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GMIS REPORTS RECORD REVENUE AND EARNINGS FOR THIRD QUARTER

 GMIS REPORTS RECORD REVENUE AND EARNINGS FOR THIRD QUARTER
 MALVERN, Pa., Oct. 22 /PRNewswire/ -- GMIS Inc. (NASDAQ: GMIS) reported today revenue of $3,729,000 for the third quarter of 1992, an increase of 59 percent compared to the same period in 1991.
 Net income before income taxes and extraordinary item (pretax profits) was $753,000, an increase of 53 percent compared to the third quarter of 1991. Earnings per share on a fully taxed basis were $.10 forh?e third quarter of 1992 vs. $.08 in the same period in 1991.
 "Our revenue and earnings growth in this quarter was due to strong product demand," said Thomas R. Owens, president and chief executive officer of GMIS. "ClaimCheck(R) continues to improve its position as the industry leader in claims auditing with the signing of 15 new license agreements in the third quarter," added Owens. ClaimCheck, a clinical rules-based expert system, was designed to automatically identify and correct billing errors that can inflate physician payments.
 Revenue for the nine months ended Sept. 30, 1992, was $10,567,000, 69 percent higher than the same period in 1991. Pretax profits were $2,119,000, an increase of 78 percent compared to the same period in 1991. Earnings per share on a fully taxed basis for the nine months ended Sept. 30, 1992, were $.29 compared to $.23 for the same period in 1991. The weighted average shares outstanding increased 29 percent primarily as a result of the company's's initial public offering in July 1991.
 GMIS is the leading provider of automated cost containment products and services to the insurance industry. GMIS' current customer list of more than 170 leading insurers includes 16 of the top 25 commercial insurers, 8 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
 (Unaudited)
 Periods ended Three months Nine months
 Sept. 30 1992 1991(A) 1992 1991(A)
 Revenue:
 Operating revenue $3,533,000 $2,202,000 $9,989,000 $6,002,000
 Interest 196,000 150,000 578,000 240,000
 Total revenue 3,729,000 2,352,000 10,567,000 6,242,000
 Expenses:
 Cost of revenue 550,000 317,000 1,498,000 891,000
 Marketing and sales 1,031,000 540,000 2,595,000 1,463,000
 Research and development 672,000 625,000 2,060,000 1,702,000
 General administrative 723,000 371,000 2,295,000 958,000
 Interest --- 8,000 --- 40,000
 Total expenses 2,976,000 1,861,000 8,448,000 5,054,000
 Income before income taxes
 and extraordinary item 753,000 491,000 2,119,000 1,188,000
 Provision for
 income taxes 285,000 161,500 805,000 383,000
 Income before
 extraordinary item 468,000 329,500 1,314,000 805,000
 Extraordinary credit(B) --- 71,500 453,000 293,000
 Net income 468,000 401,000 1,767,000 1,098,000
 Income per common share:
 Income before
 extraordinary item $.10 $.08 $.29 $.23
 Extraordinary credit --- .02 .10 .08
 Net income .10 .10 .39 .31
 Weighted average shares
 outstanding 4,486,000 4,084,000 4,494,000 3,497,000
 (A) On Feb. 13, 1992, GMIS acquired Medical Intelligence, Inc. (MII) 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. Net income before extraordinary item and net income before extraordinary item per common share for the quarter ended Sept. 30, 1991, on a fully taxed basis assuming a 38 percent effective tax rate, would have been $304,000 and $.07, respectively.
 (B) A net operating loss carryforward was utilized in 1991 and through the second quarter of 1992 to offset income tax expense.
 /delval/
 -0- 10/22/92
 /CONTACT: Jeffrey Stello of GMIS, 215-296-3838, ext. 1101/
 (GMIS) CO: GMIS Inc. ST: Pennsylvania IN: HEA SU: ERN


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Date:Oct 22, 1992
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