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AMERICAN PHYSICIANS SERVICE GROUP, INC. ANNOUNCES RESULTS OF OPERATIONS FOR THIRD QUARTER OF 1993

 AUSTIN, Texas, Nov. 15 /PRNewswire/ -- American Physicians Service Group, Inc. (APS) (NASDAQ: AMPH) today announced that for the three months ended Sept. 30, 1993, revenues were $3,831,000 vs. $4,225,000 for the same period in 1992. Net income was $251,000, or $0.07 per share, for the third quarter of 1993 compared to $268,000, or $0.07 per share, for the same quarter of 1992.
 For the nine months ended Sept. 30, 1993, APS reported revenues of $12,669,000 vs. $11,283,000 for the same period in 1992. Net income was $888,000 or $.24 per share, for the nine months ended Sept. 30, 1993 compared to a net loss of $116,000 or $.03 per share, for the same period in 1992.
 Kenneth Shifrin, chairman of the board, stated, "The small increase in profit for the third quarter, when compared to the same period of 1992, belies substantial changes within APS' business segments. Revenues and earnings are up significantly at the Information Services segment due to previously announced contracts. Financial Services was mixed, with the securities business having improved performance on slightly higher revenues and reduced expenses, while the insurance division was down. The insurance management company had earned approximately $600,000 in the quarter ended Sept. 30, 1993 from the profit sharing provision in its management contract. There was no profit sharing in the current quarter due to losses at the managed insurance company, a result of unfavorable claims development. Legal fees relating to the previously reported lawsuit with Texas Hospital Insurance Exchange also contributed to this business' unfavorable quarter to quarter comparison."
 Shifrin continued, "We are pleased with our investment in Prime Medical Services, Inc. Prime recently completed a significant acquisition of lithotripsy facilities in a stock transaction, resulting in Prime's reporting a substantial jump in earnings in the third quarter."
 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 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 Ended Nine Months Ended
 September 30, September 30,
 1993 1992 1993 1992
 Revenues $3,831 $4,225 $12,669 $11,283
 Earnings (Loss)
 Before Income Taxes 221 274 1,079 (421)
 Net Earnings (Loss) 268 257 888 (116)
 Net Earnings (Loss)
 Per Share (Fully
 Diluted) $.07 $.07 $.24 $(.03)
 Weighted Average
 shares Used in
 Computation 3,677 3,522 3,635 4,130
 -0- 11/15/93
 /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: HEA SU: ERN

CK -- NY078 -- 4431 11/15/93 12:38 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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