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PHP HEALTHCARE ANNOUNCES REDUCED EARNINGS

 ALEXANDRIA, Va., March 17 /PRNewswire/ -- PHP Healthcare Corporation (NYSE: PPH) achieved revenues of over $33.1 million for the third quarter ended Jan. 31, 1993, compared to $31.2 million for the same quarter of the prior year. PHP's third quarter earnings per share were 13 cents on earnings of $632,000 compared to earnings per share of 27 cents on earnings of $1.4 million for the same quarter of the prior year. This 50 percent decrease in earnings per share compared to the same quarter of the prior fiscal year is due to the 11 percent decrease in demand for outpatient services at its PRIMUS/NAVCARE facilities and related increased pharmaceutical costs during the third quarter.
 Revenues for the 9 months ended Jan. 31, 1993, were $97.6 million, an increase of 11 percent over $88.2 million in revenues from the first 9 months of the prior fiscal year period. Earnings per share were 68 cents compared to 77 cents for the prior year.
 During the first 9 months of the fiscal year, PHP has been re- awarded contracts which have a potential value of $177 million over a five-year period. In addition, PHP has signed contracts with three major corporations to provide health care services for their employees. These awards bring PHP's contract backlog to over $250 million. PHP is also continuing its expansion in the ambulatory surgery and managed care markets. These efforts show the excellent work that PHP has done to maintain its government health care markets while at the same time expand and diversity into the commercial sector.
 PHP HEALTHCARE CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Statements of Earnings
 Three months and nine months ended Jan. 31, 1993 and 1992
 (In thousands, except per share data)
 (Unaudited)
 Three Months Ended Nine Months Ended
 Jan. 31, Jan. 31,
 1993 1992 1993 1992
 Revenues $33,129 $31,206 $97,599 $88,231
 Direct Costs 29,142 26,428 84,002 74,839
 Gross Profit 3,987 4,778 13,597 13,392
 General & administrative
 expenses 2,505 2,609 7,165 7,245
 Operating Income 1,482 2,169 6,432 6,147
 Other income (expense):
 Interest expense (303) (2) (783) (255)
 Interest income 9 85 24 317
 Miscellaneous income 10 19 34 19
 Earnings before minority
 interest and income taxes 1,198 2,271 5,707 6,228
 Minority interest in loss
 (earnings) of subsidiaries (189) 36 (184) 36
 Earnings before income taxes 1,009 2,307 5,523 6,264
 Income taxes 377 882 2,150 2,445
 Net earnings $ 632 $ 1,425 $ 3,373 $ 3,819
 Net earnings per share $ 0.13 $ 0.27 $ 0.68 $ 0.77
 Weighted average number of
 shares outstanding 5,001 5,272 4,995 4,977
 Condensed Consolidated Balance Sheets
 Jan. 31, 1993, and April 30, 1992
 (In thousands, except share data)
 Jan. 31, April 30,
 1993 1992
 (Unaudited)
 Assets
 Current assets:
 Cash and cash equivalents $ 970 $ 4,060
 Accounts receivable, net 29,325 19,759
 Income tax receivable -- 601
 Prepaid expenses 2,674 1,412
 Pharmaceutical and medical supplies 1,874 1,037
 Other current assets 3,993 1,366
 Total current assets 38,836 28,235
 Property and equipment, net 19,376 15,052
 Excess of cost over fair value
 of assets acquired, net of
 accumulated amortization of $887
 in January and $623 in April 11,850 11,303
 Other assets 1,876 1,152
 Total Assets $71,938 $55,742
 Liabilities and Stockholders' Equity
 Current Liabilities:
 Current maturities of notes
 payable to bank $ 2,175 $ 1,390
 Current maturities of
 notes payable-other 1,132 1,136
 Accounts payable 5,612 4,345
 Accrued salaries and benefits 4,839 4,598
 Billings in excess of costs 60 1,338
 Income tax payable 1,542 --
 Total current liabilities 15,360 12,807
 Billings in excess of costs,
 net of current portion -- 170
 Notes payable to bank, net of
 current maturities 16,371 2,901
 Notes payable-other, net of
 current maturities 4,666 4,513
 Deferred lease obligation 185 226
 Deferred income taxes 159 159
 Total liabilities 36,741 20,776
 Minority interest 2,335 2,340
 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 January,
 7,062,577 shares issued in April 71 71
 Additional paid-in capital 27,373 27,289
 Retained earnings 13,941 10,568
 Treasury stock, 2,113,066 common
 shares in January, and 1,913,066
 common shares in April, at cost (8,523) (5,302)
 Total 32,862 32,626
 Total Liabilities and
 Stockholders' Equity $71,938 $55,742
 -0- 3/17/93
 /CONTACT: Charles H. Robbins, president and chairman, or Anthony M. Picini, vice president/finance, both of PHP Healthcare, 703-998-7808/
 (PPH)


CO: PHP Healthcare Corporation ST: Virginia IN: HEA SU: ERN

IH-MH -- DC018 -- 8931 03/17/93 13:45 EST
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Date:Mar 17, 1993
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