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PHP HEALTHCARE ANNOUNCES RETURN TO PROFITABILITY DURING SECOND QUARTER

 ALEXANDRIA, Va., Dec. 7 /PRNewswire/ -- PHP Healthcare (NYSE: PPH) reported that the company has returned to profitable operations following losses in the previous two quarters. The company is beginning to reap the benefits of its corporate re-engineering and an aggressive repositioning to address the private sector health care market. PHP has invested substantial resources toward a variety of market development efforts, including the acquisition of several health care entities. On Aug. 31, 1993, PHP completed the purchase of Chartered Health Plans, a Washington, D.C.-based HMO primarily serving the Medicaid population.
 PHP Healthcare recorded revenues of $39.2 million for the three months ended Oct. 31, 1993, an increase of $6.6 million or 20 percent above the $32.6 million in revenues for the prior year second quarter. The company reported net earnings of $138,000, or $0.03 per share for the second quarter ended Oct. 31, 1993, compared with earnings of $1.3 million, or $0.27 per share during the second quarter of the previous fiscal year.
 Revenues were $72.3 million for the six months ended Oct. 31, 1993. This represents a $7.8 million or 12 percent increase over the $64.4 million during the same six month period of the prior year. PHP Healthcare incurred a net loss of $354,000, or $(0.07) per share for the six month period ended Oct. 31, 1993, compared to net earnings of $2.7 million or $0.55 per share for the prior year six month time period.
 PHP HEALTHCARE CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 Three Months and Six Months ended Oct. 31, 1993 and 1992
 (Unaudited)
 (In thousands, except per share data)
 Three Months Ended
 Oct. 31,
 1993 1992
 Revenues $ 39,237 $ 32,619
 Direct costs 34,354 27,886
 Gross Profit 4,883 4,733
 General & administrative
 expenses 3,779 2,270
 Operating income 1,104 2,463
 Other income (expense):
 Interest expense (869) (268)
 Interest income 26 1
 Miscellaneous income 42 31
 Minority interest in (earnings)
 losses of subsidiaries (84) (11)
 Earnings (loss) before
 income taxes 219 2,216
 Income tax expense (benefit) 81 882
 Net earnings (loss) $ 138 $ 1,334
 Net earnings (loss) per share $ 0.03 $ 0.27
 Weighted average number of
 common shares outstanding 5,001 4,958
 Six Months Ended
 Oct. 31,
 1993 1992
 Revenues $ 72,270 $ 64,447
 Direct costs 64,266 54,860
 Gross Profit 8,004 9,587
 General & administrative
 expenses 6,995 4,660
 Operating income 1,009 4,927
 Other income (expense):
 Interest expense (1,518) (480)
 Interest income 46 15
 Miscellaneous income 98 47
 Minority interest in (earnings)
 losses of subsidiaries (196) 5
 Earnings (loss) before
 income taxes (561) 4,514
 Income tax expense (benefit) (207) 1,773
 Net earnings (loss) $ (354) $ 2,741
 Net earnings (loss) per share $(0.07) $ 0.55
 Weighted average number of
 common shares outstanding 5,001 5,005
 PHP HEALTHCARE CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (In thousands, except share data)
 Oct. 31, April 30,
 1993 1993
 (Unaudited)
 Assets
 Current assets:
 Cash and cash equivalents $ 2,841 $ 3,988
 Cash held in escrow -- 3,200
 Accounts receivable, net 23,585 20,650
 Income tax receivable 1,310 2,147
 Prepaid expenses 1,963 1,394
 Pharmaceutical and medical supplies 1,732 1,682
 Property held for sale, net 1,716 1,681
 Pre-operation contract costs 670 861
 Other current assets 1,968 1,555
 Total current assets 35,785 37,158
 Property and equipment, net 43,582 23,585
 Excess of cost over fair value
 of assets acquired, net of
 accumulated amortization of $977
 in April and $1,186 in October 14,545 11,735
 Other assets 2,141 1,343
 Total Assets $96,053 $73,821
 Liabilities and Stockholders' Equity
 Current Liabilities:
 Current maturities of notes
 payable to bank $ 5,035 $ 2,723
 Current maturities of
 notes payable-other 907 1,560
 Accounts payable 5,696 6,366
 Claims payable -- medical services 2,994 --
 Accrued salaries and benefits 5,767 5,347
 Billings in excess of costs 1,742 409
 Total current liabilities 22,141 16,405
 Notes payable to bank, net of
 current maturities 38,606 25,380
 Notes payable-other, net of
 current maturities 5,639 3,508
 Deferred lease obligation 412 227
 Total liabilities 66,798 45,520
 Minority interest 3,154 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 71 71
 Additional paid-in capital 27,619 27,373
 Retained earnings 6,458 6,812
 Treasury stock, 2,113,066 common
 shares in April and 1,995,042
 common shares in October, at cost (8,047) (8,523)
 Total stockholders' equity 26,101 25,733
 Total Liabilities and
 Stockholders' Equity $96,053 $73,821
 -0- 12/7/93
 /CONTACT: Charles H. Robbins, president and chairman, or Anthony M. Picini, vice president-finance, of PHP Healthcare, 703-998-7808/
 (PPH)


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

IH-KD -- DC003 -- 1242 12/07/93 11:30 EST
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Date:Dec 7, 1993
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