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GRAHAM-FIELD HEALTH PRODUCTS ANNOUNCES FIRST QUARTER RESULTS

 GRAHAM-FIELD HEALTH PRODUCTS ANNOUNCES FIRST QUARTER RESULTS
 HAUPPAUGE, N.Y., May 15 /PRNewswire/ -- Graham-Field Health Products, Inc. (NYSE: GFI), a manufacturer and supplier of healthcare products, today reported record revenues and net earnings for the first quarter ended March 31, 1992.
 Revenues for the quarter were $16,685,000 versus $12,334,000 for the same period last year, a 35 percent increase. Net income before income taxes was $985,000 versus $650,000 for the prior year, a 52 percent increase. After tax income was $592,000 or $.05 per share on 12,523,000 weighted average shares outstanding versus $626,000 or $.08 on 7,682,000 weighted average shares outstanding for the prior year. The income for the 1992 quarter was taxed at a rate of 40 percent versus the 1991 tax rate of 4 percent. The company has fully utilized all of its tax loss carryforwards for accounting purposes.
 Commenting on the significant improvement in revenues and pre tax income in the first quarter, Irwin Selinger, chairman and chief executive officer, said "the 35 percent increase in revenues and the significant growth in pre tax income were attributable to the company's strategy of increasing our product base and offering our customers fast, efficient delivery of quality products at competitive prices. The recently announced agreement in principal to acquire the businesses and operating assets of Diamond Medical Equipment Corp. and National Healthcare Equipment Corp., which is expected to close by the end of May, will add to the company's product base a broad line of home healthcare products including adult incontinence and nutritional support products."
 The company anticipates the opening of its largest, most automated distribution center by July, 1992. The company has contracted with IBM for the design, layout and implementation of a state-of-the-art warehouse distribution system. Irwin Selinger stated, "we are committing millions of dollars in technology and capital equipment because of our belief that Graham-Field's future is brighter than ever. At a time when many companies are cutting back, we are moving forward with the largest expansion in our company's history."
 Graham-Field manufacturers, markets and distributes approximately 19,000 healthcare products for hospital, physician and home use to approximately 16,000 home healthcare, physician, hospital supply and pharmaceutical distributors, retailers and wholesalers.
 GRAHAM-FIELD HEALTH PRODUCTS, INC.
 Three months ended March 31 1992 1991
 Net revenues $ 16,685,000 $ 12,334,000
 Income before tax 985,000 650,000
 Net income (A) 592,000 626,000
 Net income per share $.05 $.08
 Weighted average shares outstanding 12,523,000 7,682,000
 (A) -- The income for 1992 was taxed at the rate of 40 percent versus 4 percent in 1991.
 -0- 5/15/92
 /CONTACT: Donald J. Harnett, chief financial officer of Graham- Field Health Products, 516-582-5900/
 (GFI) CO: Graham-Field Health Products Inc. ST: New York IN: HEA SU: ERN


TS -- NY015 -- 0592 05/15/92 08:56 EDT
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Publication:PR Newswire
Date:May 15, 1992
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