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PHP HEALTHCARE ANNOUNCES FIRST QUARTER LOSS AS PART OF TRANSITION TO PRIVATE SECTOR

 ALEXANDRIA, Va., Sept. 14 /PRNewswire/ -- The impact of continued business development costs related to aggressive private sector expansion, as well as the closing of some government contacts and the start-up of others, has resulted in a loss for the first quarter of fiscal 1994, PHP Healthcare Corporation (NYSE: PPH) announced today.
 In order to provide for its long-term growth, PHP Healthcare has committed substantial resources to the development and marketing of its primary care and other managed care products to the private sector. The company will continue these efforts to develop the private sector market which has already resulted in contracts with GTE Corporation, Bethlehem Steel and Chrysler Corporation.
 PHP Healthcare recorded a net loss of $492,000 for the first quarter ended July 31, 1993, compared to net income of $1.4 million for the same quarter of the prior year. PHP's first quarter loss per share was $(0.10) compared to earnings per share of $0.28 for the same quarter of the prior year.
 Revenues for the three months ended July 31, 1993, were $33 million, an increase of 4 percent from $31.8 million in revenues during the first three months of the prior fiscal year.
 PHP HEALTHCARE CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (Unaudited)
 (In thousands, except per share data)
 Three Months Ended
 July 31,
 1993 1992
 Revenues $ 33,078 $ 31,828
 Direct costs 29,912 26,974
 Gross Profit 3,166 4,854
 General & administrative
 expenses 3,216 2,390
 Operating income (loss) (50) 2,464
 Other income (expense):
 Interest expense (649) (212)
 Interest income 20 14
 Miscellaneous income 11 16
 Minority interest in (earnings)
 losses of subsidiaries (112) 16
 Earnings (loss) before
 income taxes (780) 2,298
 Income tax expense (benefit) (288) 891
 Net earnings (loss) $ (492) $ 1,407
 Net earnings (loss) per share $(0.10) $ 0.28
 Weighted average number of
 common shares outstanding 4,963 5,055
 PHP HEALTHCARE CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (In thousands, except share data)
 July 31, April 30,
 1993 1993
 (Unaudited)
 Assets
 Current assets:
 Cash and cash equivalents $ 2,016 $ 3,988
 Cash held in escrow -- 3,200
 Accounts receivable, net 21,805 20,650
 Income tax receivable 2,409 2,147
 Prepaid expenses 1,975 1,394
 Pharmaceutical and medical supplies 1,698 1,682
 Property held for sale, net 1,690 1,681
 Pre-operation contract costs 914 861
 Other current assets 2,285 1,555
 Total current assets 34,792 37,158
 Property and equipment, net 41,137 23,585
 Excess of cost over fair value
 of assets acquired, net of
 accumulated amortization of $1,082
 in July and $977 in April 13,846 11,735
 Other assets 1,569 1,343
 Total Assets $91,344 $73,821
 Liabilities and Stockholders' Equity
 Current Liabilities:
 Current maturities of notes
 payable to bank $ 2,723 $ 2,723
 Current maturities of
 notes payable-other 2,363 1,560
 Accounts payable 6,679 6,366
 Accrued salaries and benefits 5,256 5,347
 Billings in excess of costs 1,311 409
 Total current liabilities 18,332 16,405
 Notes payable to bank, net of
 current maturities 39,753 25,380
 Notes payable-other, net of
 current maturities 4,379 3,508
 Deferred lease obligation 570 227
 Total liabilities 63,034 45,520
 Minority interest 3,069 2,568
 Stockholders' equity:
 Preferred stock, $0.01 par value,
 500,000 shares authorized, none
 issued -- --
 Common stock, $0.01 par value,
 10,000,000 shares authorized,
 7,070,851 shares issued in
 April and July 71 71
 Additional paid-in capital 27,373 27,373
 Retained earnings 6,320 6,812
 Treasury stock, 2,113,066 common
 shares in April and July, at cost (8,523) (8,523)
 Total stockholders' equity 25,241 25,733
 Total Liabilities and
 Stockholders' Equity $91,344 $73,821
 -0- 9/14/93
 /CONTACT: Charles H. Robbins, president and chairman, or Anthony M. Picini, vice president-finance, PHP Healthcare, 703-998-7808/
 (PPH) CO: PHP Healthcare Corporation ST: Virginia IN: HEA SU: ERN


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Date:Sep 14, 1993
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