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NATIONAL HERITAGE REPORTS FIRST QUARTER RESULTS

 DALLAS, Nov. 13 /PRNewswire/ -- National Heritage, Inc. (NYSE: NHR) today announced that the net loss for the first quarter of fiscal 1993 was $605,000 compared to net income of $26,000 for the same period in fiscal 1992. The net loss was primarily attributable to a reduction in management and accounting fee revenue during fiscal 1993 as a result of the cancellation of certain management agreements as well as one time legal and transaction costs associated with the transfer of majority ownership in the company to Evergreen Healthcare, Ltd. and its affiliate, Evergreen Retirement Partners.
 Chairman, President and Chief Executive Officer William G. Petty Jr., commented, "The operating efficiencies which we expect to realize as a result of combining the operational management of National Heritage, Inc. and Evergreen Healthcare Ltd. should result in reduced general and administrative expenses which will offset the reduction in the company's management and accounting fee revenue. This reduction in general and administrative expenses coupled with certain anticipated revenue enhancements in the company's facilities should improve the company's long-term operating results. We expect the benefits of this transaction will not begin to be reflected until the second half of this fiscal year."
 NATIONAL HERITAGE, INC.
 Financial Highlights
 (Unaudited, dollars in thousands, except per share amounts)
 Period ended Three Months
 Sept. 30 1992 1991
 Operating revenues $14,349 $12,524
 Income (loss) before
 income tax (545) 59
 Income tax expense 60 33
 Net earnings (loss) (605) 26
 Earnings (loss) per
 share of common stock $ (0.04) $ --
 Weighted average shares
 outstanding 16,890 16,890
 -0- 11/13/92
 /CONTACT: Investor Relations-National Heritage, Inc., 317-580-8585/
 (NHR)


CO: National Heritage Reports ST: Texas IN: HEA SU: ERN

LD -- NY087 -- 0967 11/13/92 19:31 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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