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MEDIQ REPORTS SECOND QUARTER RESULTS

 MEDIQ REPORTS SECOND QUARTER RESULTS
 PENNSAUKEN, N.J., May 8 /PRNewswire/ -- MEDIQ Incorporated


(AMEX: MED), a healthcare services company, today reported substantially improved operating results for the second quarter of fiscal 1992.
 For the second quarter ended March 31, 1992, revenues increased to $81,644,000, a gain of 6 percent over revenues of $77,349,000 the prior year. Operating income improved 24 percent from $6,799,000 to $8,441,000 in 1992. As a result of the substantial debt reduction program initiated in 1991, interest expense decreased 28 percent from $6,526,000 in 1991 to $4,674,000 in 1992. Income from continuing operations grew to $10,117,000 in 1992 from a loss in 1991 of $143,000. The previously announced gain of $9,600,000 ($.40 per share) resulting from the sale of stock by the company's subsidiary, PCI Services, Inc. (NASDAQ: PCIS) is included in this quarter. Net income was $8,652,000 or $.36 per share, vs. $1,902,000 or $.08 per share, for the year- earlier period. Included in the 1992 second quarter is an extraordinary charge of $1,465,000 or $.06 per share, as a result of the prepayment of a portion of the company's senior debt. Included in the second quarter of 1991 is $2,045,000 of net income, or $.09 per share, from discontinued operations.
 The continuing improvement in operating results in the second quarter was driven by MEDIQ's five core activities. The MEDIQ core group revenues rose from $55,166,000 to $59,762,000 with operating income increasing from $9,036,000 to $10,896,000.
 MEDIQ/PRN Life Support Services with a 13 percent increase in revenues had a 13 percent increase in operating income.
 Mental Health Management with a 10 percent increase in revenues gained 45 percent in operating income.
 The Diagnostic Imaging Services group revenues grew 11 percent with an operating income gain of 30 percent.
 PCI Services, Inc., with a 1 percent increase in sales, showed a 6 percent increase in operating income.
 NutraMax Products, Inc., with a 17 percent growth in sales had an operating income increase of 27 percent.
 For the six months ended March 31, 1992, revenues increased 7 percent to $156,978,000 from $146,180,000 in the prior year. Income from continuing operations increased to $10,430,000 from a prior year loss of $796,000. Net income was $8,965,000 or $.37 per share, vs. $1,511,000 or $.06 per share in 1991.
 MEDIQ Incorporated, whose shares (MED and MED.Pr) and debentures (MED.C) are traded on the American Stock Exchange, provides products and services to hospitals, nursing homes, healthcare professionals and consumers through its subsidiaries. MEDIQ's businesses include pharmaceutical packaging; manufacturing and marketing of healthcare products; medical equipment rental; management and ownership of psychiatric units; diagnostic imaging and testing; maintenance of diagnostic equipment; healthcare facility planning, design and project management; and utilization review of medical claims made to insurance companies.
 MEDIQ INCORPORATED
 Consolidated Operating Results
 (Unaudited; in thousands, except for per-share data)
 Periods ended Three months Six months
 March 31 1992 1991(A) 1992 1991(A)
 Revenues $81,644 $77,349 $156,978 $146,180
 Operating income 8,441 6,799 14,221 11,283
 Income (loss) from
 continuing operations
 before income taxes 17,443 545 18,324 (1,230)
 Income (loss) from
 continuing operations 10,117(B) (143) 10,430 (796)
 Income from discontinued
 operations --- 2,045 --- 2,307
 Extraordinary item (1,465)(C) --- (1,465) ---
 Net income 8,652 1,902 8,965 1,511
 Earnings per share:
 Income (loss) from
 continuing operations
 before discontinued
 operations and
 extraordinary item $.42 ($.01) $.43 ($.04)
 Discontinued operations --- .09 --- .10
 Extraordinary item (.06) --- (.06) ---
 Net income .36 .08 .37 .06
 Average shares
 outstanding 24,147 23,798 24,009 23,798
 (A) Restated for discontinued operations.
 (B) Includes a $9.6 million gain resulting from a subsidiary's sale of common stock.
 (C) Charge for prepayment of senior debt.
 /delval/
 -0- 5/8/92
 /CONTACT: Michael F. Sandler, senior vp-finance of MEDIQ, 609-665-9300, ext. 6005/
 (MED) CO: MEDIQ Incorporated ST: New Jersey IN: HEA SU: ERN


KA-JS -- PH019 -- 8186 05/08/92 15:24 EDT
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Date:May 8, 1992
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