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GRAHAM-FIELD HEALTH PRODUCTS REPORTS RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDING SEPT. 30, 1991

GRAHAM-FIELD HEALTH PRODUCTS REPORTS RESULTS FOR THE THIRD QUARTER AND
                   NINE MONTHS ENDING SEPT. 30, 1991
    HAUPPAUGE, N.Y., Nov. 7 /PRNewswire/ -- Graham-Field Health Products, Inc. (AMEX: GFI), a manufacturer and supplier of healthcare products, today reported record revenues and net income for the third quarter ended Sept. 30, 1991.  Revenues for the quarter were $14,918,000 versus $11,719,000 for the same period last year, a 27 percent increase. Net income for the third quarter was $1,486,000 or 13 cents per share versus third quarter 1990 net income of $405,000 or 5 cents per share, an increase in income of 267 percent.
    For the nine months ending Sept. 30, 1991, revenues were a record $40,658,000 versus $32,073,000 for the comparable prior year period, a 27 percent increase.  Net income was $2,881,000 or 32 cents per share versus net income, before extraordinary credit, of $1,151,000 or 15 cents per share in the comparable prior year period, an increase of 150 percent; net income for the prior period was $1,437,000 or 19 cents per share after an extraordinary gain of $286,000 on the purchase of senior subordinated notes.
    Increased sales and net income for the quarter and nine months resulted from the acquisition of Aqua Therm, the purchase of the John Bunn product line and from Graham-Field's continued expansion of the Consolidation Advantage Program (CAP).
    In October 1991, Graham-Field and Abbey Home Healthcare, Inc., the largest home health care dealer in the United States with 167 branches nationwide, agreed to begin implementing a CAP program.  The CAP program offers customers reduced operating costs associated with purchasing multiple products through multiple vendors.
    It is anticipated that the Abbey Home Healthcare program will eventually result in Graham-Field adding an additional 10,000 products, including brand name products, to its existing product mix of approximately 15,000.  The program, expected to be fully implemented in early 1993, will enable Abbey's branches to reduce their inventory levels by instituting a Just-In-Time CAP program which will be facilitated by Electronic Data Interchange (EDI) order transmission.
    In connection with the Abbey Program and to generally improve service levels in the Midwest, Graham-Field plans to open a major distribution facility in the middle of the United States.  It is anticipated that this essentially paperless facility will be operational by the latter half of 1992.
    On Oct. 1, 1991, Graham-Field, Inc. acquired the assets of Temco Healthcare, a division of Temco National Corporation.  All aspects of the Temco business, except manufacturing, have been integrated into Graham-Field's existing marketing and administrative structure.
    Graham-Field manufactures, markets and distributes approximately 15,000 healthcare products including the new Aqua Therm, Temco and 3M product lines 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 Sept. 30                  1991      1990
    Net revenues                               $14,918,000  $11,719,000
    Net income                                 $ 1,486,000  $   405,000
    Net income per share                              $.13         $.05
    Weighted average shares outstanding         11,838,000    7,571,000
      Nine months ended Sept. 30                    1991        1990
    Net revenues                               $40,658,000  $32,073,000
    Income before extraordinary credit           2,881,000    1,151,000
    Extraordinary credit - gain on
     purchase of senior subordinated notes          --          286,000
    Net income                                 $ 2,881,000  $ 1,437,000
    Per share:
     From operations                                  $.32         $.15
     From extraordinary credit                          --          .04
     Net income per share                             $.32         $.19
    Weighted average shares outstanding          9,071,000    7,559,000
    -0-                      11/7/91
    /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 GK-SH -- NY009 -- 2075 11/07/91 09:27 EST
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Publication:PR Newswire
Date:Nov 7, 1991
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