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PHYSICIAN CORPORATION OF AMERICA ANNOUNCES RECORD FIRST QUARTER RESULTS

 MIAMI, April 28 /PRNewswire/ -- Physician Corporation of America (NASDAQ: PCAM) announced today that revenues for the first quarter which ended March 31, 1993 increased to $120.9 million, a 59 percent increase over the same period in 1992. Net earnings for the quarter were $7.8 million, or $0.52 per share, vs. $3.8 million, or $0.25 per share last year.
 Total membership was 322,000 at March 31, 1993 vs. 241,000 at March 31, 1992 which was the primary factor driving the increase in revenues. Membership additions in the first quarter of 1993 were offset by the company's share of a statewide reduction in the State of Florida's eligible Medicaid beneficiaries. Subsequent to the end of the quarter, the company's Medicaid membership has increased back to the same level as it was at Dec. 31, 1992.
 Operating income in 1993 was significantly better than in 1992 due to the revenue increases described above, but more importantly, there was an improvement in the medical loss ratio in the first quarter of 1993 vs. last year.
 The 1993 earnings per share computation is based upon 14,949,000 fully diluted shares outstanding which excludes the 2,175,000 shares of common stock sold through a public offering on April 5, 1993 and the 450,000 shares to be sold on May 3, 1993 pursuant to the underwriters' over-allotment option.
 PHYSICIAN CORPORATION OF AMERICA
 SUMMARY OF FINANCIAL RESULTS
 Three months ended March 31,
 1993 1992
 Revenues $120,863,000 $76,032,000
 Operating Income (Loss) $ 13,570,000 $ (387,000)
 Net Earnings $ 7,843,000 $ 3,779,000(A)
 Earnings Per Share
 Assuming Full Dilution: $ 0.52 $ 0.25(A)
 Total Assets $142,319,000 $86,221,000
 Medical Loss Ratio 73 pct. 87 pct.
 Period End Membership 322,000 241,000
 (A) -- Includes the gain from the sale of the company's California
 operation on March 31, 1992.
 Physician Corporation of America provides comprehensive health care services through its health maintenance organizations located in Florida and Texas. The company's HMOs cover commercial groups and individuals as well as beneficiaries of government programs.
 -0- 4/16/93
 /CONTACT: Clifford Donnelly, chief financial officer of Physician Corporation of America, 305-267-6223/
 (PCAM)


CO: Physician Corporation of America ST: Florida IN: HEA INS SU: ERN

JB-AW -- FL015 -- 2231 04/28/93 16:09 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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