,000
 New England - Commercial 42,000 31,000 32,000
 Total HMO members 1,380,000 1,225,000 1,240,000
 Employer-insured plans
 administered by U.S. Healthcare 85,000 51,000 53,000
 Total membership in comprehensive
 managed care plans 1,465,000 1,276,000 1,293,000
 U.S. HEALTHCARE, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Amounts in thousands)
 Sept. 30, 1992 Dec. 31, 1991
 (unaudited)
 ASSETS
 Current assets:
 Cash and cash equivalents $ 29,501 $ 50,590
 Marketable securities 38,970 39,511
 Other current assets 93,288 84,833
 Total current assets 161,759 174,934
 Long-term marketable securities 667,106 500,539
 Other long-term assets 97,543 82,745
 Total assets $926,408 $758,218
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Medical costs payable $383,463 $336,200
 Other current liabilities 74,439 64,768
 Total current liabilities 457,902 400,968
 Long-term liabilities 12,359 10,356
 Total liabilities 470,261 411,324
 Shareholders' equity 456,147 346,894
 Total liabilities and
 shareholders' equity $926,408 $758,218
 On May 28, 1992, the company's board of directors declared a special dividend in the form of approximately 6.7 million shares of U.S. Bioscience, Inc. common stock representing U.S. Healthcare's remaining holdings in Bioscience. The distribution was made on Aug. 10, 1992 to shareholders of record as of July 29, 1992. The distribution had no effect on U.S. Healthcare's net income but reduced shareholders' equity by $19.1 million, representing applicable income taxes computed at the rate of 34 percent of the aggregate fair market value, as of Aug. 10, 1992, of the shares distributed.
 U.S. HEALTHCARE, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (Amounts in thousands, except per share data)
 (unaudited)
 Three months ended Nine months ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Revenue:
 Premiums $540,469 $422,917 $1,561,675 $1,215,044
 Investment income, including
 realized gains 17,286 11,241 44,718 31,196
 Other, principally administrative
 services fees 2,876 1,157 9,566 3,277
 560,631 435,315 1,615,959 1,249,517
 Expenses:
 Medical costs 423,084 326,348 1,214,872 941,771
 Administrative, marketing and
 other operating costs 58,314 45,087 169,131 132,269
 481,398 371,435 1,384,003 1,074,040
 Income from operations 79,233 63,880 231,956 175,477
 Income from U.S.
 Bioscience, Inc. -- -- -- 1,485
 Income before income taxes 79,233 63,880 231,956 176,962
 Income taxes 31,296 24,617 91,627 69,133
 Net income 47,937 39,263 140,329 107,829
 Net income per common and common
 equivalent share - primary
 and fully diluted(A) $.44 $.36 $1.30 $.99
 Weighted average number of common
 and common equivalent shares
 outstanding - fully
 diluted(A) 108,432 108,986 108,344 108,951
 (A) After giving effect to a 3-for-2 stock split effected in the form of a 50 percent stock dividend paid to common and Class B shareholders on Sept. 28, 1992.
 -0- 10/26/92
 /CONTACT: Costas C. Nicolaides, executive vice president and CFO of U.S. Healthcare, 215-283-6843/
 (USHC) CO: U.S. Healthcare, Inc. ST: Pennsylvania IN: HEA SU: ERN


SB -- NY007X -- 4573 10/26/92 08:59 EST
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Date:Oct 26, 1992
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