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PEER REVIEW ANALYSIS REPORTS SECOND-QUARTER RESULTS

    BOSTON, Aug. 5 /PRNewswire/ -- Peer Review Analysis, Inc. (NASDAQ-NMS: PRAI), a leading provider of managed healthcare services, today announced financial results for the second quarter ended June 30, 1993.  Revenue decreased 14 percent to $1.9 million compared to $2.2 million for the first quarter of 1993.
    A net loss of $538,000 or 19 cents per share was reported, vs. a net loss of $229,000 or 8 cents per share in the first quarter of 1993.
    According to Chief Financial Officer William E. Nixon, the loss for the second quarter was significantly increased by a number of one-time charges including fees to hire an investment bank, a significant executive severance package, a CEO search fee and a reserve against ongoing litigation.
    The total of those charges were approximately $320,000 or 11 cents per share.  Before adjusting for these one-time charges operating results for the second quarter reflected a slight improvement over that of the first quarter 1993.
    The second-quarter figures included only initial revenues from the recently announced Blue Cross Blue Shield of New Jersey review contract.
    The company's cash position was $8.6 million as of June 30, 1993, but Nixon anticipates that this figure will decline as these charges are actually paid.
    Founded in 1984, Peer Review Analysis, Inc. (PRA) is a leading national provider of physician-intensive, specialty matched health care utilization management programs.  The company's utilization management services are designed to focus on the quality, appropriateness and therapeutic benefit of proposed treatment plans.  This approach results in significant cost savings to the company's clients without limiting access to necessary care or compromising the quality of care available to patients.
    PRA's clients include major commercial health insurance companies, third party administrators of health insurance programs, health maintenance organizations, preferred provider organizations, employers and other groups such as labor unions.
                   PRA SECOND QUARTER 1993 EARNINGS
                                     1993                1992
                                 Three Months        Three Months
                                    Ended                Ended
                                 June 30, 1993       June 30, 1992
    Revenues                      $1,858,311           $2,478,880
    Net loss                        (538,183)             (43,794)
    Loss per common share              (0.19)              (0.016)
    Weighted average number of
     common shares and
     equivalents outstanding       2,798,000            2,670,000
                  PRA SECOND QUARTER 1993 EARNINGS
                                     1993                1992
                                  Six Months          Six Months
                                    Ended                Ended
                                 June 30, 1993       June 30, 1992
    Revenues                      $4,016,217           $4,835,009
    Net loss                        (767,546)             (64,663)
    Loss per common share             (0.274)              (0.024)
    Weighted average number of
     common shares and
     equivalents outstanding       2,798,000            2,670,000
    -0-             08/05/93
    CONTACT:  Russell Robbins, vice president, investor relations of Peer Review Analysis, 617-375-7700
    (PRAI) CO:  PEER REVIEW ANALYSIS, INC. IN:  HEA SU:  ERN ST:  MA


-- NE016 -- X419 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
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