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NATIONAL HERITAGE REPORTS SECOND QUARTER AND SIX MONTH RESULTS

 INDIANAPOLIS, Feb. 12 /PRNewswire/ -- National Heritage, Inc. (NYSE: NHR) today reported a net loss for the second quarter and six months ended Dec. 31, 1992.
 The net loss for the six months was $3.2 million or ($.20) per share, vs. a net income of $47,000 for the same period in fiscal 1992. Revenues were $28.9 million, compared with $25.6 million a year earlier.
 For the quarter ended Dec. 31, 1992, National Heritage reported a net loss of $2.6 million or ($.18) per share compared with a net income of $21,000 for the same period in fiscal 1992. The net loss is primarily attributable to estimated costs the company has recognized associated with the office relocations planned as part of the previously announced transition of management of the company to Evergreen HealthCare Ltd. ($1.7 million) and certain estimated costs recognized pertaining to the possible business combination between the company, Evergreen HealthCare Ltd. and its pharmacy affiliate ($300,000). In addition, the company incurred legal fees during the first six months of fiscal 1993 of $715,000 in connection with certain pending litigation, including litigation initiated and concluded in connection with the unsolicited and subsequently withdrawn tender offer by WelCare International.
 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 operating 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 experienced by the company in recent periods. This reduction in general and administrative expenses coupled with certain anticipated revenue enhancements in the company's facilities should improve the company's future long-term operating results. We expect these factors 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)
 Three Months Ended Six Months Ended
 Dec. 31 Dec. 31
 1992 1991 1992 1991
 Operating revenues $ 14,591 $ 13,034 $ 28,940 $ 25,558
 Income (Loss) before
 income tax (2,478) 21 (3,023) 80
 Income tax expense 78 -- 138 33
 Net earnings (loss) (2,556) 21 (3,161) 47
 Earnings (loss) per share of
 common stock (.18) -- (.20) --
 Weighted average
 shares outstanding 14,283 16,890 15,586 16,890
 -0- 2/12/93
 /CONTACT: Gary Vandenberg, investor relations of National Heritage, Inc., 317-580-8585/
 (NHR)


CO: National Heritage, Inc. ST: Indiana IN: HEA SU: ERN

WB -- NY060 -- 6344 02/12/93 17:58 EST
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Date:Feb 12, 1993
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