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QUANTUM HEALTH RESOURCES INC. ANNOUNCES COMPLETION OF FINANCIAL STATEMENTS, OPERATING RESULTS

       QUANTUM HEALTH RESOURCES INC. ANNOUNCES COMPLETION OF
               FINANCIAL STATEMENTS, OPERATING RESULTS
    ORANGE, Calif., Nov. 12 /PRNewswire/ -- Quantum Health Resources Inc. (NASDAQ: QHRI) today announced it has completed pro forma historical consolidated financial statements to account for its acquisition of Comprehensive Home Services Inc. (CHS) on July 1, 1991, as a pooling of interests in accordance with generally accepted accounting principles.  This acquisition was previously reported in form 8-K and form 10-Q with the Securities & Exchange Commission. The company has elected to release pro forma selected financial data to provide a historical perspective of the combined operating results of the company and CHS for periods prior to July 1, 1991.  The attached statement reflects that this combination was not dilutive in terms of earnings per share retrospectively.
    Quantum Health Resources Inc. is a national provider of therapies and support services to individuals affected by certain chronic disorders requiring long-term therapy.  Quantum's Chronicare(TM) service is designed to provide therapies and services which enable the patient and family to manage the patient's condition with greater independence, to address psychosocial issues related to the disorder, and to manage the financial burden of the cost of the care.
                    QUANTUM HEALTH RESOURCES INC.
    Pro Forma Selected Financial Data (Periods 1988 through 1991)
                (In thousands, except per share data)
                                     1988
                                     Q3/Q4
    Revenues                       $2,425.8
    Operating costs:
     Cost of products sold          1,521.1
     Branch personnel costs           227.5
     Other branch costs               154.3
    Cost of revenues                1,902.9
    General and administrative        169.1
    Provision for uncollectible
     accounts                         321.0
    Total operating costs           2,393.0
    Operating income                   32.8
    Other income (expenses), net        4.8
    Income before taxes                37.6
    Income taxes                       18.6
    Net income                        $21.0
    Fully diluted earnings
     per share                        $0.01
    Weighted shares outstanding     3,483.0
    Balance sheet:
     Current assets                $2,242.1
     Total assets                   2,322.1
     Current liabilities            1,216.3
     Stockholders' equity           1,105.8
    Per fully diluted share:
     Revenues                         $0.70
     Assets                            0.67
     Equity                            0.32
    Ratio analysis:
     Cost of revenues              78.4 pct.
     Operating margin               1.4 pct.
     Pre-tax margin                 1.6 pct.
     Effective tax rate            44.1 pct.
     Net margin                     0.9 pct.
     Return on assets(a)            3.6 pct.
     Return on equity(a)            7.6 pct.
     Current ratio                  1.84
     Liabilities to equity ratio    1.10
     Asset turnover(a)              4.18
     Days sales outstanding       101.3
                                     1989
                     Q1        Q2         Q3     9 Mos YTD     FY
    Revenues      $2,503.7  $3,466.1   $5,189.3  $11,159.1  $17,698.3
    Operating costs:
     Cost of products
     sold          1,655.9   2,016.2    2,966.8    6,638.9    9,923.3
     Branch personnel
     costs           248.7     444.1      773.9    1,466.7    2,723.4
     Other branch
     costs           167.5     298.6      484.7      950.8    1,613.6
    Cost of
     revenues      2,072.1   2,758.9    4,225.4    9,056.4   14,260.3
    General and
     administrative  161.6     282.4      342.8      786.8    1,323.8
    Provision for
     uncollectible
     accounts        253.7     320.5      424.7      998.9    1,489.1
    Total operating
     costs         2,487.4   3,361.8    4,992.9   10,842.1   17,073.2
    Operating
     income           16.3     104.3      196.4      317.0      625.1
    Other income
     (expenses), net  (4.4)      1.4      (18.7)     (21.7)    (31.6)
    Income before
     taxes            11.9     105.7      177.7      295.3      593.5
    Income taxes       5.2      51.4       71.6      128.2      253.4
    Net income        $6.7     $54.3     $106.1     $167.1     $340.1
    Fully diluted
     earnings per
     share           $0.00     $0.01      $0.01      $0.02      $0.05
    Weighted shares
     outstanding   6,001.0   6,863.0    7,706.0    6,856.6    7,386.7
    Balance sheet:
     Current
     assets       $3,316.2  $4,165.1   $6.058.7   $6,058.7   $8,053.7
     Total assets  3,432.9   4,450.7    6,533.9    6,533.9    9,006.6
     Current
      liabilities  2,322.4   1,940.1    2,903.8    2,903.8    4,660.7
     Stockholders'
      equity       1,110.5   2,510.5    3,630.1    3,630.1    4,345.9
    Per fully diluted
     share:
     Revenues        $0.42     $0.51      $0.67      $1.63      $2.40
     Assets           0.57      0.65       0.85       0.95       1.22
     Equity           0.19      0.37       0.47       0.53       0.59
    Ratio analysis:
     Cost of
      revenues  82.8 pct.  79.6 pct.  81.4 pct.  81.2 pct.  80.6 pct.
