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PHP HEALTHCARE INCREASES EARNINGS 39 PERCENT ON RECORD QUARTERLY REVENUES

 PHP HEALTHCARE INCREASES EARNINGS 39 PERCENT
 ON RECORD QUARTERLY REVENUES
 ALEXANDRIA, Va., March 13 /PRNewswire/ -- PHP Healthcare Corporation (NASDAQ-NMS: PHPH) achieved record revenues of over $31 million and record earnings of $1.4 million for the third quarter ended Jan. 31, 1992. Earnings increased 39 percent on a revenue increase of 29 percent compared to the third quarter of the prior fiscal year. Earnings per share increased 13 percent to 27 cents from 24 cents.
 Revenues for the nine months ended Jan. 31, 1992, increased 26 percent to $88 million from $70 million while earnings increased 42 percent to $3.8 million from $2.7 million compared to the prior fiscal year. Earnings per share increased 20 percent to 77 cents from 64 cents. On July 25, 1991, PHP Healthcare completed the public sale of 1,035,000 shares of its common stock.
 PHP Healthcare continues to strengthen and expand its services and its customer base through innovative delivery systems. PHP Healthcare recently entered into a joint venture with Blue Cross of California to compete for the operation of the Department of Defense Managed Care Program in California and Hawaii known as the Coordinated Care Support (CCS) program. The CCS program will be the successor program to the CHAMPUS Reform Initiative (CRI) currently providing healthcare services and benefits to over 800,000 military beneficiaries residing in California and Hawaii. In addition, PHP Healthcare, through its subsidiary Paragon Ambulatory Surgery, Inc., has entered into letters of intent for the acquisition of controlling interest of three free-standing ambulatory surgery centers with closing anticipated in March or April.
 PHP HEALTHCARE CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Statements of Earnings
 (Unaudited)
 (In thousands, except per share date)
 Nine months Three months
 ended ended
 Jan. 31, Jan. 31,
 1992 1991 1992 1991
 Revenues 88,231 70,154 $31,206 24,281
 Direct Costs 74,839 58,624 26,428 20,082
 Gross Profit 13,392 11,530 4,778 4,199
 General & administrative
 expenses 7,245 6,223 2,609 2,190
 Operating Income 6,147 5,307 2,169 2,009
 Other income (expenses):
 Interest expense (255) (861) (2) (299)
 Interest income 317 -- 85 --
 Miscellaneous income 19 37 19 3
 Earnings before income taxes
 and minority interest 6,228 4,483 2,271 1,713
 Income taxes 2,445 1,793 882 685
 Earnings before minority
 interest 3,783 2,690 1,389 1,028
 Minority interest in losses
 of subsidiary 36 -- 36 --
 Net earnings 3,819 2,690 $ 1,425 1,028
 Net earnings per share 0.77 0.64 $ 0.27 0.24
 Weighted average number of
 shares outstanding 4,977 4,206 5,272 4,210
 Condensed Consolidated Balance Sheets
 (Dollars in thousands)
 Jan. 31, April 30,
 1992 1991
 (Unaudited)
 Assets
 Current assets:
 Cash and cash equivalents $ 2,568 307
 Short-term investments 4,984 --
 Accounts receivable, net 22,077 16,852
 Prepaid expenses 1,616 1,433
 Pharmaceutical and medical supplies 369 1,156
 Deferred income tax charge 1,011 1,037
 Other current assets 819 407
 Total current assets 33,444 21,192
 Property and equipment, net of
 depreciation of $8,399 at Jan. 31
 and $7,419 at April 30 8,369 9,231
 Deferred income tax charge 175 175
 Intangible assets, net of
 amortization of $890 at Jan. 31
 and $816 at April 30 2,578 875
 Other assets 896 1,166
 Total Assets $45,462 32,639
 Liabilities and Stockholders' Equity
 Current Liabilities:
 Current maturities of notes payable
 to bank $ -- 2,709
 Notes payable-other -- 626
 Accounts payable 2,644 3,464
 Accrued salaries and benefits 3,784 3,307
 Billings in excess of costs 2,769 2,846
 Income tax payable 1,565 291
 Total current liabilities 10,762 13,243
 Billings in excess of costs,
 net of current portion 200 858
 Notes payable to bank, net of
 current maturities -- 8,459
 Deferred lease obligation 211 278
 Total liabilities 11,173 22,838
 Minority interest 1,635 4
 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,
 7,062,577 shares issued at Jan. 31
 and 6,026,327 at April 30 71 60
 Additional paid-in capital 27,289 6,976
 Retained earnings 10,120 6,301
 Treasury stock, 1,886,566 shares
 at Jan. 31 and 1,813,066
 at April 30, at cost (4,826) (3,540)
 Total stockholders' equity 32,654 9,797
 Total Liabilities and
 Stockholders' Equity $45,462 32,639
 -0- 3/13/92
 /CONTACT: Charles H. Robbins, president and chairman, or Anthony M. Picini, vice president, finance, 703-998-7808, of PHP Healthcare Corporation/
 (PHPH) CO: PHP Healthcare Corporation ST: Virginia IN: INS SU: ERN


SB-TW -- DC003 -- 7794 03/13/92 12:15 EST
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