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PREMIER ANESTHESIA REPORTS RECORD FIRST QUARTER SALES AND EARNINGS

 PREMIER ANESTHESIA REPORTS RECORD FIRST QUARTER SALES AND EARNINGS
 ATLANTA, April 22 /PRNewswire/ -- Premier Anesthesia Inc., (NASDAQ: PRAN) which completed its initial public offering last month, today reported that net revenues increased 47 percent to a record $12,654,507 from $8,632,216 for the same quarter last year. Income from operations advanced 36 percent to $439,494 from $322,288 for the same period of 1991. Net income advanced 134 percent to $388,476, or 6 cents a share, compared with $165,967, or 3 cents a share, a year ago.
 Inquiry Levels Strong
 Richard D. Ballard, president and chief executive officer said, "Our first quarter results are a continuation of four years of progressively improving performance. Inquiries from hospitals interested in contracting with our company to staff and manage their anesthesia departments continue to be strong.
 "The hospital contract management industry has grown substantially in recent years primarily in response to the competition hospitals now face, the drive for cost control and an effort by hospitals to find new markets and profit centers.
 "Our primary target market for contract anesthesia services is the 3,800 hospitals with at least 100 beds located in the United States. These health care facilities generally perform 2,000 or more surgical procedures a year, which in turn generate the majority of the nation's annual $10 billion in billings for anesthesia. This represents an enormous opportunity for us, and the $28.3 million we received from our recently completed public offering of common stock provides us with the financial resources to further penetrate this market.
 Resources in Place
 "We believe our reputation and systems, including a proprietary quality assurance program, are sound. Perhaps most important, we have access to highly qualified anesthesiologists. More than 4,000 anesthesiologists and certified registered nurse anesthetists have expressed interest in contracting with Premier. This represents nearly 10 percent of the total number of licensed and certified anesthesia professionals in the United States.
 "We feel that physicians are at their best when they are allowed to focus on the medical aspects of their practice. Doctors working through Premier benefit from our detailed analysis of practice patterns, the quality programs we employ, and the close consulting affiliations our company maintains with many of the recognized authorities in their specialty. Many doctors who contract with Premier tell us they have more time to interact with their patients, such as for pre-surgical counseling with patients.
 "Meanwhile, we play an important role in health care cost management. Surgery remains the major source of revenue for most hospitals, and high utilization rates in surgical and obstetric suites are imperative. Many hospitals find that a state-of-the-art anesthesia department can amortize their fixed expenses over a larger revenue base by attracting both surgeons and additional patients.
 Comprehensive Services
 "In short, we believe that our approach to contract anesthesia services effectively combines quality medicine and business at every hospital we serve. We provide clients with comprehensive anesthesia services 24 hours a day, 365 days a year. We manage recruiting in the anesthesia department, handle medical staff relations, take care of billing, record keeping, malpractice coverage and monitor current legal and reimbursement issues.
 "Finally, our company has the financial strength to provide this kind of service to a larger base of business. As of March 31, our working capital totalled $32.8 million. Shareholders equity stood at $33.3 million, and our long-term debt was less than $200,000."
 Premier Anesthesia Inc. is the leading multi-state provider of contract anesthesia services to hospitals in the United States. Founded in 1988 and newly public in March, 1992, the company has grown from $1.1 million to $40.5 million in annual revenues during that time period and has been profitable since its first full year of operation in 1989.
 PREMIER ANESTHESIA, INC.
 Income Statements
 Three Months Ended Percent
 March 31 1992 1991 Change
 Net revenue 12,654,507 8,632,216 46.6
 Direct expenses 10,440,755 7,087,074 47.3
 Gross margin 2,213,752 1,545,142 43.3
 Operating expenses 1,774,258 1,222,854 45.1
 Income from operations 439,494 322,288 36.4
 Interest & other 208,102 (49,641) 519.2
 Pretax income 647,596 272,647 137.5
 Tax provision 259,120 106,680 142.9
 Net income 388,476 165,967 134.1
 Earnings per share $0.06 $0.03 103.1
 Weighted average shares
 outstanding 7,030,450 6,098,964
 -0- 4/22/92
 /CONTACT: Richard Ballard or Linda Hammock of Premier Anesthesia, 404-458-4842; or Gary Strong or Nick Farina of Financial Relations Board, 312-266-7800, for Premier Anesthesia/
 (PRAN) CO: Premier Anesthesia Inc. ST: Georgia IN: HEA SU: ERN


AH -- NY050 -- 1276 04/22/92 12:20 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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