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HOMEDCO ANNOUNCES RECORD THIRD QUARTER/NINE-MONTH OPERATING RESULTS

 FOUNTAIN VALLEY, Calif., July 27 /PRNewswire/ -- Homedco Group Inc. (NASDAQ: HOME) today reported a record increase in revenues and net income for the third quarter of its 1993 fiscal year.
 For the quarter ended June 30, 1993, net income increased 43 percent to $6.3 million, or $0.48 per share, compared with $4.4 million, or $0.34 per share, for the same quarter last year.
 Revenues for the third quarter increased 65.7 percent to $119.3 million, compared with $72.0 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 89.7 percent and 26.9 percent, respectively. The increase in respiratory therapy revenues was primarily the result of the August 1992 acquisition of Glasrock Home Health Care Inc., as well as growth from existing locations. The infusion therapy business line continued to perform well in the third quarter. Infusion therapy revenues grew 26.9 percent, a continuation of the strong growth experienced in existing locations during the first two quarters of fiscal 1993.
 For the nine months ended June 30, 1993, net income increased 43 percent, to $17.6 million, or $1.33 per share. For the same period last year, net income -- before the cumulative effect of a change in accounting for income taxes -- was $12.3 million, or $0.94 per share. Revenues for the first nine months increased by 67.8 percent, to $349.2 million from $208.2 million. Home respiratory therapy and home infusion therapy grew by 92.8 percent and 29.6 percent, respectively, during the nine-month period.
 Commenting on the strong operating results, Jeremy M. Jones, chairman and chief executive officer, stated, "We are pleased to report another record quarter, and we are particularly pleased with the excellent revenue growth which our infusion therapy business continues to achieve. We believe we lead the home infusion industry in year-to- year percentage revenue growth. In anticipation of change, the entire health care system has been evolving rapidly; we are confident that we are well-positioned for future growth."
 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
 (Unaudited)
 (Dollars in thousands, except per share data)
 Three Months Ended Nine Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net revenues $119,280 $71,975 $349,232 $208,167
 Gross profit 85,786 52,185 249,571 150,004
 Operating expense 35,255 21,759 102,694 63,793
 General and administrative
 expense 32,618 20,561 94,773 58,557
 Provision for doubtful
 accounts, net of
 recoveries 4,999 2,396 15,314 7,086
 Amortization of intangible
 assets 599 150 1,757 398
 Operating income $12,315 $7,319 $35,033 $20,170
 Interest expense 2,104 822 6,596 2,166
 Income before taxes and
 cumulative effect of
 change in accounting
 for income taxes $10,211 $6,497 $28,437 $18,004
 Income taxes 3,891 2,066 10,833 5,723
 Net income before
 cumulative effect of
 change in accounting
 for income taxes $6,320 $4,431 $17,604 $12,281
 Cumulative effect of
 change in accounting
 for income taxes --- --- --- 3,415
 Net income $6,320 $4,431 $17,604 $15,696
 Income per common share
 before cumulative effect
 of change in accounting
 for income taxes $0.48 $0.34 $1.33 $0.94
 Cumulative effect of
 change in accounting
 for income taxes --- --- --- 0.26
 Net income per common share $0.48 $0.34 $1.33 $1.20
 Weighted average number
 of common shares
 outstanding 13,173,162 12,998,266 13,203,600 13,020,108
 HOMEDCO GROUP INC.
 Selected Consolidated Balance Sheet Information
 (Unaudited)
 (Dollars in thousands)
 For the Period Ended
 June 30, Sept. 30,
 1993 1992
 Accounts receivable, net $97,042 $78,060
 Total current assets $140,009 $122,215
 Fixed assets $86,958 $83,232
 Total assets $249,626 $228,984
 Total current liabilities $66,849 $73,499
 Long-term debt $106,491 $100,061
 Total stockholders' equity $71,836 $53,468
 -0- 7/27/93
 /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

LS-MF -- LA008 -- 6007 07/27/93 07:30 EDT
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Date:Jul 27, 1993
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