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GERIATRIC & MEDICAL COMPANIES, INC. REPORTS SECOND QUARTER EARNINGS OF FISCAL 1994

 PHILADELPHIA, Jan. 13 /PRNewswire/ -- Geriatric & Medical Companies, Inc. (NASDAQ-NMS: GEMC) announces the results of its second quarter, ended Nov. 30, 1993. Net income was 885,000 or $.06 per share, a 46 percent increase over the net income of $607,000 or $.04 per share reported for the second quarter of the prior fiscal year. Operating revenues were $44.4 million versus $41.2 million for the same period of fiscal 1993. For the six months ended Nov. 30, 1993, operating revenues were $87.5 million versus $81.8 million for the same period last fiscal year, an increase of 7 percent. Net income was $1.6 million or $.11 per share, a 59 percent increase over the $1.0 million or $.07 per share for the prior year.
 Commenting on the quarter, Daniel Veloric, chairman of the board and president stated, "The improvement in core earnings as a result of operating efficiencies and increased reimbursement in the long-term care group is clearly evident in this quarter's results. Our recovery is well on its way and our strategy to establish a diversified health care service company is beginning to bear fruit."
 Mr. Veloric further reported, "Future performance of the company should be impacted by the construction of two sixty bed additions in Pennsylvania and New Jersey, and an acquisition of an ambulance company which are expected to be completed by the end of this fiscal year."
 Geriatric & Medical Companies, Inc. headquartered in Philadelphia, is a leading health care company providing pharmacy, rehabilitation therapies, ambulance, transportation, nursing home contract services and home health care, which includes infusion, respiratory therapy and medical equipment, to owned and managed care facilities, hospitals, HMOs and physician groups.
 GERIARTIC & MEDICAL COMPANIES, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In thousands except per common share, unaudited)
 Three Months Six Months
 Periods ended Nov. 30 1993 1992 1993 1992
 Operating revenues, net $ 44,404 $ 41,238 $ 87,457 $ 81,844
 Operating income 5,153 4,095 9,746 8,072
 Interest expense, net (3,015) (2,848) (5,914) (5,653)
 Operating income after
 interest 2,138 1,247 3,832 2,419
 Nonoperating loss, net
 income before income
 taxes (949) (436) (1,680) (1,075)
 Income tax provision 304 204 545 336
 Net income 885 607 $1,607 1,008
 Earnings per common share
 net income 0.06 0.04 0.11 0.07
 Average common shares
 outstanding 15,295 15,205 15,295 15,205
 -0- 1/13/94
 /CONTACT: James J. O'Malley, vice president and chief financial officer of Geriatric & Medical Companies, 215-748-8852; or Stan Froelich of Cameron Associates, 212-644-9560/
 (GEMC)


CO: Geriatric & Medical Companies, Inc. ST: Pennsylvania IN: HEA SU: ERN

WB-PS -- NY054 -- 1098 01/13/94 12:37 EST
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Publication:PR Newswire
Date:Jan 13, 1994
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