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AMERISCRIBE'S FIRST QUARTER INCOME FROM OPERATIONS IS $1.0 MILLION, OR 17 CENTS PER SHARE, ON RECORD QUARTERLY REVENUES

 AMERISCRIBE'S FIRST QUARTER INCOME FROM OPERATIONS IS $1.0 MILLION,
 OR 17 CENTS PER SHARE, ON RECORD QUARTERLY REVENUES
 NEW YORK, April 30 /PRNewswire/ -- Ameriscribe Corporation (NYSE: ACR), a leading national provider of facilities management and office support services, today reported its results for the first quarter ended March 31, 1992.
 Total revenues for the recent three months were $27,818,000, a quarterly record and an increase of 19 percent over the $23,447,000 reported for the first quarter of 1991. Net income from operations for the 1992 first quarter was $1.0 million, or 17 cents per share. The comparable amount for the same period of 1991 was $46,000, or 1 cent per share. Per share results for the recent quarter were based on 6,007,000 average shares outstanding, versus 3,382,000 in the same period of 1991; the increase was primarily due to the sale of an additional 2,300,000 shares to the public in July 1991.
 Net income for the quarter ended March 31, 1992, was $13,018,000, or $2.17 per share, including $12,000,000, or $2.00 per share, from the cumulative effect of a change in accounting for income taxes. The change reflects the company's adoption of recently issued Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes." Accordingly, the company recorded a deferred tax asset of $12,000,000 which primarily represents the estimated future value of net operating loss carryforwards. Net income for the quarter ended March 31, 1991, was $63,000, or 2 cents per share, including a benefit of $17,000, or 1 cent per share, from the utilization of net operating loss carryforwards.
 Ameriscribe attributed the sharp improvement in income from operations primarily to higher sales produced by growth in the number of facilities management sites, additional services sold to existing sites, and an increase in base revenues at existing sites. The company's subsidiary, Ameriscribe Management Services, Inc., operated 245 facilities management installations at the end of the 1992 first quarter, compared with 202 a year earlier.
 Allan R. Tessler, chairman and CEO, noted, "Ameriscribe added 27 net new client installations during the first quarter of 1992, which is more sites than we added in all of 1991. We also enjoyed positive growth in facilities management 'same site' revenues, which rose 4.4 percent over the same period of last year, while continuing to expand our services to existing clients. At the same time, our profitability has benefited from decreases in cost of sales and selling and administrative expenses as a percentage of revenues versus the year-ago periods. In addition, interest expense decreased significantly due to the repayment of debt in July 1991.
 "We expect to improve further upon the first quarter's performance during the remainder of this year, as we recognize the full-year benefit of new business and continue to expand our client base," Tessler added. He noted that the new client locations installed during the course of the first quarter generated $1.8 million in incremental revenues during that period, but are expected to add $8.2 million on an annualized basis.
 Ameriscribe Corporation, through its wholly owned subsidiary, Ameriscribe Management Services, Inc., is a leading national provider of reprographic and related facilities management services on the premises of major legal, financial and Fortune 1000 firms. The services offered by Ameriscribe -- copy, mailroom and facsimile operations and electronic publishing -- help clients manage their document flow in an effective, efficient and economical manner.
 AMERISCRIBE CORPORATION
 Financial Highlights
 (Dollars in thousands, except per share amounts)
 Three months ended March 31 1992 1991
 Total revenues $27,818 $23,447
 Total costs and expenses 26,177 23,347
 Income from operations before income taxes,
 extraordinary item and cumulative effect
 of a change in accounting for income taxes 1,641 100
 Provision for income taxes 623 54
 Income from operations before extraordinary
 item and cumulative effect of a change in
 accounting for income taxes 1,018 46
 Extraordinary item: realization of
 operating loss carryforwards -- 17
 Income from operations before cumulative
 effect of a change in accounting for
 income taxes 1,018 63
 Cumulative effect of a change in
 accounting for income taxes (A) 12,000 --
 Net income $13,018 $ 63
 Earnings per com. and com. equivalent share:
 Operations $0.17 $0.01
 Extraordinary item -- 0.01
 Cumulative effect of a change in
 accounting for income taxes (A) 2.00 --
 Net income $2.17 $0.02
 Average common and common equivalent shares
 outstanding 6,007 3,382
 (A) -- The cumulative effect of a change in accounting for income taxes reflects the company's adoption of recently issued Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes." Accordingly, the company recorded a deferred tax asset of $12,000,000 which primarily represents the estimated future value of net operating loss carryforwards.
 -0- 4/30/92
 /CONTACT: Cindy Gorlick of Ameriscribe, 212-941-2590; or Edward Nebb or Brad Miller of Morgen-Walke Associates, 212-986-5900, for Ameriscribe/
 (ACR) CO: Ameriscribe Corporation ST: New York IN: PUB SU: ERN


GK-TS -- NY044 -- 4856 04/30/92 11:00 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
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