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PHARMACY MANAGEMENT SERVICES ANNOUNCES THIRD QUARTER RESULTS

 PHARMACY MANAGEMENT SERVICES ANNOUNCES THIRD QUARTER RESULTS
 TAMPA, Fla., June 4 /PRNewswire/ -- Pharmacy Management Services, Inc. (NASDAQ: PMSV), today announced operating results for the third quarter ended April 30, 1992.
 Net sales for the third quarter ended April 30, 1992, were $27.4 million, a 26 percent increase over the $21.8 million reported in the third quarter of the prior year. Operating income improved 46 percent to $1,622,000 from $1,112,000 or an increase to 18 cents operating income per share versus 13 cents. Net income increased 8 percent to $804,000 for the third quarter of fiscal 1992. Net income per share increased to 9 cents, net of preferred stock dividends of $47,500, compared to 8 cents for the same quarter last year, net of preferred stock dividends of $27,500.
 For the nine months ended April 30, 1992, the company had sales of $78.2 million, a 37 percent increase from the comparable nine month period of fiscal 1991. Operating income improved 88 percent to $4,163,000 from $2,209,000 or an increase to 47 cents operating income per share versus 25 cents for the comparable period last year. Earnings for the first nine months of fiscal 1992 were $1,860,000, an 18 percent increase over the comparable period in fiscal 1991. Earnings per share for the first nine months of fiscal 1992 were 20 cents, net of preferred stock dividends of $142,500, compared to 18 cents, net of preferred stock dividends of $39,500, for the same period in fiscal 1991.
 Overall operating gross margins improved to 28 percent for the quarter compared to 27 percent for the same quarter last year. The company had positive cash flow from operations of $1,508,000 for the quarter, placing the company in a positive cash flow from operations position year-to-date, a significant improvement from a negative cash flow from operations of $4.7 million for fiscal 1991.
 Cecil S. Harrell, chairman and CEO, commented, "Our company's third quarter performance in fiscal 1992 resulted in a substantial increase in revenues along with expanded operating margins and improved operating income levels. Significant progress was made within our acquisitions and with the two new service companies started in the first half of the year. We are continuing to build both diversity and strength in PMSV's overall service offering to the workers' compensation market while demonstrating our commitment to the long-term execution and results of our strategy to become the first full service medical cost containment provider to the workers' compensation industry."
 Pharmacy Management Services, Inc. (PMSV), is a leading independent national provider of medical cost containment services and products to workers' compensation payors and claimants and to the physical therapy clinics in the rehabilitation product and services marketplace.
 PMSV is the holding company for eight subsidiaries, including Prescription Management Services, Inc. (PMSI), the original core business, which provides services to control the dispensing of medical products to the long-term, high-cost workers' compensation claimant. Resource Opportunities, Inc. (ROI), and Nancy Sapp & Associates, Inc. (NSA), provide medical case management and vocational counseling. Insurance Software Packages, Inc. (ISP), is PMSV's micro-computer-based medical cost containment software and services company, while Technical Medical Devices, Inc. (TMD), provides electro-medical products to the physical therapy clinic marketplace. MedView Services, Incorporated (MSI), provides comprehensive PPO networks, specialized fee-schedule auditing and utilization review services. In addition, CompAmerica Services, Inc. (CSI), was formed as a national service center to provide software-based cost containment services, including first notice of injury reporting and bill auditing; and Prescription Processing Service, Inc. (PPS), which was created to provide workers' compensation payors with a retail prescription drug PPO network.
 All combine to make PMSV the first national, full-service provider of medical cost containment to the workers' compensation industry.
 PHARMACY MANAGEMENT SERVICES, INC., AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (Unaudited; in thousands except per share data
 and weighted average common shares outstanding)
 Periods ended Three Months Nine Months
 April 30 1992 1991 1992 1991
 Sales $27,422 $21,771 $78,173 $56,891
 Cost of sales 19,736 15,923 56,365 43,059
 Gross margin 7,686 5,848 21,808 13,832
 Costs and expenses:
 SG&A 5,474 4,459 15,986 11,129
 Deprec. & amort. 590 277 1,659 494
 Total 6,064 4,736 17,645 11,623
 Operating income 1,622 1,112 4,163 2,209
 Other (income) expense:
 Interest (income)
 expense, net 308 33 1,053 (87)
 Other -- 6 (35) 15
 Total 308 39 1,018 (72)
 Income bef. prov. for
 income taxes 1,314 1,073 3,145 2,281
 Provision for income taxes 510 329 1,285 700
 Net income $ 804 $ 744 $ 1,860 $ 1,581
 Net income per
 common share $0.09 $0.08 $0.20 $0.18
 Wtd. aver. common shares
 outstanding 8,816,343 8,844,232 8,799,568 8,788,098
 PHARMACY MANAGEMENT SERVICES, INC., AND SUBSIDIARIES
 Consolidated Balance Sheets
 (Dollars in thousands)
 4/30/92 4/30/91 7/31/91
 (Unaudited)
 ASSETS
 Current assets
 Cash and cash equivalents $ 744 $ 3,348 $ 613
 Trade receivables, net 22,686 18,146 20,506
 Inventories 11,554 11,022 12,163
 Deferred income taxes 504 504 504
 Prepaid expenses and other 1,086 603 311
 Total current assets 36,574 33,623 34,097
 Property and equipment, at cost
 less accumulated depreciation
 and amortization 6,820 3,670 4,860
 Cash surrender value of life
 insurance 759 667 686
 Goodwill and other intangibles 18,242 9,234 18,894
 Other assets 1,290 1,017 721
 Total 20,291 10,918 20,301
 Total assets $63,685 $48,211 $59,258
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Current portion of long-term
 debt $ 2,363 $ -- $ 1,374
 Accounts payable 4,909 3,262 4,493
 Accrued compensation 1,258 1,014 1,287
 Other accrued expenses 1,054 696 1,832
 Deferred revenue 375 230 687
 Accrued lease costs 570 318 305
 Income taxes payable 189 133 133
 Total current liabilities 10,718 5,653 10,111
 Long-term liabilities:
 Long-term debt 17,778 9,104 15,646
 Redeemable convertible
 preferred stock 1,200 1,200 1,200
 Shareholders' equity:
 Series B convertible preferred stock 1 1 1
 Series C convertible preferred stock 1 1 1
 Series D convertible preferred stock -- -- --
 Common stock $.01 par value, authorized
 20,000,000 shares, issued and outstanding
 8,726,100, 8,713,100 and 8,722,650,
 respectively 87 87 87
 Additional paid-in capital 25,979 26,197 25,956
 Retained earnings 8,040 5,968 6,349
 Treasury stock, at cost -
 13,000 shares (119) -- (93)
 Net shareholders' equity 33,989 32,254 32,301
 Total liabilities and shareholders'
 equity $63,685 $48,211 $59,258
 -0- 6/4/92
 /CONTACT: Bob Jones or JoAnn Horne of Morgen-Walke Associates, 212-986-5900, for PMSV/
 (PMSV) CO: Pharmacy Management Services, Inc. ST: Florida IN: MTC SU: ERN


GK-TS -- NY014 -- 6964 06/04/92 10:27 EDT
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