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PHARMACY MANAGEMENT SERVICES REPORTS IMPROVED RESULTS FOR THE FIRST QUARTER OF FISCAL YEAR 1994

 TAMPA, Fla., Nov. 18 /PRNewswire/ -- Pharmacy Management Services, Inc. (NASDAQ: PMSV) announced significantly improved net income and continued growth in net revenues for its first quarter of fiscal year 1994 ended on Oct. 31, 1993.
 Net income for the first quarter of fiscal year 1994 was $746,000, or $.08 per common share, compared to $502,000, or $.05 per common share, for the comparable period in fiscal year 1993. Net revenues for the first quarter of fiscal year 1994 were $27.4 million compared to $28.2 million in the comparable period of fiscal year 1993. Net revenues in the first quarter of fiscal year 1993 included $2.5 million of net revenues from Technical Medical Devices, Inc. ("TMD"), the subsidiary sold to Staodyn, Inc. ("Staodyn"), on Nov. 15, 1992.
 The $2.7 million note due Nov. 15, 1994 from Staodyn, secured by Staodyn's accounts receivable and inventories, was paid in fully by Staodyn on Nov. 9, 1993. These proceeds were used to reduce PMSI's outstanding bank debt to approximately $10 million, resulting in a 50 percent reduction in bank debt over the past 12 months.
 Cecil S. Harrell, PMSI's chairman and CEO commented, "We are very pleased with the company's improvement in net income which is primarily attributable to our ever-improving control of operating expenses. We have also been successful in reducing bank debt which has lowered our interest expense."
 PMSI is a leading independent nationwide provider of medical cost containment and managed care services, providing professionally managed solutions for containing the escalating costs of workers' compensation.
 PHARMACY MANAGEMENT SERVICES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (In Thousands, Except Per Share Data)
 Quarter Ended Oct. 31,
 1993 1992
 (Unaudited)
 Net Revenues $27,388 $28,172
 Cost of Revenues 19,744 20,377
 Gross Margin 7,644 7,795
 Cost and Expenses:
 Selling, general and
 administrative 5,377 6,026
 Depreciation and amortization 827 662
 Operating Income 1,440 1,107
 Other income (expense):
 Interest expense, net (170) (290)
 Other 9 10
 Income before provision
 for income taxes 1,279 827
 Provision for income taxes 533 325
 Net Income $ 746 $ 502
 Net income per common share $.08 $.05
 Weighted average number of
 common shares outstanding 8,710 8,756
 -0- 11/18/93
 /CONTACT: David L. Redmond, chief financial officer, or Beverly B. Pearman, investor relations, of Pharmacy Management Services, 813-626-7788, ext. 6818/
 (PMSV)


CO: Pharmacy Management Services, Inc. ST: Florida IN: INS HEA SU: ERN

AW-RK -- FL006 -- 5858 11/18/93 08:20 EST
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Publication:PR Newswire
Date:Nov 18, 1993
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