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QUANTUM HEALTH RESOURCES INC. REPORTS RECORD 1991 REVENUES, EARNINGS

QUANTUM HEALTH RESOURCES INC. REPORTS RECORD 1991 REVENUES, EARNINGS
 ORANGE, Calif., Feb. 26 /PRNewswire/ -- Quantum Health Resources Inc. (NASDAQ: QHRI) today reported record revenues and earnings for 1991.
 Revenues increased 66 percent to $76,854,200, compared to $46,358,100 in 1990. Net income increased to $5,514,000 or $0.45 per share, from $1,179,100, or $0.12 per share, in the prior year. Fourth quarter revenues increased 53 percent to $22,260,400 from $14,534,900 for the same period last year. Net income increased to $1,844,300 or $0.14 per share, from $630,400, or $0.06 per share, in the fourth quarter of 1990. The foregoing results have been restated when appropriate to include Comprehensive Home Services Inc. ("CHS"), which Quantum acquired on July 1, 1991, in a transaction accounted for as a pooling of interests.
 Chairman, Chief Executive Officer and President Douglas H. Stickney said he expects continued strong revenue and earnings growth in 1992. Most of Quantum's present revenues reflect the provision of protein replacement therapies to people suffering from hemophilia, genetic emphysema or primary immunodeficiency diseases. Future growth is expected to come from two principal areas:
 -- Increased demand from patients suffering the chronic diseases Quantum now addresses; and,
 -- The addition of new chronic disorder groups as biotechnology advances create new therapies to treat them.
 Stickney stated that operating leverage provided by the "maturing" of the company's branch office structure continues to be an important factor in increasing operating margins. As a result, total cost revenues, as a percentage of revenues, declined for both the quarter and year ended Dec. 31, 1991, compared to 1990. Average branch contribution, defined as revenues less cost of revenues and provision for uncollectible accounts, increased to 22.3 percent and 20.8 percent for the quarter and year ended Dec. 31, 1991, respectively, compared to 16.5 percent and 13.6 percent for the comparable 1990 periods.
 Stickney said he expects operating margins and average branch contribution to continue increasing in 1992 as Quantum's business grows.
 At year end, Quantum operated 14 licensed branches and seven satellite offices. The company expects to transition at least four of these satellites to branch offices and add several new satellites during 1992.
 "Quantum's ability to produce consistent quarterly earnings growth is most directly attributable to the broadening acceptance of Quantum's Chronicare(TM) service model by physicians who refer patients affected by long-term chronic disorders," Stickney said. "This model provides Quantum with the means to understand and respond to the special problems facing chronically ill patients, their families and the diverse group of clinical professionals and payors supporting them. As a result, we have steadily increased the number of patients being served in each quarter since the company's inception in mid-1988 and established unique long-term relationships with them, their families and clinicians.
 "Quantum initially developed its Chronicare model to serve people affected by hemophilia. Since then, the company has successfully applied the model to patients affected by genetic emphysema and primary immunodeficiency diseases," according to Stickney. He said, "In the future, the company will constantly seek other chronic disorders to which the Chronicare service model may be applied."
 Quantum Health Resources Inc. is a national provider of therapies and support services to individuals affected by chronic disorders requiring long-term therapy. Quantum's Chronicare 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.
 Selected Consolidated Financial Data
 (in thousands, except per share data)
 Year Ended
 Dec. 31, 1991 Dec. 31, 1990(a)
 Amount Pct. Amount Pct.
 Consolidated Statement
 of Income Data:
 Revenues $76,854 100.0 $46,358 100.0
 Less - operating
 costs:
 Cost of products
 sold 40,184 52.3 24,447 52.7
 Branch personnel
 costs 9,839 12.8 8,322 18.0
 Other branch costs 6,375 8.3 4,636 10.0
 Provision for
 uncollectible
 accounts 4,502 5.8 2,662 5.7
 Branch contribution 15,954 20.8 6,291 13.6
 General and
 administrative
 expenses 7,956 10.4 4,179 9.0
 Operating income 7,998 10.4 2,112 4.6
 Other, net 900 1.2 (119) (0.3)
 Income taxes 3,384 4.4 814 1.8
 Net income $5,514 7.2 $1,179 2.5
 Earnings per share $0.45 $0.12
 Weighted average
 shares outstanding 12,355 9,985
 Three Months Ended
 Dec. 31, 1991 Dec. 31, 1990(a)
 Amount Pct. Amount Pct.
 Consolidated Statement
 of Income Data:
 Revenues $22,260 100.0 $14,535 100.0
 Less - operating
 costs:
 Cost of products
 sold 11,317 50.8 7,572 52.1
 Branch personnel
 costs 2,728 12.2 2,287 15.7
 Other branch costs 1,994 9.0 1,517 10.5
 Provision for
 uncollectible
 accounts 1,268 5.7 754 5.2
 Branch contribution 4,953 22.3 2,405 16.5
 General and
 administrative
 expenses 2,406 10.8 1,291 8.9
 Operating income 2,547 11.5 1,114 7.6
 Other, net 351 1.5 (61) (0.4)
 Income taxes 1,054 4.7 423 2.9
 Net income $1,844 8.3 $630 4.3
 Earnings per share $0.14 $0.06
 Weighted average
 shares outstanding 13,426 10,193
 QUANTUM HEALTH RESOURCES INC.
 Consolidated Balance Sheet Data
 Dec. 31, 1991 Dec. 31, 1990(a)
 Cash and equivalents $28,407 $356
 Current assets 60,951 19,833
 Total assets 63,857 21,665
 Liabilities 11,698 10,726
 Stockholders' equity 52,159 10,939
 QUANTUM HEALTH RESOURCES INC. AND SUBSIDIARIES
 Summary Statement of Income
 Year Ended Three Months Ended
 Dec. 31, Dec. 31,
 1991 1990(a) 1991 1990(a)
 Revenues $76,854,200 $46,358,100 $22,260,400 $14,534,900
 Operating
 income 7,998,300 2,112,400 2,547,300 1,113,700
 Net income 5,514,000 1,179,100 1,844,300 630,400
 Fully diluted
 earnings per
 share $0.45 $0.12 $0.14 $0.06
 Weighted average
 shares
 outstanding 12,355,000 9,985,000 13,426,000 10,193,000
 (a) Restated for CHS pooling of interests.
 -0- 2/26/92
 /CONTACT: Douglas H. Stickney, chairman, CEO and president, or William James Nicol, senior VP and CFO, of Quantum Health Resources, 714-750-1610; or Timothy C. Kent of Financial Relations Board, 818-783-2400, for Quantum Health Resources/
 (QHRI) CO: Quantum Health Resources Inc. ST: California IN: HEA SU: ERN


KJ-JL -- LA011 -- 2644 02/26/92 08:04 EST
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Date:Feb 26, 1992
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