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HOMEDCO ANNOUNCES RECORD SECOND QUARTER/SIX-MONTH OPERATING RESULTS

 FOUNTAIN VALLEY, Calif., April 28 /PRNewswire/ -- Homedco Group Inc. (NASDAQ: HOME) today reported a record increase in revenues and net income for the second quarter of its 1993 fiscal year.
 Net income for the quarter ended March 31, 1993, increased 45 percent to $5.9 million, or $0.44 per share, compared with $4.0 million, or $0.31 per share, for the same quarter last year.
 Revenues for the second quarter increased 67.9 percent to $116.6 million, compared with $69.5 million for the same quarter last year. The company's two major business lines -- home respiratory therapy and home infusion therapy -- grew at rates of 93.4 percent and 28.1 percent, respectively. The increase in respiratory therapy revenues was primarily the result of the August 1992 acquisition of Glasrock Home Health Care Inc. ("Glasrock"), as well as growth from existing locations of approximately 16 percent. The infusion therapy business line continued to perform well in the second quarter. Infusion therapy revenues grew 28.1 percent, a continuation of the strong growth experienced in existing locations in the first quarter.
 For the six months ended March 31, 1993, net income increased 44 percent, to $11.3 million, or $0.85 per share. For the same period last year, net income -- before the cumulative effect of a change in accounting for income taxes -- was $7.9 million, or $0.60 per share. Revenues for the first six months increased by 68.8 percent, to $230.0 million from $136.2 million. Home respiratory therapy and home infusion therapy grew by 94.5 percent and 30.9 percent, respectively, during the period.
 Commenting on the strong operating results, Jeremy M. Jones, president and chief executive officer, stated, "Homedco's strategy -- to leverage our national infrastructure with regional market share gains -- again has produced outstanding results. The continuous execution of our basic strategy puts Homedco in a unique position to contribute to cost-containment efforts under managed competition in a reformed health care system."
 Homedco Group Inc. is a leading integrated provider of home health care services, offering home respiratory therapy, home infusion therapy and home medical equipment. The company provides its services through more than 215 branch locations serving patients in 46 states.
 HOMEDCO GROUP INC.
 Consolidated Income Statements
 (Dollars in thousands, except per share data)
 (Unaudited)
 Three Months Ended Six Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Net revenues $116,609 $69,462 $229,952 $136,192
 Gross profit 83,149 49,996 163,785 97,819
 Operating expense 34,278 21,729 67,439 42,034
 General and
 administrative expense 31,445 19,154 62,155 37,996
 Provision for
 doubtful accounts,
 net of recoveries 5,074 2,242 10,315 4,690
 Amortization of
 intangible assets 586 160 1,158 248
 Operating income $11,766 $6,711 $22,718 $12,851
 Interest expense 2,296 791 4,492 1,344
 Income before taxes
 and cumulative effect
 of change in
 accounting for
 income taxes $9,470 $5,920 $18,226 $11,507
 Income taxes 3,607 1,871 6,942 3,657
 Net income before
 cumulative effect
 of change in
 accounting for
 income taxes $5,863 $4,049 $11,284 $7,850
 Cumulative effect of
 change in accounting
 for income taxes --- --- --- 3,415
 Net income $5,863 $4,049 $11,284 $11,265
 Income per common
 share before
 cumulative effect
 of change in
 accounting for
 income taxes $0.44 $0.31 $0.85 $0.60
 Cumulative effect of
 change in accounting
 for income taxes --- --- --- 0.26
 Net income per
 common share $0.44 $0.31 $0.85 $0.86
 Weighted average
 number of common
 shares outstanding 13,235,665 13,035,900 13,218,819 13,031,030
 HOMEDCO GROUP INC.
 Selected Consolidated Balance Sheet Information
 (Dollars in thousands)
 (Unaudited)
 For the Period Ended
 March 31, Sept. 30,
 1993 1992
 Accounts receivable, net $94,348 $78,060
 Total current assets $138,637 $122,215
 Fixed assets $85,130 $83,232
 Total assets $246,733 $228,984
 Total current liabilities $80,316 $73,499
 Long-term debt $97,892 $100,061
 Total stockholders' equity $64,971 $53,468
 -0- 4/28/93
 /CONTACT: Jeremy M. Jones, president and CEO, 714-755-5650, ext. 236, or Lawrence H. Smallen, CFO, 714-755-5650, ext. 205, both of Homedco Group/
 (HOME)


CO: Homedco Group Inc. ST: California IN: HEA SU: ERN

KJ-JL -- LA015 -- 1672 04/28/93 07:33 EDT
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Date:Apr 28, 1993
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