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AMERICAN MEDICAL RESPONSE REPORTS RECORD THIRD QUARTER EARNINGS -- REVENUE AND EARNINGS REACH NEW RECORD LEVELS --

 BOSTON, Nov. 4 /PRNewswire/ -- American Medical Response, Inc. (NYSE: EMT) today announced total revenue for the third quarter of 1993 of $50.6 million versus $31.2 million for the same quarter of 1992, an increase of 62.3 percent.
 Net earnings for the quarter were $2.5 million as compared with pro forma net earnings of $1.9 million, an increase of 31.7 percent from the 1992 third quarter. Earnings per share were $0.22 as compared with pro forma earnings per share of $0.20 for the same quarter a year ago based on 11,198,910 weighted average shares outstanding versus 9,161,258 weighted average shares outstanding during the prior period. The increase in the weighted average number of shares outstanding is primarily due to the company's initial public offering in August of 1992 and shares issued in connection with acquisitions.
 Total revenue for the nine months ended Sept. 30, 1993 was $136.8 million versus $89.5 million for the same period of 1992, an increase of 52.8 percent. Net earnings for the nine months ended Sept. 30, 1993 were $6.6 million as compared with pro forma net earnings of $4.2 million, an increase of 55.6 percent. Earnings per share were $0.60 as compared with pro forma earnings per share of $0.50 for the same period a year ago based on 11,012,482 weighted average shares outstanding versus 8,359,604 weighted average shares outstanding during the prior period.
 "These record results are principally due to the success of our acquisition program over the past year, as well as increased transport volume," commented Paul M. Verrochi, chairman and chief executive officer of American Medical Response, Inc. "We also successfully completed the acquisition of Bridgeport Ambulance Services, Inc. during the quarter, and announced the signing of a letter of intent to acquire Life Medical Industries, Inc. of Stockton, Calif. -- which closed on Oct. 15, 1993."
 "In addition, I am pleased to report that our second public offering netted the company approximately $46.4 million. This event, coupled with the recent expansion of our bank line to $50 million, has provided us with the capital resources to continue our active acquisition program as we move into 1994," added Mr. Verrochi.
 American Medical Response is the leading provider of emergency and non-emergency ambulance services in the United States. The company currently provides ambulance services in Northern California, South Central Connecticut, Northern Delaware and Southern New Jersey, Southern and Central Mississippi, Portland, Ore. and surrounding areas, Central Colorado and Dade County, Fla. The company's growth strategy is focused on acquiring new businesses, expanding existing operations, improving the quality and efficiency of operations, and promoting and capitalizing on the expertise of the operating executives of its providers.
 AMERICAN MEDICAL RESPONSE INC.
 Financial Highlights
 (Unaudited, in thousands, except per share amounts)
 Periods ended Three Months Nine Months
 Sept. 30, 1993 1992 1993 1992
 Total revenue $50,615 $31,185 $136,805 $89,528
 Operating Expenses:
 Salaries and benefits 25,063 14,922 67,342 44,036
 Uncompensated care 10,927 7,303 30,043 20,962
 Other operating 7,861 4,735 21,951 13,681
 Depreciation 1,499 851 3,862 2,603
 Amortization of intangibles 452 127 1,111 400
 Total operating expenses 45,802 27,938 124,309 81,682
 Earnings from operations 4,813 3,247 12,496 7,846
 Interest expense, net 391 155 824 687
 Earnings before income taxes 4,422 3,092 11,672 7,159
 Income taxes 1,964 1,955 5,111 3,620
 Net earnings $2,458 $1,137 $6,561 $3,539
 Pro Forma Data
 Historical net earnings $2,458 $1,137 $6,561 $3,539
 Income taxes (benefit) -- (729) -- (678)
 Net earnings 2,458 1,866 6,561 4,217
 Net earnings per common share $0.22 $0.20 $0.60 $0.50
 Weighted average shares
 outstanding 11,199 9,161 11,012 8,360
 -0- 11/4/93
 /CONTACT: Ronald M. Levenson, senior vice president & chief accounting officer of American Medical Response, 617-261-1600, or Robert C. Hubbell of Edelman Worldwide, 212-704-8255/
 (EMT)


CO: American Medical Response, Inc. ST: Massachusetts IN: HEA SU: ERN

LD -- NY008 -- 0503 11/04/93 08:28 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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