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CURAFLEX HEALTH SERVICES ANNOUNCES FIRST QUARTER RESULTS REPORTS RECORD REVENUE AND EARNINGS

 CURAFLEX HEALTH SERVICES ANNOUNCES FIRST QUARTER RESULTS
 REPORTS RECORD REVENUE AND EARNINGS
 RANCHO CUCAMONGA, Calif., May 4 /PRNewswire/ -- Curaflex Health Services, Inc. (NASDAQ: CFLX) today announced record revenues and earnings for the first quarter ended March 31, 1992.
 First quarter net revenue increased 76 percent to $12.5 million compared with $7.1 million in the first quarter of 1991. Operating income rose to $1.1 million versus an operating loss of $88,000 in the prior year's quarter. Net income increased to $761,000, or $0.13 per share, compared with the $27,000, or $0.00 per share, reported in the first quarter of 1991. Per share results reflect a 2.5 percent increase in the weighted average number of common shares outstanding in the first quarter of 1992 to 5,699,810 shares. Curaflex completed its initial public offering of 3,000,000 common shares at $13.00 per share on March 19, 1992. Subsequent to the end of the quarter, the underwriters' over-allotment option for 450,000 shares was exercised.
 Charles A. Laverty, chairman, president and chief executive officer, said, "We are pleased that our revenue growth has continued at a steady rate, both on a comparable and sequential quarterly basis. Our established infrastructure should enable us to continue leveraging our operating efficiencies to further improve our profit margins."
 Laverty noted that margins showed significant improvement during the quarter. Gross margins increased to 52 percent compared with 48 percent in the comparable quarter last year, and 51 percent in the fourth quarter of 1991. Operating margins expanded to 9 percent versus a negative margin of 1 percent in the first quarter of 1991, and 5 percent in the fourth quarter.
 Laverty continued, "In February 1992, we opened two additional disease-specific outpatient treatment centers. The Cancer Center of Boston at Plymouth will focus on treating cancer patients using both traditional and innovative infusional chemotherapy protocols. Stratogen of South Florida will focus on the treatment of AIDS/HIV patients. We look forward to providing both patients and physicians with the highest quality service and clinical care in combating these complex, long-term disease states, and will strive to ensure a better quality-of-life for patients in a comfortable, outpatient setting. We also are exploring additional alternate site opportunities for the treatment of complex diseases and in other health care specialties as we continue to selectively expand our national presence."
 Laverty concluded, "We expect these business developments, combined with substantial operating leverage, will allow us to maintain this momentum throughout 1992 and into the future."
 Curaflex Health Services, Inc. is a national provider of comprehensive infusion therapy and related services to patients in the home and alternative site environments. Its home infusion therapy operations include 22 regional centers and four satellite facilities strategically located in major U.S. markets. The Company also provides infusion therapy as part of a broader program of clinical care, at disease-specific outpatient centers focusing on treatment of complex long-term diseases such as cancer and AIDS/HIV.
 CURAFLEX HEALTH SERVICES, INC.
 Income Statement
 (Unaudited)
 (In thousands, except per share data)
 Three Months Ended March 31,
 1992 1991
 Net Revenue $ 12,454 $ 7,076
 Cost of Revenue 5,986 3,682
 Gross Margin 6,468 3,394
 Selling, general and
 administrative expense 4,695 3,152
 Provision for est. uncollectable
 accounts receivable 687 330
 Operating income 1,086 (88)
 Interest expense (net) (126) 4
 Minority interest in net income
 from consolidated joint ventures (147) 34
 Equity in net income from
 unconsolidated joint ventures (19) 77
 Income before taxes 794 27
 Provision for income taxes 333 11
 Income before extraordinary item 461 16
 Extraordinary item - utilization
 operating loss carryforwards 300 11
 Net Income 761 27
 Earnings before
 extraordinary item $ 0.08 $ 0.00
 Extraordinary item 0.05 --
 Earnings Per Share $ 0.13 $ 0.00
 Weighted average common and common
 equivalent shares outstanding 5,700 5,563
 CURAFLEX HEALTH SERVICES, INC.
 Balance Sheet Data
 (In Thousands)
 3/31/92 12/31/91
 ASSETS (Unaudited)
 Cash and cash equivalents $29,400.7 $2,118.9
 Accounts receivable (net) 16,549.3 14,448.5
 Inventory 1,119.4 1,020.0
 Prepaid expenses 696.2 596.6
 Total current assets 47,765.6 18,184.0
 Equipment, furniture & fixtures, (net) 2,269.1 2,058.4
 Joint ventures & other assets 2,180.6 1,733.3
 Total assets $52,215.3 $21,975.7
 LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
 Accounts payable $1,811.0 $1,676.7
 Accrued payroll 739.7 704.0
 Other accrued liabilities 2,101.4 2,455.6
 Current maturities of notes payable and
 obligations under capital leases 400.3 6,155.8
 Total current liabilities 5,052.4 10,992.1
 Long-term notes payable and obligations under
 capital leases excluding current portion 91.7 104.2
 Minority interest in consolidated
 joint ventures 108.8 56.3
 Preferred stock -- 20,009.0
 Common stock 7.6 0.9
 Additional paid-in-capital 75,506.5 20,126.3
 Accumulated deficit (28,551.7) (29,313.1)
 Total liabilities &
 stockholders' equity $52,215.3 $21,975.7
 -0- 5/4/92
 /CONTACT: June Filingeri or Robert Borchert, 212-986-5900, or Ken Dennard, 415-296-7383, all of Morgen-Walke Associates, for Curaflex/
 (CFLX) CO: Curaflex Health Services Inc. ST: California IN: HEA SU: ERN


KD -- NY023 -- 5870 05/04/92 09:13 EDT
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Date:May 4, 1992
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