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AMSERV HEALTHCARE REPORTS FISCAL 1992 RESULTS -- SETS NEW STRATEGIC DIRECTION IN HOME CARE SERVICES

 AMSERV HEALTHCARE REPORTS FISCAL 1992 RESULTS --
 SETS NEW STRATEGIC DIRECTION IN HOME CARE SERVICES
 RENO, Nev., Aug. 11 /PRNewswire/ -- AMSERV HEALTHCARE INC. (NASDAQ:AMSR), formerly known as AMSERV, INC., today reported sales from continuing operations of $15,134,000 for its fiscal year ended June 30, 1992, compared with sales of $13,488,000 in fiscal 1991. The company had a loss from continuing operations of $96,000, or 3 cents per share, compared with income from continuing operations of $213,000, or 7 cents per share, in fiscal 1991.
 Net income for fiscal 1992 was $1,647,000, or 53 cents per share, compared with net income of $990,000, or 31 cents per share for fiscal 1991. Fiscal 1992 net income includes a gain of $1,405,000, or 45 cents per share, from the sale of the company's medical products subsidiary in March 1992, as well as after tax income of $338,000, or 11 cents per share, from that subsidiary's operations during the year.
 Sales from continuing operations in the fourth quarter of 1992 were $3,267,000, compared with $4,164,000 in last year's fourth quarter. The company had a loss from continuing operations of $128,000, or 4 cents per share in the fourth quarter, compared with income from continuing operations of $8,000, less than 1 cent per share, in the comparable period of fiscal 1991.
 Gene Mora, chairman and CEO, said, "The losses we are reporting from continuing operations for our fiscal year and fourth quarter reflect the continued effects of the recession on our temporary nursing services business. Sales and operating income from our home care services business increased 7 percent and 10 percent, respectively, in the fourth quarter, with home care sales equaling 41 percent of total sales. Our near-term goal is to increase home care sales to at least 50 percent of total sales.
 "We believe that home care services represent an excellent growth opportunity, as the emphasis in the healthcare industry continues to shift toward home care. We currently provide home care services in five of our 15 offices. Within six months, we will offer home care services in four more offices and by the end of fiscal 1993 all AMSERV offices will provide home care services. We have also recently changed our name to AMSERV HEALTHCARE INC. to more accurately reflect our strategic direction.
 "Our July acquisition of MED-PRO, INC., a leading provider of nursing services, expands AMSERV's network of offices into three new major markets: Phoenix, San Diego and San Francisco. With this acquisition, our annualized sales should exceed $20 million. While we may have losses over the next few quarters as the weak economy continues, and we incur start-up costs for our new offices and expanded home care program, we do anticipate a return to profitability in 1993."
 AMSERV HEALTHCARE INC. is a national healthcare services company with offices in 15 cities and nine states. The company provides home care services for individuals, and nursing personnel for healthcare facilities.
 AMSERV HEALTHCARE, INC.
 CONSOLIDATED OPERATING RESULTS
 Three months ended Fiscal years ended
 June 30, June 30,
 1992 1991 1992 1991
 Net sales $3,267 $4,164 $15,134 $13,488
 Operating expenses:
 Selling, general
 and administrative 3,346 4,042 14,831 13,189
 Depreciation and
 amortization 122 104 475 148
 Operating income (loss) (201) 18 (172) 151
 Interest, net 48 (6) 59 85
 Income (loss) from
 continuing operations
 before income taxes (153) 12 (113) 236
 Income tax provision
 (benefit) (25) 4 (17) 23
 Income (loss) from
 continuing operations (128) 8 (96) 213
 Discontinued operations:
 Income from discontinued
 operations, net of
 income taxes (32) 138 338 777
 Gain on disposal of
 discontinued operations,
 net of income taxes 183 -- 1,405 --
 Net income $23 $146 $1,647 $990
 Income (loss) per share:
 Income (loss) from
 continuing operations ($.04) -- ($.03) $.07
 Income from
 discontinued operations (.01) .04 .11 .25
 Gain on disposal of
 discontinued operations .06 -- .45 --
 Net income per share $.01 $.05 $.53 $.31
 Average shares outstanding 2,970 3,173 3,092 3,160
 CONSOLIDATED BALANCE SHEETS June 30, June 30,
 1992 1991
 Assets:
 Current assets $6,206 $4,524
 Property and equipment, net 325 863
 Other assets 2,327 2,121
 Total assets $8,858 $7,508
 Liabilities and Shareholders' Equity:
 Current liabilities $1,414 $1,428
 Other liabilities 745 1,064
 Shareholders' equity 6,699 5,016
 Total liabilities and
 shareholders' equity $8,858 $7,508
 -0- 8/11/92
 /CONTACT: Jack Falker of Swenson Falker Eilertsen, 612-371-0000, for AMSERV, or Gene Mora of AMSERV, 702-858-1000/
 (AMMSR) CO: Amserve Healthcare Inc. ST: Minnesota IN: MTC SU: ERN


AL -- MN009 -- 8994 08/11/92 13:07 EDT
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Date:Aug 11, 1992
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