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GMIS REPORTS RECORD REVENUE AND EARNINGS FOR FOURTH QUARTER

 MALVERN, Pa., Feb. 9 /PRNewswire/ -- GMIS Inc. (NASDAQ: GMIS) today reported record revenue and earnings for the year ended Dec. 31, 1992.
 Revenue for 1992 was $16,042,000, 52 percent higher than in 1991. Income before income taxes and extraordinary item (pretax profits) was $4,360,000, an increase of 41 percent compared to the same period in 1991. Earnings per share on a fully taxed basis for 1992 were $.44 compared to $.38 for the same period in 1991. These per share amounts have been adjusted for the recent 3-for-2 stock split.
 Revenue and pretax profits for the fourth quarter of 1992 were $5,475,000 and $2,242,000, respectively. The provision for income taxes in the fourth quarter of 1992 was partially offset by carryforward research and development tax credits, thereby reducing the company's effective tax rate for 1992 to 32.1 percent.
 "Our financial strengths, product offerings and distribution relationships uniquely position GMIS to capitalize on the anticipated changes to the healthcare delivery system in this country," said Thomas R. Owens, president and chief executive officer. "GMIS' Medical Management System will allow payors to identify the high quality, low cost and ethical providers in their managed care networks," added Owens.
 GMIS is the leading provider of automated cost containment products and services to the insurance industry. GMIS' current customer list of more than 180 leading insurers includes 16 of the top 25 commercial insurers, eight of the 12 largest HMOs and more than half of the Blue Cross and Blue Shield plans in the country.
 GMIS INC.
 Statements of Operations
 (In thousands, except per-share data)
 Periods ended Three months 12 months
 Dec. 31 1992 1991 1992 1991
 (Unaudited)
 Revenue:
 Operating revenue $5,294,333 $4,125,472 $15,283,562 $10,128,009
 Interest 180,329 188,162 758,632 427,838
 Total revenue 5,474,662 4,313,634 16,042,194 10,555,847
 Expenses:
 Cost of revenue 628,012 439,359 2,126,270 1,330,714
 Marketing and sales 1,186,248 657,418 3,781,758 2,120,543
 Research and development 974,727 814,365 3,034,675 2,516,209
 General and admin. 443,863 507,916 2,739,005 1,466,522
 Interest --- --- --- 39,698
 Total expenses 3,232,850 2,419,058 11,681,708 7,473,686
 Income before income
 taxes and
 extraordinary item 2,241,812 1,894,576 4,360,486 3,082,161
 Provision for income
 taxes(A) 595,000 550,750 1,400,000 934,000
 Income before
 extraordinary item 1,646,812 1,343,826 2,960,486 2,148,161
 Extraordinary credit(B) --- 515,750 453,000 809,000
 Net income 1,646,812 1,859,576 3,413,486 2,957,161
 Income per common share(C):
 Income before
 extraordinary item $.24 $.20 $.44 $.38
 Extraordinary credit --- .08 .07 .15
 Net income .24 .28 .51 .53
 Weighted average shares
 outstanding(C) 6,814,534 6,761,865 6,759,316 5,624,641
 (A) In the three months ended Dec. 31, 1992, research and development credits were utilized to partially offset the provision for income taxes. The tax provision was further impacted by the acquisition of Medical Intelligence, Inc. (MII) on Feb. 13, 1992, in a pooling-of- interests transaction which required the restatement of prior year financial statements on a combined basis. Prior to the completion of the acquisition by GMIS, MII was a Subchapter S Corporation for federal and state tax purposes, and therefore, no income tax expense was recorded by MII in 1991 and in 1992 through the date of acquisition.
 (B) A net operating loss carryforward was utilized in 1991 and through the second quarter of 1992 to offset income tax expense.
 (C) On Jan. 5, 1993, the company's board of directors declared a 3-for-2 stock split effected in the form of a 50 percent stock dividend. Accordingly, all share and per share information has been restated to reflect the stock split. Net income per share for the three months and 12 months ended Dec. 31, 1992, prior to the split was $.31 and $.60, respectively.
 /delval/
 -0- 2/9/93
 /CONTACT: Jeffrey Stello of GMIS, 215-296-3838, ext. 1101/
 (GMIS)


CO: GMIS Inc.; Medical Intelligence, Inc. ST: Pennsylvania IN: HEA SU: ERN

CC-LJ -- PH022 -- 4639 02/09/93 11:55 EST
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Date:Feb 9, 1993
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