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CURAFLEX HEALTH SERVICES REPORTS THIRD QUARTER RESULTS; SIGNS LETTER OF INTENT TO ACQUIRE COMPREHENSIVE PHARMACY

 CURAFLEX HEALTH SERVICES REPORTS THIRD QUARTER RESULTS;
 SIGNS LETTER OF INTENT TO ACQUIRE COMPREHENSIVE PHARMACY
 ONTARIO, Calif., Oct. 29 /PRNewswire/ -- Curaflex Health Services, Inc. (NASDAQ: CFLX), today announced revenue and earnings for the third quarter and nine months ended Sept. 30, 1992.
 Net revenue for the third quarter of 1992 rose 23 percent to $12.5 million compared with $10.1 million in the third quarter of 1991. Operating income increased 43 percent to $645,000 compared with $449,800 in the same period of 1991. Income before extraordinary item increased to $597,000, or $0.07 per share, versus $252,400, or $0.05 per share, in the third quarter of 1991. Third quarter 1992 per share figures reflect a 62 percent increase in the weighted average number of common shares outstanding to 8,921,000 due to the company's initial public offering of stock in March 1992.
 For the nine months ended Sept. 30, 1992, net revenue increased 44 percent to $37.9 million compared with $26.4 million in the same period of 1991. Operating income increased to $3.0 million versus $730,700 in the first nine months of 1991. Income before extraordinary item reached $2.0 million, or $0.25 per share, compared with $454,700, or $0.08 per share, in the comparable 1991 period. Per share figures for the first nine months of 1992 reflect a 41 percent increase in the weighted average number of common shares outstanding to 7,872,000 resulting from the company's initial public offering of stock.
 Charles A. Laverty, chairman, president and chief executive officer, commented, "Our continued growth and profitability, although below our earlier expectations, were realized despite rapidly evolving market conditions. We have recently completed the acquisition of Total Home Care, Inc., based in Omaha, Neb., and have also signed a letter of intent to acquire the business of Comprehensive Pharmacy, a home infusion therapy company located in Ontario, Calif. Comprehensive has established an outstanding reputation with large managed care providers in the state of California from which they derive the majority of their revenues while at the same time achieving excellent profitability. This acquisition will enhance our strategy of further penetration in the managed care market and coincide well with our alternative site cost containment philosophy. In addition, to improve profitability, we will consolidate our Inland Empire and Ontario facilities."
 Curaflex will also continue to remain focused on its alternate site locations with emphasis on new HIV/AIDS and cancer treatment centers planned for later this year.
 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 regional centers and 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)
 Period ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Net revenue $12,483.0 $10,116.4 $37,925.2 $26,400.2
 Cost of revenue 6,665.7 5,552.5 19,079.9 13,969.4
 Gross margin 5,817.3 4,563.9 18,845.3 12,430.8
 Selling, general and
 admin. expense 4,528.6 3,624.4 13,824.1 10,467.1
 Provision for est.
 uncollectable accts.
 receivable 643.7 489.7 2,016.1 1,233.0
 Operating income 645.0 449.8 3,005.1 730.7
 Interest income
 (expense) (net) 291.4 (126.5) 504.5 (193.8)
 Minority interest in
 net income from
 consolidated joint
 ventures (65.8) (1.7) (254.9) (54.1)
 Equity in net income of
 unconsolidated joint
 ventures 41.5 59.8 46.6 245.5
 Income before taxes and
 extraordinary item 921.1 381.4 3,301.3 728.3
 Provision for income
 taxes (314.9) (129.0) (1,308.7) (273.6)
 Income before
 extraordinary item 597.2 252.4 1,992.6 454.7
 Extraordinary item -
 utilization of
 operating loss
 carryforwards 282.0 114.1 1,173.5 247.6
 Net income 879.2 366.5 3,166.1 702.3
 Income per common share:
 Income before
 extraordinary item $0.07 $0.05 $0.25 $0.08
 Extraordinary item 0.03 0.02 0.15 0.04
 Net income per common
 share $0.10 $0.07 $0.40 $0.12
 Average common and
 common equivalent
 shares outstanding 8,921 5,512 7,872 5,534
 CURAFLEX HEALTH SERVICES, INC.
 Balance Sheet Data
 (In thousands)
 9/30/92 12/31/91
 Assets (Unaudited)
 Cash and cash equivalents $17,796.1 $2,118.9
 Accounts receivable (net) 20,053.0 14,448.5
 Inventory 1,565.7 1,020.0
 Prepaid expenses 1,925.7 596.6
 Total current assets 41,340.5 18,184.0
 Equipment, furniture &
 fixtures, (net) 3,797.4 2,058.4
 Joint ventures & other assets 4,938.9 1,332.6
 Goodwill (net) 18,647.6 400.7
 Total 68,724.4 21,975.7
 Liabilities & Stockholders'
 Equity (Deficit)
 Accounts payable 1,770.3 1,676.7
 Accrued payroll 782.8 704.0
 Other accrued liabilities 1,829.1 2,455.6
 Current maturities of notes
 payable and obligations
 under capital leases 2,160.0 6,155.8
 Total current liabilities 6,542.2 10,992.1
 Long-term notes payable and
 obligations under capital
 leases excluding current
 portion 3,979.7 104.2
 Minority interest in
 consolidated joint ventures 212.6 56.3
 Redeemable preferred stock
 Series A preferred stock -- 13,111.9
 Series B preferred stock -- 4,005.0
 Series C preferred stock -- 2,892.1
 Common stock 8.5 0.9
 Additional paid-in-capital 84,128.4 20,126.3
 Accumulated deficit (26,147.0) (29,313.1)
 Total liabilities &
 stockholders' equity $68,724.4 21,975.7
 -0- 10/29/92
 /CONTACT: David Walke, 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


SM-GK -- NY098 -- 6853 10/29/92 17:54 EST
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