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MEDIQ/PRN LIFE SUPPORT SERVICES REPORTS THIRD QUARTER RESULTS

 MEDIQ/PRN LIFE SUPPORT SERVICES REPORTS THIRD QUARTER RESULTS
 MOORESTOWN, N.J., Aug. 10 /PRNewswire/ -- MEDIQ/PRN Life Support Services, Inc., a wholly owned subsidiary of MEDIQ Incorporated (AMEX: MED), today reported operating results for the third quarter of fiscal 1992.
 Giving effect to the merger with ATI Medical Inc. as of June 1, 1992, revenues for the three months ended June 30, 1992, increased to $14,182,000, a gain of 37 percent over revenues of $10,272,000 in the prior year. Earnings before interest depreciation and income taxes (EBDIT) improved to $5,939,000 from $4,540,000 and earnings before interest expense increased to $3,098,000 from $2,583,000. Income before management fees charged by MEDIQ Incorporated and income taxes amounted to $326,000 for the quarter ended June 30, 1992, which includes non- recurring expenses of $1,350,000 relating to the acquisition of ATI on May 29, 1992, and the issuance of $100 million 11-1/8 percent, senior secured notes due 1999 to refinance substantially all MEDIQ/PRN's debt obligations.
 The three months ended June 30, 1992, also include an extraordinary charge of $2,982,000 resulting from the prepayment of MEDIQ/PRN's capital lease obligations.
 Giving effect to the non-recurring and extraordinary expenses associated with the merger of $3,739,000, MEDIQ/PRN's net loss for the three months ended June 30, 1992, (net of taxes) was $3,334,000 compared to net income of $581,000 for the comparable 1991 period.
 Bernard J. Korman, president and chief executive officer of MEDIQ/PRN, said, "The merger with ATI is proceeding quite smoothly and effectively. The projected annualized $6 million of consolidation savings have already been achieved and additional economies are expected. The combined 60 branch offices with 80,000 units of critical care equipment establishes MEDIQ/PRN as the nation's leading provider of life support and critical care equipment on a rental basis to hospitals, home care providers and alternate care facilities."
 For the nine months ended June 30, 1992, revenues increased 21 percent to $37,271,000 from $30,861,000 in the prior year. The net loss was $2,977,000 including the non-recurring and extraordinary charges vs. net income of $1,052,000 in 1991.
 MEDIQ/PRN LIFE SUPPORT SERVICES, INC.
 Consolidated Operating Results
 (Unaudited; in thousands)
 Periods ended Three months Nine months
 June 30 1992 1991 1992 1991
 Revenues $14,182 $10,272 $37,271 $30,861
 Earnings before depreciation,
 amortization, interest
 and income taxes 5,939 4,540 15,556 12,266
 Earnings before
 interest expense 3,098 2,583 8,247 6,668
 Income before management
 fees and income taxes 326 (A) 1,600 3,494 3,634
 Income (loss) before
 extraordinary item (352) 581 5 1,052
 Extraordinary item (B) (2,982) --- (2,982) ---
 Net income (loss) (3,334) 581 (2,977) 1,052
 (A) Includes non-recurring expenses of $1,350,000 relating to the acquisition of ATI Medical and debt issuance.
 (B) Charge for prepayment of debt.
 /delval/
 -0- 8/6/92
 /CONTACT: Michael F. Sandler, senior vp-finance of MEDIQ, 609-665-9300, ext. 6005/
 (MED) CO: MEDIQ/PRN Life Support Services, Inc.; MEDIQ Incorporated ST: New Jersey IN: HEA SU: ERN


MP-MK -- PH008 -- 8602 08/10/92 15:05 EDT
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Date:Aug 10, 1992
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