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HEALTHDYNE ANNOUNCES FIRST QUARTER RESULTS

 MARIETTA, Ga., April 27 /PRNewswire/ -- Healthdyne, Inc. (NASDAQ-NMS: HDYN) today announced its financial results for the first quarter of 1993.
 Revenues for the first quarter of $64.2 million increased 15 percent over the first quarter of 1992. The company reported a net loss of $679,000, or $0.04 per share, compared to net earnings of $4.2 million, or $0.26 per share, in the first quarter of 1992. Healthdyne's loss was primarily a result of a loss during the quarter at the Perinatal Services subsidiary.
 Healthdyne Technologies, the company's manufacturing subsidiary, continued to improve its performance. Its revenues increased 23 percent to $15.1 million, from $12.2 million in the first quarter of 1992, and its operating profits for the quarter increased to a record $2.0 million, from $1.75 million in the first quarter of 1992. These results include intercompany sales to Healthdyne Perinatal Services and the related profits therefrom of $380,000 and $95,000 in the first quarter of 1993, and $573,000 and $143,000 in the first quarter of 1992, respectively. Healthdyne recently announced that a registration statement had been filed with the SEC for an underwritten public offering of up to approximately 20 percent of Healthdyne Technologies.
 Home Nutritional Services, Inc. (NASDAQ-NMS: HNSI), the company's 68-percent-owned home infusion therapy subsidiary, had revenues for the quarter of $34.7 million, up 20 percent from $29.0 million for the first quarter of 1992. Net earnings for the quarter declined to $1 million, as compared to $3.1 million in the first quarter of 1992, due to increased managed care business. However, the gross profit margin for the first quarter increased over the fourth quarter of 1992, which the company believes is a positive indication that the costs of providing infusion services are being brought into line with the lower prices that are being received from the managed care portion of the business.
 Healthdyne Perinatal Services, the company's home obstetrical care subsidiary, reported a 2 percent decrease in revenues for the quarter to $15.6 million, compared to $15.9 million in the first quarter of 1992. An operating loss of $1.4 million occurred for the quarter, vs. an operating profit of $2.0 million in the first quarter of 1992. The 1993 results, however, compare favorably to the $2.4 million loss, before restructuring expenses, incurred in the fourth quarter of 1992. The subsidiary's patients on service, while continuing to increase, remain below levels experienced in mid-1992, principally due to a national decline in birth rates.
 According to Parker H. Petit, chairman and chief executive officer of Healthdyne: "I am certainly pleased with the strong operating performance of our Technologies subsidiary, which continues to strengthen its market position in all product groups. Home Nutritional Services has made significant progress in preparing for the new managed care environment. All the programs that we have been developing for over a year are in place, and I believe that HNS will continue to show increases in revenues primarily as a result of their managed care business. Also, their operating profit margin should increase during the next several quarters. Our Perinatal Services division is still experiencing slow growth in patient census which we primarily attribute to the recent decline in our national birth rates. Significant expense cuts have been made at that operation in an added effort to enhance profitability in the quarters ahead."
 Healthdyne is a national provider of high technology home care medical services, including infusion therapy through Home Nutritional Services, its partially owned subsidiary, and home obstetrical care through Healthdyne Perinatal Services, and a manufacturer of high tech home care products through Healthdyne Technologies.
 ? HEALTHDYNE INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
 (Amounts in thousands, except per share amounts)
 (Unaudited)
 3 mos. ended 3/31 1993 1992
 Revenues $64,161 $55,981
 Cost of revenues 32,379 24,439
 Gross profit 31,782 31,542
 Selling and admin. expenses 24,674 19,082
 Provision for doubtful
 accounts 4,858 4,470
 Research and development
 expenses 913 494
 Operating profit 1,337 7,496
 Interest income 124 233
 Interest expense (732) (141)
 Other income (expense), net (17) (106)
 Minority interest in earnings
 of partnerships (487) (232)
 Earnings before income
 tax expense and minority interest
 in net earnings of subsidiary 225 7,250
 Income tax expense 579 2,018
 Earnings (loss) before minority
 interest in net earnings of
 subsidiary (354) 5, 1,055
 Net earnings (loss) (679) 4,177
 Net earnings (loss) per common share
 and common share equivalent (.04) .26
 Weighted average number of
 common shares and common
 share equivalents 15,222 15,946
 Consolidated Condensed Balance Sheets
 (Amounts in thousands)
 ASSETS 3/31/93 12/31/92
 Current assets: (Unaudited)
 Cash and short-term
 investments $ 11,290 14,931
 Trade accounts receivable,
 net 84,033 80,096
 Inventories 14,742 13,341
 Deferred income taxes 4,466 4,814
 Refundable income taxes 4,648 4,536
 Other current assets 6,632 5,401
 Total current assets 125,811 123,119
 Property, plant and
 equipment, net 23,367 21,975
 Goodwill and other intangibles,
 net 29,723 26,623
 Other assets 2,033 2,176
 Total $ 180,934 173,893
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Current installments of
 long-term debt and obligations
 under capital leases $ 3,077 3,334
 Accounts payable, principally
 trade 11,852 12,349
 Other current liabilities 19,026 17,980
 Total current liabilities 33,955 33,663
 Long-term debt and obligations
 under capital leases, excluding
 current installments 51,542 44,319
 Deferred income taxes 6,766 6,766
 Other long-term liabilities 382 426
 Total liabilities 92,645 85,174
 Min. interest in subsidiary and
 partnerships 21,205 21,205
 Shareholders' equity 67,084 67,694
 Total $ 180,934 173,893
 -0- 4/27/93
 /CONTACT: Donald R. Millard of Healthdyne, 404-423-4529/
 (HDYN)


CO: Healthdyne, Inc. ST: Georgia IN: HEA SU: ERN

RA-BR -- AT010 -- 1364 04/27/93 12:18 EDT
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