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CURAFLEX HEALTH SERVICES ANNOUNCES RECORD SECOND QUARTER RESULTS

 CURAFLEX HEALTH SERVICES ANNOUNCES RECORD SECOND QUARTER RESULTS
 ONTARIO, Calif., Aug. 5 /PRNewswire/ -- Curaflex Health Services, Inc. (NASDAQ: CFLX) today announced record revenue and earnings for the second quarter and six months ended June 30, 1992.
 Net revenue for the second quarter of 1992 rose 41 percent to $13.0 million compared with $9.2 million in the second quarter of 1991. Operating income reached $1.3 million compared with $369,000 in the same period of 1991. Income before extraordinary item increased to $934,000 or $0.11 per share compared with $187,000 or $0.03 per share in the second quarter of 1991. Net income increased to $1.5 million or $0.17 per share compared with $309,000 or $0.05 per share in the second quarter of 1991. Second quarter 1992 per share figures reflect a 61 percent increase in the weighted average number of common shares outstanding to 8,887,000 due to the company's initial public offering of stock in March, 1992.
 For the six months ended June 30, 1992, net revenue increased 56 percent to $25.4 million compared with $16.3 million in the same period of 1991. Operating income increased to $2.4 million versus $281,000 in the first half of 1991. Income before extraordinary item reached $1,395,000 or $0.19 per share compared with $202,000 or $0.04 per share in the comparable 1991 period. Net income for the first half of 1992 was $2.3 million or $0.31 per share compared with $336,000 or $0.06 per share in the same period of 1991. Per share figures for the first six months of 1992 reflect a 31 percent increase in the weighted average number of common shares outstanding to 7,281,000 resulting from the company's initial public offering of stock.
 The company noted that its 1992 second quarter operating margin more than doubled to 9.8 percent compared with the same quarter of 1991 as continued revenue expansion is complemented by careful management of costs.
 Charles A. Laverty, chairman, president and chief executive officer, commented: "Our continued strong and profitable growth in the second quarter reflects solid expansion of same center sales and ongoing operating efficiency within the company. We also continued to enter new markets with the opening of three new centers as well as continuing to selectively explore acquisitions. Moreover, the company remains focused on alternate site locations with emphasis on new HIV/AIDS and cancer treatment centers planned for the second half of the year."
 Laverty continued: "We took another strategic step forward in July with the acquisition of Birthcare, a California company specializing in perinatal services for high-risk pregnancies. This is one of the fastest growing markets in healthcare. In addition to the delivery of home infusion treatment, perinatal services include pre-term labor management and skilled nursing care for complicated pregnancies. The expertise we have gained through Birthcare will enable us to expand this service to our centers nationwide."
 Laverty concluded, "We will continue to focus the company's growth in 1992 and beyond through a balance of internal growth, expanded service capability and complementary market extension while maintaining a strong revenue growth pattern. Above all, we remain committed to providing the highest quality healthcare services as well as playing a vital role in healthcare cost containment."
 At June 30, 1992, the company's balance sheet remained strong with $29.5 million in cash, $44.9 million in working capital, $60.4 million in total assets, and $54.0 million in stockholders' equity.
 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 28 regional centers and three satellite facilities strategically located in major U.S. markets. The company also provides infusion therapy as part of its broader clinical care program 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)
 Periods Ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Net revenue $12,988.2 $9,208.0 $25,442.2 $16,283.8
 Cost of revenue 6,428.3 4,735.5 12,414.2 8,416.9
 Gross margin 6,559.9 4,472.5 13,028.0 7,866.9
 Sell., genl. & admin. exp. 4,600.7 3,690.8 9,295.5 6,842.7
 Provision for est.
 uncollectable accts.
 receivable 684.9 412.8 1,372.4 743.3
 Operating income 1,274.3 368.9 2,360.1 280.9
 Interest income (exp.)(net) 338.3 (71.3) 213.1 (67.3)
 Minority int. in net inc.
 from consolidated joint
 ventures (41.7) (86.4) (189.1) (52.4)
 Equity in net income from
 unconsolidated joint
 ventures 24.3 109.1 5.1 185.7
 Inc. bef. taxes & extraord.
 item 1,595.2 320.3 2,389.2 346.9
 Provision for income taxes (661.2) (133.6) (993.8) (144.6)
 Inc. bef. extraord. item 934.0 186.7 1,395.4 202.3
 Extraordinary item - utiliz.
 of oper. loss carryforwards 591.5 122.5 891.5 133.5
 Net income 1,525.5 309.2 2,286.9 335.8
 Inc. per com. share:
 Inc. bef. extraord. item $0.11 $0.03 $0.19 $0.04
 Extraordinary item 0.06 0.02 0.12 0.02
 Net inc. per com. share $0.17 $0.05 $0.31 $0.06
 Avg. com. & com. equivalent
 shares outstanding 8,887 5,529 7,281 5,546
 CURAFLEX HEALTH SERVICES, INC.
 Balance Sheet Data
 (In thousands)
 6/30/92 12/31/91
 (Unaudited)
 ASSETS
 Cash & cash equivalents $29,465.8 $ 2,118.9
 Accounts receivable (net) 18,203.6 14,448.5
 Inventory 1,346.3 1,020.0
 Prepaid expenses 577.2 596.6
 Total current assets 49,592.9 18,184.0
 Equipment, furniture & fixtures, (net) 2,603.3 2,058.4
 Joint ventures & other assets 8,213.8 1,733.3
 Total assets 60,410.0 21,975.7
 LIABILITIES & STOCKHOLDERS' EQUITY
 Accounts payable $ 1,166.7 $ 1,676.7
 Accrued payroll 778.5 704.0
 Other accrued liabilities 1,724.0 2,455.6
 Current maturities of notes payable &
 obligations under capital leases 1,056.9 6,155.8
 Total current liabilities 4,726.1 10,992.1
 Long-term notes payable and obligations
 under capital leases excluding
 current portion 1,578.6 104.2
 Minority interest in consolidated
 joint ventures 88.1 56.3
 Redeemable preferred stock
 Series A preferred stock 0.0 13,111.9
 Series B preferred stock 0.0 4,005.0
 Series C preferred stock 0.0 2,892.1
 Common stock 8.2 0.9
 Additional paid-in-capital 81,035.2 20,126.3
 Accumulated deficit (27,026.2) (29,313.1)
 Total common stockholders'
 equity (deficit) 54,017.2 (9,185.9)
 Total liabilities & stockholders'
 equity $60,410.0 $21,975.7
 -0- 8/5/92
 /CONTACT: June Filingeri or Robert Borchert, 212-986-5900, or Ken Dennard, 415-296-7383, all of Morgen-Walke Associates for Curaflex Health Services/
 (CFLX) CO: Curaflex Health Services, Inc. ST: California IN: HEA SU: ERN


SH-PS -- NY011 -- 6960 08/05/92 09:24 EDT
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