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MEDIC COMPUTER SYSTEMS ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS

 MEDIC COMPUTER SYSTEMS ANNOUNCES SECOND QUARTER
 1992 FINANCIAL RESULTS
 RALEIGH, N.C., Aug. 24 /PRNewswire/ -- Medic Computer Systems, Inc. (NASDAQ: MCSY) announced today the results of its second quarter and the six months ended June 30, 1992. Total net revenues for the second quarter were $16,548,000, up 19.7 percent, compared with $13,820,000 in the same period in the previous year. Income from operations for the second quarter increased 20.8 percent to $2,783,000 compared with $2,303,000 in the same period in the
previous year. Net income for the second quarter was $2,312,000, or $.34 per share. Net income for the previous period is not comparable due to the then outstanding Capital Appreciation Rights.
 For the six months ended June 30, 1992, total net revenues were $34,098,000, up 28.7 percent, compared with $26,495,000 in the same period in the previous year. Income from operations for the six month period increased 43.9 percent to $5,901,000 compared with $4,100,000 in the same period in the previous year. Net income for the six month period was $3,864,000, or $.57 per share. Net income for the previous period is not comparable due to the then outstanding Capital Appreciation Rights.
 On Aug. 12, 1992 the Company closed its initial public offering of 2,500,000 shares of common stock at a price of $8.00 per share.
 Medic, founded in 1982, develops, markets and supports physician practice management systems. Medic's core product, the +Medic System is a comprehensive set of application software modules which automate various medical practice functions, including patient scheduling and billing, correspondence, insurance processing, electronic claims processing and financial and management reporting. The Company also sells hardware, peripherals, training and installation assistance, forms and supplies, software and hardware maintenance, and an electronic clearinghouse service for processing insurance claims entitled "FastClaim."
 PART I. FINANCIAL INFORMATION
 ITEM I. FINANCIAL STATEMENTS
 MEDIC COMPUTER SYSTEMS, INC.
 BALANCE SHEETS
 (dollars in thousands)
 December 31, June 30,
 1991 1992
 (unaudited)
 ASSETS
 Current assets:
 Cash and cash equivalents $ 2,714 $ 1,579
 Accounts receivable, trade, net 6,170 9,433
 Inventories and maintenance parts 5,839 5,835
 Prepaid expenses 220 524
 Income taxes receivable 186 187
 Other receivables 34 39
 Deferred income tax benefit 604 676
 Total current assets 15,767 18,273
 Property and equipment, at cost, net 1,203 1,110
 Intangible assets, less accumulated
 amortization of $3,100 and $4,421,
 respectively 18,537 17,085
 Other assets 147 104
 Total assets $ 35,654 $ 36,572
 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
 Current liabilities:
 Current maturities of
 long-term debt $ 14,319 $ 13,103
 Accounts payable, trade 3,093 2,622
 Customer deposits and deferred
 maintenance revenue 2,864 2,765
 Income taxes payable 415
 Accrued expenses:
 Commissions 419 538
 Compensation and related items 1,376 1,537
 Other 1,032 911
 Total current liabilities 23,103 21,891
 Long-term debt, less current
 maturities (net of unamortized
 discount of $1,582 and $1,548
 respectively) 14,482 12,748
 Other long-term liabilities 49 49
 37,634 34,688
 Shareholders' equity (deficit):
 Preferred Stock, $.01 par value;
 5,000,000 shares authorized;
 undesignated; non issued
 Common Stock, $.01 par value;
 20,000,000 shares authorized;
 6,517,000 shares issued and
 outstanding in 1991 and 1992 65 65
 Additional paid-in capital 4,285 4,285
 Accumulated deficit (6,330) (2,466)
 (1,980) 1,884
 Total liabilities and
 shareholders' equity (deficit) $ 35,654 $ 36,572
 The accompanying Notes are an integral part of the financial statements.
 MEDIC COMPUTER SYSTEMS, INC.
 STATEMENTS OF OPERATIONS
 (UNAUDITED)
 (dollars in thousands, except per share data)
 Three Months Ended Six Months Ended
 June 30 June 30 June 30 June 30
 1991 1992 1991 1992
 Net Revenues:
 Systems $ 8,631 $ 10,139 $ 16,529 $ 21,872
 Maintenance, forms
 and other 5,189 6,409 9,966 12,226
 Total net revenues 13,820 16,548 26,495 34,098
 Cost of Revenues:
 Systems 5,218 6,111 10,021 12,861
 Maintenance, forms
 and other 2,983 3,865 5,701 7,601
 Total cost of
 revenues 8,201 9,976 15,722 20,462
 Gross margin 5,619 6,572 10,773 13,636
 Operating expenses:
 Sales and marketing 1,538 1,874 3,157 3,841
 General and
 administrative 754 796 1,516 1,658
 Amortization of
 intangible assets 676 661 1,345 1,321
 Research and development 348 458 655 915
 Total operating
 expenses 3,316 3,789 6,673 7,735
 Income from operations 2,303 2,783 4,100 5,901
 Other:
 Interest expense,
 including amortization of
 loan discount 667 487 1,370 977
 Provision for Capital
 Appreciation Rights 2,503 (1,123) 4,453 (1,123)
 Total other, net 3,170 (636) 5,823 (146)
 Income (loss) before
 income taxes (867) 3,419 (1,723) 6,047
 Provision for income
 taxes 594 1,107 1,057 2,183
 Net income (loss) $(1,461) $ 2,312 (2,780) $3,864
 Net income (loss)
 per share $ (0.22) $ 0.34 $ (0.42) $ 0.57
 Weighted average common
 shares and equivalents
 used in computing net
 income (loss) per
 share 6,517,000 6,821,354 6,564,376 6,821,354
 The accompanying Notes are an integral part of the financial statements.
 -0- 8/24/92
 /CONTACT: John P. McConnell or Judy Mann, both of Medic Computer Systems, Inc., 919-847-8102/
 (MCSY) CO: Medic Computer Systems, Inc. ST: North Carolina IN: MTC CPR SU: ERN


JZ-CM -- CH004 -- 2536 08/24/92 11:05 EDT
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