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CBL MEDICAL ANNOUNCES RECORD REVENUE AND EARNINGS, 1992

 LOS ANGELES, March 22 /PRNewswire/ -- CBL Medical, Inc. (NASDAQ: CBLM) reported today that in 1992 CBL Medical attained record high annual earnings of $1,683,927 on record revenue of $18,785,831.
 Summmary for the year ended 1992 vs. year ended 1991 (a):
 Revenue increased 53 percent -- $18,785,831 vs. $12,262,156.
 Income before taxes increased 149 percent -- $2,943,302 vs.
 $1,183,120.
 Earnings increased 173 percent -- $1,683,927 vs. $616,515.
 Primary earnings per share increased 96 percent -- $.45 vs. $.23
 Fully diluted earnings per share increased 95 percent -- $.41
 vs. $.21
 Weighted average number of common and common stock equivalent
 shares outstanding:
 Primary 3,774,311 vs. 2,949,721
 Fully diluted 4,846,526 vs. 3,825,240
 (a) Revenue previously reported for this period is not comparable and the amounts shown above represent combined revenue for the year.
 Summary of the fourth quarter ended Dec. 31, 1992 vs. Dec. 31, 1991 (b):
 Revenue increased 95 percent -- $4,884,926 vs. $2,510,119.
 Income before taxes increased N/A percent -- $305,180 vs. $(250,467)
 Earnings increased N/A percent -- $153,816 vs. $(272,309)
 Primary earnings per share increased N/A percent -- $.04 vs.
 $(.11).
 Fully diluted earnings per share is $.04 for the fourth quarter
 1992; there is no comparable fully diluted earnings per share for
 the fourth quarter 1991.
 Weighted average number of common and common stock equivalent
 shares outstanding:
 Primary 3,709,063 vs. 3,192,310
 Fully diluted 4,977,232 vs. 4,131,398
 (b) Revenue and income before taxes previously reported for this period are not comparable and the amounts shown above represent combined revenue and income before taxes for the quarter.
 Robert B. Mishkin, president and chairman of CBL Medical, Inc. reported that, "CBL enjoyed record revenue and net income for 1992 in spite of the increasingly difficult workers' compensation environment and the struggling California economy.
 "The significant industry-wide slowdown in collections from insurance companies and third party payors created extraordinary financing and operations challenges. In response, we have enhanced our collections efforts and are working with our lender to significantly increase our line of credit. In addition, we will be substantially reducing our expenses and selling or closing the less profitable medical centers. Affiliating with other health care provideers or pursuing other opportunities in the industry are under consideration.
 "We face these challenges with confidence. We continue to believe CBL will be able to sustain its growth. We are currently on a program to increase our cash flow and to strengthen our balance sheet, thus enabling us to capitalize on opportunities in the rapidly changing health care arena."
 CBL Medical, Inc. currently manages ten medical centers, four Work Simulation Centers and one Center for Vocational Rehabilitation Services.
 -0- 3/22/93
 /CONTACT: Bill Roberts of CBL Medical, Inc., 513-891-1818/
 (CBLM)


CO: CBL Medical, Inc. ST: California IN: MTC SU: ERN

SB -- NY007 -- 8068 03/22/93 09:01 EST
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Publication:PR Newswire
Date:Mar 22, 1993
Words:498
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