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GERIATRIC & MEDICAL COMPANIES ANNOUNCES IMPROVED THIRD QUARTER RESULTS

 PHILADELPHIA, April 14 /PRNewswire/ -- Geriatric & Medical Companies, Inc. (NASDAQ: GEMC), today announced improved results for the fiscal third quarter ended Feb. 28, 1993. The company reported net income of $743,000, a 101.9 percent increase over the $368,000 reported for the third quarter of the prior fiscal year. Earnings per share were $.05, an increase of 150 percent over the $.02 earned in the third quarter of fiscal 1992. Operating revenues were $40.8 million compared with $40.7 million for the same period last year.
 For the nine months ended Feb. 28, 1993, operating revenues were $122.6 million compared with $121.1 million for the same period of the prior fiscal year. Earnings per share for the nine months were $.12 vs. $.19 for the comparable period. Net income for the nine months of fiscal 1992 included nonoperating income before tax provision of $3,122,000 related to the previous sale of a facility.
 Earnings for the third quarter of this current fiscal year can be attributed to a decrease of operating expense accomplished by management efficiencies and cost reductions that were partially offset by increased amortization and depreciation. In addition, a transaction with Tomahawk Capital Investments, Inc., a company where an officer of Geriatric & Medical Companies is involved, purchased a note from the company creating a nonoperating gain of $773,000 in the three months ended Feb. 28, 1993.
 Daniel Veloric, chairman of the board and president, stated, "We are pleased with the continuing growth trend. Operating results for each quarter of this fiscal year reflect improving financial strength and profitability."
 Geriatric & Medical Companies, Inc.'s GeriMed Services and United Health Care Services Groups are leading providers of health care products and services to hospitals, HMOs, physician groups and long-term care facilities.
 -0- 4/14/93
 /CONTACT: James J. O'Malley, vice president and CFO of Geriatric & Medical Companies, 215-748-8852; or Stan Froelich of Cameron Associates, 212-644-9560, for Geriatric & Medical Companies/
 (GEMC)


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

GK-LR -- NY090 -- 5850 04/14/93 15:50 EDT
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Publication:PR Newswire
Date:Apr 14, 1993
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