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MEDICAL RESOURCE COMPANIES OF AMERICA REPORTS RESULTS

 DALLAS, Nov. 23 ~PRNewswire~ -- Medical Resource Companies of America has announced third quarter revenues for this year of $1,141,000 and net earnings of $73,000 compared to revenues of $249,000 and a loss of $318,000 for the same period in 1991.
 Net earnings per share were $0.006 compared to a loss of $0.27 for the same period the previous year. The weighted average number of common shares outstanding increased to 12,115,000 from 1,146,000 over the same period in 1991.
 Medical Resource Companies reported revenues of $9,618,000 and net earnings of $5,611,000 for the first three quarters of this year. For the same period in 1991, the company reported revenues of $659,000 and a loss of $1,156,000.
 Net earnings per share were $0.64 for the nine month period this year compared to a loss of $1.00 in 1991. The weighted average number of common shares increased from 1,146,000 to 8,781,000 compared to the same period last year.
 "We attribute the continued improvement in Medical Resource Companies' performance to the implementation of our strategy of concentrating on products and services for the aging and handicapped, primarily in niche markets where we can become a leader," said James R. Gilley, chairman, president, and chief executive officer.
 Gilley said the acquisition of The Fountainview, a 352 unit luxury retirement center located in West Palm Beach, Fla., and Alpha Mobility, Inc., a manufacturer of a full line of motorized scooters for the mobility impaired were examples of this strategy. Both acquisitions were made in the third quarter of this year.
 This past week, Medical Resource Companies and EquiVest, Inc., jointly announced that they had entered into an agreement to merge whereby EquiVest would become a wholly owned subsidiary of Medical Resource Companies. EquiVest, headquartered in Atlanta, Ga., has total assets of approximately $21 million. The merger is subject to the approval of the stockholders of both companies. If approval is obtained, the transaction should close in the first quarter of 1993, according to Gilley.
 Medical Resource Companies of America is headquartered in Addison, Texas,a north Dallas suburb. The company owns and manages retirement living, assisted living, and nursing centers. The company also manufactures and markets mobility assistance products. Traded on the over-the-counter (OTC) market, Medical Resource Companies has approximately 7,000 shareholders.
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 ~CONTACT: Robert L. Griffis of Medical Resource Companies of America, 214-407-8400~


CO: Medical Resource Companies of America ST: Texas IN: HEA SU: ERN

TM -- NY073 -- 0703 11~23~92 15:50 EST
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Publication:PR Newswire
Date:Nov 23, 1992
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