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CLINICAL HOMECARE ANNOUNCES IMPROVED THIRD QUARTER AND NINE MONTH RESULTS DESPITE DOWNWARD ADJUSTMENT OF FIRST SIX MONTH RESULTS

 CLINICAL HOMECARE ANNOUNCES IMPROVED THIRD QUARTER AND NINE MONTH
 RESULTS DESPITE DOWNWARD ADJUSTMENT OF FIRST SIX MONTH RESULTS
 FAIRFIELD, N.J., Nov. 13 /PRNewswire/ -- Clinical Homecare, Ltd. (NASDAQ: CLHC) had net income of $634,000 for its third quarter ended Sept. 30, 1992, an increase of 182 percent over net income of $225,000 in the corresponding 1991 period according to Edgar Udine, president and chief executive officer of the home infusion therapy company. Revenues improved 16 percent to $6,615,000 from $5,679,000 a year ago.
 Third quarter earnings per share were $.07 primary and $.07 on a fully diluted basis, up from $.02 per share a year ago on both a primary and fully diluted basis.
 At the same time, Udine announced that Clinical Homecare had restated its six month results. Revenues for the six month period ended June 30, 1992 were reduced by $1,334,000 and earnings after taxes were reduced by $484,000 as a result of the company's underestimation of contractual allowances against Medicare, Blue Cross and Medicaid billings.
 Restated results for the first six months of 1992 are: Revenues of $11,953,000 and after tax profits of $821,000 up from corresponding period in 1991 of $10,398,000 and $42,000 respectively. Restated six month earnings were $.09 per share primary and $.09 per share on a fully diluted basis, up from $.01 per share primary and $.01 on a fully diluted basis in the corresponding period in 1991.
 As a result of these adjustments, net income for the nine months ended Sept. 30, 1992 was $1,455,000 on revenues of $18,568,000 compared to net income of $266,000 on revenues of $16,078,000 in the first nine months of 1991. Nine months per share profits were $.16 primary or $.15 on a fully diluted basis, up from $.03 on both a primary and fully diluted basis in 1991.
 "We are well positioned to benefit from today's emphasis on managed health care and anticipate steady volume and profit expansion both short and longer term," Udine said.
 Udine also announced that Clinical Homecare has negotiated a revision in its contract with its largest customer. Beginning in 1993, the last year of the contract, the company will provide a lower level of service but anticipates that it will maintain the annual profit levels derived from this account as a result of labor cost savings which will substantially offset an expected reduction in revenue.
 Udine also confirmed that Clinical Homecare had entered into an agreement for a $6,000,000 line of credit with a major bank, replacing a previous bank-line agreement with a former lender in the amount of $4,800,000. "We believe this credit line indicates the increased strength and stability of our business," Udine said. "Overall, we are encouraged by our upward performance in revenues and profits."
 Clinical Homecare provides home infusion therapy services to clients in their homes in 34 states from seven regional centers. The centers are located in Los Angeles, San Francisco, Cleveland, Dallas, Buffalo, Boston, and Fairfield, N.J. (headquarters).
 CLINICAL HOMECARE LTD. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (in thousands, except per share amounts -- unaudited)
 Periods ended Three months Nine months
 Percent Percent
 Sept. 30, 1992 1991 Change 1992 1991 Change
 Revenues $6,615 $5,679 16 $18,568 $16,078 15
 Cost of revs. 2,414 1,823 32 6,811 6,297 8
 S,G&A expenses 3,039 3,486 (13) 9,216 9,233 -
 Inc. from
 operations 1,162 370 214 2,541 548 363
 Inc. exp., net (53) (32) 66 (148) (204) (27)
 Other inc./
 (expense), net (50) 38 N/A 33 100 (67)
 Inc. bef. inc.
 taxes 1,059 376 182 2,426 444 446
 Provision for
 inc. taxes 425 151 181 971 178 446
 Net income 634 225 182 1,455 266 446
 Earnings per share:
 Primary $ 0.07 $ 0.02 $ 0.16 $ 0.03
 Fully diluted 0.07 0.02 0.15 0.03
 Wtd. avg. no. of
 shares outstg.
 Primary 7,617 7,203 7,393 7,130
 Fully diluted 9,677 8,576 9,453 7,588
 -0- 11/13/92
 /CONTACT: Edgar Udine, president of Clinical Homecare Ltd., 201-227-0222/
 (CLHC) CO: Clinical Homecare, Ltd. ST: New Jersey IN: HEA SU: ERN


LR-WB -- NY036 -- 0699 11/13/92 12:34 EST
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Date:Nov 13, 1992
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