Printer Friendly

AMERICAN PHYSICIANS SERVICE GROUP, INC. ANNOUNCES MAJOR INCREASE IN SECOND QUARTER RESULTS

 AUSTIN, Texas, Aug. 16 /PRNewswire/ -- American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) today announced that for the three months ended June 30, 1993, revenues were $4,483,000 vs. $3,239,000 for the same period in 1992. Net income of $222,000, or $0.06 per share, for the second quarter of 1993 compared to a net loss of $413,000, or $0.11 per share, for the same quarter of 1992.
 For the first six months ended June 30, 1993, APS reported revenues of $8,838,000 vs. $7,058,000 for the same period in 1992. Net income of $620,000 or $.17 per share, for the six months ended June 30, 1993 compared to a net loss of $373,000 or $.09 per share, for the same period in 1992.
 Kenneth Shifrin, chairman of the board stated, "We were pleased with the overall results of the quarter. The 38 percent improvement in revenue was especially gratifying, as it was primarily a result of improvement in our APS Systems division. As we announced in June, APS Systems, Inc. has been awarded contracts to install its APS Bullet 3000 System at the following: Yale Faculty Practice Plan, a centralized practice plan with over 500 physicians associated with the Yale School of Medicine; Nebraska Clinicians Group, a 300 physician centralized practice plan associated with the University of Nebraska; and North Mississippi Health Services, the largest healthcare delivery system in North Mississippi. APS Systems had been selected after an extremely long, competitive sales cycle and these contracts are valued at over $4 million."
 W.H. Hayes, chief financial officer added, "Operationally, we had small improvements in each of our segments and our investments performed better than a year ago. The disposal of several unprofitable operations late last year also helped this quarter's results, as did the lack of a necessity to accrue litigation expenses, which had hurt the quarter ended June 30, 1992."
 Shifrin concluded, "We are concentrating our efforts on the company's core businesses with a particular emphasis on enhanced marketing. We have eliminated unprofitable operations and we continue to look for opportunities to expand through acquisitions. We think this focus will build long-term value for our shareholders."
 APS is a management and financial services firm with subsidiaries and affiliates which provide: medical malpractice insurance services for doctors and hospitals; brokerage and investment services to institutions and individuals; computer systems for medical clinics and university medical schools; management of lithotripsy, imaging and cardiac rehabilitation centers; and publications and expositions promoting trade between the United States and Mexico. The company is headquartered in Austin and maintains offices in San Antonio, Dallas, Houston and Little Rock.
 AMERICAN PHYSICIANS SERVICE GROUP, INC.
 Selected Financial Data
 (In thousands, except per share data)
 Three Months Six Months
 Periods ended June 30 1993 1992 1993 1992
 Revenues $4,482 3,239 8,838 7,058
 Earnings (loss) before
 income taxes 317 (728) 859 (695)
 Net earnings (loss) $ 222 (413) 620 (373)
 Net earnings (loss) per
 common share
 Primary $ .06 (.11) .17 (.09)
 Fully diluted $ .06 (.11) .17 (.09)
 Weighted average shares
 used in computation
 Primary 3,691 3,737 3,613 4,074
 Fully diluted 3,720 3,737 3,716 4,074
 -0- 8/16/93
 /CONTACT: Kenneth Shifrin, chairman of the board or W. H. Hayes, vice president - finance of American Physicians Service Group, Inc., 512-328-0888/
 (AMPH)


CO: American Physicians Service Group, Inc. ST: Texas IN: SU: ERN

WB -- NY049 -- 2994 08/16/93 10:46 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 16, 1993
Words:585
Previous Article:ARACRUZ CELULOSE REPORTS 1993 FIRST HALF RESULTS IN U.S. GAAP
Next Article:PANASONIC 'ON-TARGET' FOR FALL LAUNCH OF REAL 3DO INTERACTIVE MULTIPLAYER
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters