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PMR ANNOUNCES THIRD QUARTER RESULTS

 SAN DIEGO, March 17 /PRNewswire/ -- PMR Corp. (NASDAQ: PMRP) today announced its results for the third quarter.
 Net revenues after provisions for contractual allowances for the third quarter were $3,969,000 vs. $1,702,000 last year, an increase of 133 percent. Net earnings before preferred dividends were $206,000 and $154,000 after dividends. This compares to $163,000 in the corresponding prior-year quarter when no dividends were incurred. This is an increase of 26 percent before dividends and a decrease of 5 percent after dividends. Fully diluted earnings per share, after the payment of the series B preferred stock dividends of $52,000, or $.016 per share, were $.05 vs. $.06. There were 3,275,000 fully diluted shares outstanding vs. 2,714,000, the prior year.
 Net revenues after allowances for the nine months were $11,320,000 vs. $3,788,000, an increase of 199 percent. Net after tax earnings but before preferred dividends were $635,000 vs. $369,000 for the same period last year, when no dividends were incurred. This is an increase of 72 percent. Dividends on the series A issue, which was redeemed on July 2, 1992, were $85,000, and the dividend computed on the series B issue which remains outstanding is $156,000. This reduced net income for common stock to $394,000. Per share six months fully diluted earnings were $.12 vs. $.14. There were 3,266,000 fully diluted shares outstanding vs. 2,715,000 the prior year.
 "Earnings this quarter were negatively impacted by the development of five new facilities which will bring the total number of PMR managed programs to 27 by fiscal year end. In addition, five facilities were open less than six months, the typical time it takes to achieve breakeven," reported Allen Tepper, chief executive officer. "With seven of the 10 of these new facilities structured under all inclusive agreements with hospitals, costs are loaded front end for PMR, but as they achieve profitability, our earning potential accelerates. In addition, recent cost reductions and reworking of certain hospital agreements create the expectation for an acceleration of earnings to occur in our fourth quarter and throughout fiscal year 1994."
 PMR CORP.
 Selected Income Statement Information
 (In thousands except per share amounts)
 (Unaudited)
 Third Quarter Year-to-Date
 Three Months Ended Nine Months Ended
 Jan. 31, Jan. 31,
 1993 1992 1993 1992
 Revenue $3,969 $1,702 $11,320 $3,788
 Expenses 3,621 1,421 10,245 3,160
 Income before taxes
 and dividends 348 281 1,075 627
 Net income
 less dividends 206 163 635 369
 A Conv Pfd --- --- 85 ---
 B Conv Pfd 52 --- 156 ---
 Net income for
 common $155 $163 $394 $369
 Earnings per share
 Primary $.05 $.06 $.12 $.14
 Fully diluted $.05 $.06 $.12 $.14
 Weighted average
 common shares
 Primary 3,246 2,714 3,238 2,715
 Fully diluted 3,275 2,714 3,266 2,715
 PMR Corp. is a San Diego-based company which currently manager 25 partial hospitalization facilities in affiliation with acute care hospitals in California, Arizona and Indiana.
 -0- 3/17/93
 /EDITOR'S NOTE: To add names to PMR's fax news service call Louise Dougherty at 619-295-2227/
 /CONTACT: Louise Dougherty of PMR, 619-295-2227/
 (PMRP)


CO: PMR Corp. ST: California IN: HEA SU: ERN

JB-KJ -- SD004 -- 7222 03/17/93 18:16 EST
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Publication:PR Newswire
Date:Mar 17, 1993
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