     Operating
      margin     0.7 pct.   3.0 pct.   3.8 pct.   2.8 pct.   3.5 pct.
     Pre-tax
      margin     0.5 pct.   3.0 pct.   3.4 pct.   2.6 pct.   3.4 pct.
     Effective
      tax rate  43.7 pct.  48.6 pct.  40.3 pct.  43.4 pct.  42.7 pct.
     Net margin  0.3 pct.   1.6 pct.   2.0 pct.   1.5 pct.   1.9 pct.
     Return on
      assets(a)  0.9 pct.   5.5 pct.   7.7 pct.   5.0 pct.   6.0 pct.
     Return on
      equity(a)  2.4 pct.  12.0 pct.  13.8 pct.   9.4 pct.  12.5 pct.
     Current
      ratio      1.43       2.15       2.09       2.09       1.73
     Liabilities
      to equity
      ratio      2.09       0.77       0.80       0.80       1.07
     Assets turn-
      over(a)    3.48       3.52       3.78       3.36       3.12
     Days sales
      outstand-
      ing        80.8       67.0       66.5       66.5       81.5
                                    1990
                     Q1        Q2         Q3     9 Mos YTD      FY
    Revenues      $8,524.1  $11,126.9 $12,172.2  $31,823.2  $46,358.1
    Operating costs:
     Cost of products
     sold          4,430.5   5,964.8    6,479.9   16,875.2   24,446.6
     Branch personnel
     costs         1,716.7   2,166.1    2,152.1    6,034.9    8,322.1
     Other branch
     costs           947.7   1,007.0    1,164.3    3,119.0    4,636.0
    Cost of
     revenues      7,094.9   9,137.9    9,796.3   26,029.1   37,404.7
    General and
     administrative  819.6     966.3    1,101.7    2,887.6    4,178.7
    Provision for
     uncollectible
     accounts        441.0     686.3      780.5    1,907.8    2,662.3
    Total operating
     costs         8,355.5  10,790.5   11,678.5   30,824.5   44,245.7
    Operating
     income          168.6     336.4      493.7      998.7    2,112.4
    Other income
     (expenses), net (21.0)     (2.5)     (33.8)     (57.3)   (118.6)
    Income before
     taxes           147.6     333.9      459.9      941.4    1,993.8
    Income taxes      60.5     133.4      198.7      392.6      814.7
    Net income       $87.1    $200.5     $261.2     $548.8   $1,179.1
    Fully diluted
     earnings per
     share           $0.01     $0.02      $0.03      $0.06      $0.12
    Weighted shares
     outstanding   8,872.0   9,765.0    9,921.5    9,654.2    9,985.0
    Balance sheet:
     Current
     assets      $13,109.8 $14,460.2  $16,457.5  $16,457.5  $19,832.7
     Total assets 14,377.0  16,001.1   18,145.7   18,145.7   21,665.6
     Current
      liabilities  4,477.0   5,903.0    7,797.8    7,797.8   10,726.4
     Stockholders'
      equity       9,900.0  10,098.1   10,347.9   10,347.9   10,939.2
    Per fully diluted
     share:
     Revenues        $0.96     $1.14      $1.23      $3.30      $4.64
     Assets           1.62      1.64       1.83       1.88       2.17
     Equity           1.12      1.03       1.04       1.07       1.10
    Ratio analysis:
     Cost of
      revenues  83.2 pct.  82.1 pct.  80.5 pct.  81.8 pct.  80.7 pct.
     Operating
      margin     2.0 pct.   3.0 pct.   4.1 pct.   3.1 pct.   4.6 pct.
     Pre-tax
      margin     1.7 pct.   3.0 pct.   3.8 pct.   3.0 pct.   4.3 pct.
