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QUAL-MED ANNOUNCES FIRST QUARTER RESULTS

 QUAL-MED ANNOUNCES FIRST QUARTER RESULTS
 PUEBLO, Colo., May 15 /PRNewswire/ -- Qual-Med (NASDAQ: QLMD) today


reported that its revenues for the first quarter ended March 31, 1992, were $73.2 million, compared to revenues of $71.7 million for the same period a year ago. Net income for the first quarter of 1992 amounted to $4.6 million, compared to $3.7 million in the first quarter last year.
 On a per share basis, net income for the first quarter of 1992 was $.26 (on 17.3 million weighted average shares outstanding), compared to $.34 (on 10.8 million weighted average shares outstanding) a year ago.
 Net income for the first quarter of 1992 includes the cumulative effect of a change in accounting for income taxes pursuant to the company's adoption of SFAS No. 109 of $1.1 million or $.06 per share.
 Dr. Malik Hasan, Qual-Med's president, chairman and chief executive officer, noted that the medical loss ratio improved from 78.1 percent in the first quarter of 1991 to 76.4 percent for the comparable period in 1992. "In addition," he said, "the focused strategy implemented in the last half of 1991 to commit significant administrative, marketing and legal resources to achieve growth have paid off recently with the successful acquisitions of Preferred Health Network, PCA Health Plans Inc. and Bridgeway. With the Bridgeway acquisition occurring in mid- May, the full impact of these acquisitions will not be reflected until the third quarter's results of operations."
 At the present time, including the PCA and Bridgeway members acquired since year-end, Qual-Med's health maintenance organization membership stands at approximately 311,000 members in six western states -- a 40 percent increase from its year-end level of approximately 222,000 members. Its members pay a fixed monthly premium for services rendered and choose among a broad network of independent primary care physicians.
 QUAL-MED INC.
 First Quarter, March 31
 1992 1991
 Revenues $73,225,000 $71,730,000
 Net income $4,563,000 $3,724,000
 Net income per share(a) $0.26 $0.34
 Weighted average shares 17,265,951 10,816,272
 (a) Primary
 -0- 5/15/92
 /CONTACT: E. Keith Hovland, executive VP-finance and administration of Qual-Med, 719-542-0500/
 (QLMD) CO: Qual-Med Inc. ST: Colorado IN: HEA SU: ERN


JL -- LA015 -- 0573 05/15/92 08:30 EDT
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Publication:PR Newswire
Date:May 15, 1992
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