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MAMSI POSTS RECORD FIRST QUARTER 1992 EARNINGS; CONTINUES STRONG OPERATING PERFORMANCE

 MAMSI POSTS RECORD FIRST QUARTER 1992 EARNINGS;
 CONTINUES STRONG OPERATING PERFORMANCE
 ROCKVILLE, Md., April 20 /PRNewswire/ -- Mid Atlantic Medical Services, Inc. ("MAMSI") (NASDAQ: MAMS), the largest managed care organization in the Maryland/D.C./Virginia area, today announced it posted record operating revenues and net income for the first quarter of 1992 ended March 31, 1992.
 Net income per share for the first quarter 1992 was 25 cents on 14,243,496 weighted average shares outstanding, as compared with 20 cents per share on 14,309,664 weighed average shares outstanding for the same quarter of 1991, an increase of 25 percent.
 Operating revenues for the first quarter 1992 were $135.4 million, compared with $86.1 million for the same period 1991, an increase of $49.3 million or 57
percent. Net income for the first quarter 1992 was $3.5 million, compared with $2.9 million for the same quarter 1991, an increase of $.6 million or 21 percent. Medical expenses for the first quarter 1992 were $120.9 million, compared with $74.8 million for the same quarter in 1991. Administrative expenses for the first quarter 1992 were $10.3 million, compared with $7.4 million for the 1991 quarter.
 Total lives covered under all MAMSI's managed care products grew to over 689,000 at the end of the first quarter 1992, compared with 591,000 at the end of 1991, an increase of 98,000 covered lives:
 -- M.D. IPA and Optimum Choice, Inc. (OCI), the company's two HMOs, grew by 39,000 covered lives to a total of 425,000; with M.D. IPA capturing an increased number of federal government members.
 -- Alliance PPO, Inc. and Mid Atlantic Psychiatric Services, Inc. (MAPSI), MAMSI's two non-risk products, grew by 59,000 lives to a total of 264,000.
 Additionally the company's provider network included almost 100 hospitals and over 10,000 physicians.
 George T. Jochum, MAMSI's chairman, president and CEO, commented, "Our continued focus on containing medical and administrative expense growth contributed greatly to our first quarter performance. Because the regional economy is still weak, we built that into our plans but still feel that 1992 promises to be another year of sustained member growth and record earnings for the company."
 MID ATLANTIC MEDICAL SERVICES, INC.
 Selected Income Statement Information
 (Unaudited; in thousands except share amounts)
 First quarter 1992 1991
 Operating revenue $135,378 $86,072
 Operating expenses 131,112 82,210
 Gross profit 4,266 3,862
 Income before extraordinary item 3,501 2,851
 Net income 3,512 2,861
 Earnings per common and
 common equivalent share:
 Income before extraordinary item $.25 $.20
 Net income $.25 $.20
 Weighted average common and common
 equivalent shares outstanding 14,243,496 14,309,664
 MAMSI
 1992 Financial Performance Summary
 First Quarter
 (Unaudited; $000s)
 1992 1991 Plus/Minus Percent
 Actual Actual Variance Variance
 Premium revenues 134,759 85,893 48,866
 PMPM 107.46 95.34 12.12 12.7
 Fee revenues 619 179 440
 Total revenues 135,378 86,072 49,306 57.3
 Medical expenses 120,851 74,826 46,025
 PMPM 96.37 83.06 13.31 16.0
 Med loss radio (PRM only)
 (as a percent) 89.7 87.1 2.6
 Administrative expenses 10,261 7,384 2,877
 PMPM 8.18 8.20 (0.01) (0.2)
 Administrative exp. ratio
 (all revenue)
 (as a percent) 7.6 8.6 (1.0)
 Other income/expense 936 399 537
 Equity in affiliated &
 consolidated subsidiary 158 74 84
 Income bef. tax 5,360 4,335 1,025 23.6
 Tax provision/net of
 extraordinary 1,848 1,474 374
 Net income 3,512 2,861 651 22.8
 Net margin rate
 (as a percent) 2.6 3.3 (0.7)
 Earnings per share $0.25 $0.20 $0.05 25.0
 NOTE: 1992 revenues are net of $350,000 in bad debt write-offs and increased bad debt reserves.
 -0- 4/20/92
 /CONTACT: Charlie Johnston, 301-294-5080, or Michael Savage,


301-294-5083, both of MAMSI/
 (MAMS) CO: Mid Atlantic Medical Services, Inc. ST: Maryland IN: HEA SU: ERN


GK-TS -- NY010 -- 9901 04/20/92 09:38 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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