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ADVACARE ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS; REVENUES REACH RECORD HIGH

 ADVACARE ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS;
 REVENUES REACH RECORD HIGH
 HORSHAM, Pa., July 20 /PRNewswire/ -- AdvaCare, Inc. (NASDAQ: AVCR) today announced its results for the third fiscal quarter and the nine month period ended June 30 1992. Record revenues for the quarter increased 34 percent to $20,289,000 as compared to $15,083,000 for the comparable quarter of the prior year. Revenues for the nine month period were up 53 percent to $56,250,000 as compared to $36,732,000 for the same period of the prior year.
 For the third quarter ended June 30, 1992, income from continuing operations before taxes increased 39 percent to $2,166,000 from $1,562,000 for the same period in the prior year. However, due to a higher effective tax rate (48.4 percent in the third quarter versus 5 percent in the prior year), net income from continuing operations after taxes declined to $1,117,000 for the quarter compared from $1,484,000 for the same period of a year ago. For the quarter, income per common share from continuing operations was 9 cents compared to 15 cents for the same period a year ago. The net income per common share for the quarter was 9 cents compared to net income of 12 cents for the third fiscal quarter a year ago.
 The company's year to date results were impacted by one-time non-cash reductions in net income available to common stockholders aggregating $3,758,000 from the prepayment of notes and the retirement of redeemable preferred stock in the second fiscal quarter of the current year and restructuring charges of $16,728,000 (net of tax benefit) incurred in the prior year. The net loss per common share for the nine month period ended June 30, 1992 was (17 cents) as compared with a loss of ($2.18) for the same period a year ago.
 The number of physicians serviced by AdvaCare increased to 5,677 at June 30, 1992 from 5,013 at March 31, 1992. Acquisitions in the current quarter added 295 physicians to the company's customer base. The company also provides services to 102 hospital and ambulatory care departments at June 30, 1992 as compared to 78 departments at March 31, 1992. Twenty new departments were added through acquisition.
 "AdvaCare's record third quarter results reflect a grater level of operating efficiency due to an expanding client base and investments in proprietary information technology. Also contributing to this growth are revenues from acquisitions made during the third quarter," said Gregory S. Campbell, chairman and CEO of AdvaCare. "The internal growth rate for the company was 13 percent for the third quarter compared to the same quarter last year, while growth in full service reimbursement management services (excluding non-recurring hospital accounts receivable backlog projects) exceeded 18 percent for the same period. We feel confident that we can sustain this growth rate going forward."
 AdvaCare is one of the leading providers of business services, particularly reimbursement management services, to health care providers throughout the United States.
 ADVACARE, INC.
 Statement of Operations
 (Unaudited)
 Periods ended Three months Nine months
 June 30: 1992 1991 1992 1991
 Revenue $20,289,478 $15,082,584 $56,249,500 $36,731,916
 Operating expenses:
 Payroll &
 fringes 10,407,875 7,164,519 30,232,738 18,878,995
 Genl. & admin. 5,803,633 4,678,428 15,825,788 12,021,823
 Deprec. & amort. 1,427,763 831,300 3,640,873 2,299,572
 Restruct. charges -- -- -- 17,602,577
 Total $17,639,271 $12,674,247 $49,699,397 $60,802,987
 Operating income 2,650,207 2,408,317 6,550,103 (14,071,051)
 Interest expense 484,046 846,519 2,836,870 2,137,274
 Income (loss) from
 cont. opers. before
 income taxes 2,166,161 1,561,798 4,213,233 (16,208,325)
 Income tax prov.
 (benefit) 1,049,000 78,000 2,036,000 (805,000)
 Income (loss) from
 cont. opers. 1,117,161 1,483,798 2,177,233 (16,403,325)
 Discont. opers. -- (257,349) -- (767,947)
 Income (loss)
 before extraord.
 item 1,117,161 1,226,449 2,177,233 (16,171,272)
 Extraordinary item,
 net of taxes -- -- 1,913,266 --
 Net income (loss) 1,117,161 1,226,449 263,967 (16,171,272)
 Preferred dividends
 and accretion -- (221,102) (2,059,587) (279,415)
 Net income (loss)
 avail. to
 common
 shareholders 1,117,161 1,005,347 (1,795,620) (16,450,687)
 Per common share:
 Cont. opers. $0.09 $0.15 $0.01 ($2.08)
 Discont. opers. -- (0.03) -- (0.10)
 Extraordinary item -- -- (0.18) --
 Net income (loss) $0.09 $0.12 ($0.17) ($2.18)
 Weighted average number
 of common and common
 equivalent shares
 outstanding 11,967,046 8,293,291 10,715,855 7,552,798
 -0- 7/20/92
 /CONTACT: Gregory S. Campbell, chairman of AdvaCare, 215-674-1800, or Anthony J. Russo or Cara R. Kiewel of Noonan/Russo Communications, 212-979-9180, for AdvaCare/
 (AVCR) CO: AdvaCare Inc. ST: Pennsylvania IN: HEA SU: ERN


TQ-TS -- NY011 -- 0627 07/20/92 10:06 EDT
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Date:Jul 20, 1992
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