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MEDIQ REPORTS THIRD QUARTER RESULTS

 MEDIQ REPORTS THIRD QUARTER RESULTS
 PENNSAUKEN, N.J., Aug. 6 /PRNewswire/ -- MEDIQ Incorporated


(AMEX: MED), a healthcare services company, today reported substantially improved operating results for the third quarter of fiscal 1992.
 For the quarter ended June 30, 1992, revenues increased to $85,680,000, a gain of 12 percent over revenues of $76,374,000 in the prior year. Operating income improved 64 percent from $6,113,000 to $10,018,000 in 1992. As a result of the debt reduction program initiated in 1991, interest expense decreased 9 percent from $5,699,000 in 1991 to $5,168,000 in 1992. Income from continuing operations grew to $4,405,000 in 1992 from a loss in 1991 of $270,000. Net income was $120,000 or $.01 per share, after an extraordinary charge of $4,285,000 or $.18 per share, as a result of the prepayment of debt. The third quarter 1991 net income of $3,199,000 includes $3,469,000 of income from discontinued operations.
 The continuing improvement in operating results in the third quarter was driven by MEDIQ's five core activities. The MEDIQ core group revenues rose from $55,749,000 to $64,958,000 with operating income increasing from $9,483,000 to $12,510,000.
 MEDIQ/PRN Life Support Services, Inc., with a 39 percent increase in revenues, had a 19 percent increase in operating income.
 Mental Health Management gained 24 percent in operating income.
 The Diagnostic Imaging Services Group's revenues grew 17 percent with an operating income gain of 72 percent.
 PCI Services, Inc., with a 13 percent increase in sales, showed a 14 percent increase in operating income.
 NutraMax Products, Inc., with a 22 percent growth in sales, had an operating income increase of 27 percent.
 For the nine months ended June 30, 1992, revenues increased 9 percent to $242,658,000 from $222,554,000 in the prior year. Income from continuing operations increased to $14,835,000 from a prior year loss of $1,066,000. Net income was $9,085,000 or $.38 per share, vs. $4,710,000 or $.20 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 per-share data)
 Periods ended Three months Nine months
 June 30 1992 1991(A) 1992 1991(A)
 Revenues $85,680 $76,374 $242,658 $222,554
 Operating income 10,018 6,113 24,239 17,396
 Income (loss) from continuing
 operations bef. income taxes 6,534 (B) 523 24,858 (707)
 Income (loss) from
 continuing operations 4,405 (270) 14,835 (1,066)
 Income from
 discontinued operations --- 3,469 --- 5,776
 Extraordinary item (4,285) (C) --- (5,750) ---
 Net income 120 3,199 9,085 4,710
 Earnings per share:
 Income (loss) from continuing
 operations before discontinued
 operations and
 extraordinary item $.19 ($.01) $.62 ($.04)
 Discontinued operations --- .14 --- .24
 Extraordinary item (.18) --- (.24) ---
 Net income .01 .13 .38 .20
 Average shares outstanding 23,837 23,837 23,951 23,811
 (A) Restated for discontinued operations.
 (B) Includes a $4,013,000 gain from the sale of MEDIQ Care, Inc.
 (C) 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 Incorporated ST: New Jersey IN: HEA SU: ERN


MP-LJ -- PH008 -- 7553 08/06/92 11:10 EDT
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Publication:PR Newswire
Date:Aug 6, 1992
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