     Effective
      tax rate  41.0 pct.  40.0 pct.  43.2 pct.  41.7 pct.  40.9 pct.
     Net margin  1.0 pct.   1.6 pct.   2.1 pct.   1.7 pct.   2.5 pct.
     Return on
      assets(a)  3.0 pct.   5.3 pct.   6.1 pct.   5.4 pct.   7.7 pct.
     Return on
      equity(a)  4.9 pct.   8.0 pct.  10.2 pct.  10.0 pct.  15.4 pct.
     Current
      ratio      2.93       2.45       2.11       2.11       1.85
     Liabilities
      to equity
      ratio      0.45       0.58       0.75       0.75       0.98
     Assets turn-
      over(a)    2.92       2.93       2.85       3.13       3.02
     Days sales
      outstand-
      ing        87.4       87.2       91.0       91.0       91.3
                                   1991
                     Q1        Q2         Q3     9 Mos YTD
    Revenues     $15,446.5 $18,158.7 $20,988.6  $54,593.8
    Operating costs:
     Cost of products
     sold          8,037.7   9,662.1   11,167.5   28,867.3
     Branch personnel
     costs         2,219.6   2,420.6    2,470.6    7,110.8
     Other branch
     costs         1,315.8   1,441.7    1,623.5    4,381.0
    Cost of
     revenues     11,573.1  13,524.4   15,261.6   40,359.1
    General and
     administrative1,588.9   1,724.9    2,235.7    5,549.5
    Provision for
     uncollectible
     accounts        973.0   1,052.4    1,208.9    3,234.3
    Total operating
     costs        14,135.0  16,301.7   18,706.2   49,142.9
    Operating
     income        1,311.5   1,857.0    2,282.4    5,450.9
    Other income
     (expenses), net  (2.5)    204.8      347.3      549.6
    Income before
     taxes         1,309.0   2,061.8    2,629.7    6,000.5
    Income taxes     550.2     793.9      986.9    2,331.0
    Net income      $758.8  $1,267.9   $1,642.8   $3,669.5
    Fully diluted
     earnings per
     share           $0.07     $0.10      $0.12      $0.31
    Weighted shares
     outstanding  10,316.0  12,321.0   13,288.0   11,987.4
    Balance sheet:
     Current
     assets      $21,678.2 $49,788.8  $53,077.9  $53,077.9
     Total assets 24,057.1  52,304.7   55,810.9   55,810.9
     Current
      liabilities 11,956.4   7,593.1    7,346.1    7,346.1
     Stockholders'
      equity      11,699.4  44,357.7   48,129.3   48,129.3
    Per fully diluted
     share:
     Revenues        $1.50     $1.47      $1.58      $4.55
     Assets           2.33      4.25       4.20       4.66
     Equity           1.13      3.60       3.62       4.01
    Ratio analysis:
     Cost of
      revenues  74.9 pct.  74.5 pct.  72.7 pct.  73.9 pct.
     Operating
      margin     8.5 pct.  10.2 pct.  10.9 pct.  10.0 pct.
     Pre-tax
      margin     8.5 pct.  11.4 pct.  12.5 pct.  11.0 pct.
     Effective
      tax rate  42.0 pct.  38.5 pct.  37.5 pct.  38.8 pct.
     Net margin  4.9 pct.   7.0 pct.   7.8 pct.   6.7 pct.
     Return on
      assets(a) 13.3 pct.  13.3 pct.  12.2 pct.  12.6 pct.
     Return on
      equity(a) 26.8 pct.  18.1 pct.  14.2 pct.  16.6 pct.
     Current
      ratio      1.81       6.56       7.23       7.23
     Liabilities
      to equity
      ratio      1.06       0.18       0.16       0.16
     Assets turn-
      over(a)    2.70       1.90       1.55       1.88
     Days sales
      outstand-
      ing        94.9       84.0       77.2       77.2
    (a)  Annualized for periods of less than 12 months.
    -0-                          11/12/91
    /CONTACT:  Douglas H. Stickney, chairman/CEO, or William James Nicol, senior VP and CFO of Quantum Health Resources, 714-750-1610; or William F. Coffin of The Financial Relations Board, 818-783-2400, for Quantum Health Resources/
    (QHRI) CO:  Quantum Health Resources ST:  California IN:  MTC SU: SE-EH -- LA004 -- 3272 11/12/91 08:02 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 12, 1991
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