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PMR Announces Record Second Quarter Revenues and Earnings

SAN DIEGO, Nov. 25 /PRNewswire/ -- PMR CORPORATION (Nasdaq-NNM: PMRP), a leading provider of disease management services for the Seriously Mentally Ill (SMI), today announced results for the second quarter ended October 31, 1996.

Revenues for the quarter were $14.3 million versus revenues of $8.2 million for the same period in the prior fiscal year. Net Income for the quarter was $799,000 or $.13 per share, compared with net income of $167,000 or $.04 per share.

Revenues for the six months ended October 31 were $27.3 million compared to $14.2 million for the same period in the prior fiscal year. Net Income for the first six months was $1.4 million, or $.24 per share, versus $172,000 or $.04 per share in the first six months of the prior fiscal year.

"We are pleased to report that the Company's revenues and earnings continue to grow rapidly and that all segments of our business are performing in line with the aggressive expectations that we have set for this year," said Allen Tepper, Chief Executive Officer. Revenues increased 74% in the second quarter, driven by strong same store growth in the outpatient psychiatric programs, enrollment growth in the case management business and strengthening demand in the substance abuse and ambulatory detox programs. Additionally, the Company experienced margin expansion from both the prior year period as well as compared to the first quarter of this fiscal year."

"PMR opened several new programs to further serve SMI and public sector clients in Arkansas, which is a core market for the company. We launched two new case management markets, one additional outpatient program and our second ambulatory detox programs," Tepper noted. "The Company also signed an agreement for its first program in the Cleveland, Ohio market and continues to prepare for the start-up of several programs in its recently formed Mid- America Group towards the end of this fiscal year." To accommodate the continuing expansion, the Company received approval for the expansion of its credit line to $10 million.

PMR is a leader in the development and management of programs and services for individuals with a serious mental Illness. PMR currently manages 43 programs in 9 states in both fee-for-service and capitated environments, principally focused on the public sector market. To add names to our investor fax service, or for further information, contact Heather Moore at 800-886-PMRP.
 Selected Income Statement Information
 (In thousands except per share amounts -- Unaudited)
 Second Quarter Six Months Year to Date
 Ended October 31 Ended October 31
 1996 1995 1996 1995
 Revenue 14,293 8,215 27,322 14,221
 Expenses 12,940 7,876 24,950 13,820
 Income before taxes and dividends1,353 339 2,372 401
 Income tax expense 544 139 972 162
 Net Income 799 200 1,400 239

Less dividends on
 Convertible Preferred Stock --- 33 17 66
 Net Income for common 799 167 1,382 173
 Earnings per share, primary .13 .04 .25 .04
 Earnings per share, fully diluted .13 .04 .24 .04

Shares used in computing

earnings per share:
 Primary 6,014 4,451 5,655 4,351
 Fully diluted 6,073 4,488 5,860 4,407

 -0- 11/25/96

/CONTACT: Heather Moore, 800-886-PMRP/


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

SK-SS -- LAM026 -- 3565 11/25/96 09:36 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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