PROXYMED PHARMACY, INC. ANNOUNCES QUARTERLY EARNINGS
PEMBROKE PINES, Fla., Aug. 26 /PRNewswire/ -- ProxyMed Pharmacy, Inc.
(NASDAQ: PILL) announced today its quarterly results for the three and six months ended June 30, 1993.
Revenues totaled $1,386,754 and $2,354,476 for the three and six months ended June 30, 1993 compared to revenues of $457,261 and $907,408 for the same periods in 1992, which represents an increase of approximately 300 percent and 250 percent, respectively. ProxyMed now has six pharmacies in operation serving 42 HMO providers. The company reported pro forma net income of $9,975 ($.01 per share) and $26,867 ($.02 per share) for the three and six months ended June 30, 1993 compared to pro forma net income of $14,768 ($.01 per share) and $33,032 ($.03 per share) for the same periods in 1992. The company operated as an S corporation prior to its initial public offering in early August 1993, when it became subject to federal income taxes. Pro forma net income amounts assume that the company was subject to federal income taxes during the periods indicated. Harold Blue, ProxyMed's chairman and chief executive officer said, "The company expects to grow rapidly because, through our Drug Utilization Review program, we help providers identify patterns of inappropriate prescription use by targeting and recommending more cost effective medicines, thus lowering affiliated providers' monthly pharmacy expenditures." ProxyMed Pharmacy dispenses prescription drugs to HMO members through "filling stations" located in Florida. ProxyMed's DUR services are enhanced through a unique on-line, proactive computer program that allows providers to network with ProxyMed's DUR center. PROXYMED PHARMACY, INC. Statements of Income Three Months Six Months Ended June 30 Ended June 30 1993 1992 1993 1992 Sales from dispensing drugs $1,386,754 $ 457,261 $2,354,476 $ 907,408 Net Income 15,113 22,040 40,707 49,712 Pro forma provision for income taxes 5,138 7,272 13,840 16,680 Pro forma net income 9,975 14,768 26,867 33,032 Pro forma net income per common share .01 .01 .02 .03 Pro forma weighted average common shares outstanding 1,220,035 1,218,391 1,220,035 1,218,391 -0- 8/26/93 /CONTACT: Harold Blue of ProxyMed Pharmacy, Inc., 305-438-7550/ (PILL)
CO: ProxyMed Pharmacy, Inc. ST: Florida IN: MTC SU: ERN
AW -- FL001 -- 6007 08/26/93 08:35 EDT