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REHABCLINICS REPORTS RECORD QUARTERLY AND ANNUAL RESULTS

 VALLEY FORGE, Pa., March 22 /PRNewswire/ -- RehabClinics, Inc. (NASDAQ: RCII), today announced record revenues, gross profits, operating income, and earnings per share for the fourth quarter ended Dec. 31, 1992. Revenues for the quarter were $13,300,000 compared with $3,600,000 the prior year. Gross profits of $4,800,000 and operating profits of $1,200,000 increased $3,900,000 and $2,100,000, respectively, over gross profits and operating profits for the same period a year ago.
 RCI's performance continued to improve on a quarter-to-quarter basis. Compared to the third quarter ended Sept. 30 1992, net revenues, gross profits, operating profits, and net income increased 17.8 percent, 13.3 percent, 34.3 percent, and 38.3 percent, respectively. Earnings per share of common stock in the most recent quarter was 8 cents compared to 6 cents per share in the third quarter.
 In 1992, RCI generated net revenues, gross profits, operating profits, and net income applicable to common stock of $43,300,000, $16,000,000, $3,400,000 and $810,000. Earnings per share of common stock was 13 cents in 1992. "Compared to 1991, this represents a substantial increase in the company's operations resulting from the full year's effect of businesses acquired in the second half of 1991 and the businesses acquired in 1992 from their respective dates of acquisitions," President James C. New said. In 1991, RCI's net revenues, gross profits, operating loss, and net loss applicable to common stock were $7,200,000, $1,900,000, ($900,000) and ($1,000,000). Loss per share of common stock was (25 cents) in 1991.
 RCI acquired 26 businesses in 1992, including nine in the fourth quarter. Mr. New stated, "In 1992, we made tremendous progress building the company's foundation which will serve us well into the future to continue our growth and success."
 RCI's strategy is to develop the most extensive network of outpatient physical therapy clinics in selected markets through acquisitions and internal growth. This strategy is designed to capitalize on the highly fragmented nature of outpatient physical therapy by integrating innovative management and information systems, and marketing and sales programs into strong local clinical practices. RCI has established itself as one of the largest outpatient physical therapy companies in the country, with 106 clinics in 13 states.
 REHABCLINICS, INC.
 Summary Financial Information
 (In thousands, except share data)
 Statement of Operations Data:
 Periods ended Three Months Year
 Dec. 31 1992 1991 1992 1991
 Net revenues $13,317 $ 3,599 $43,270 $ 7,179
 Gross profit 4,830 956 15,983 1,945
 Operating profit (loss) (A) 1,248 (856) 3,422 (903)
 Income (loss) before tax 950 (1,131) 1,537 (1,386)
 Net income (loss) (B) $ 610 $ (726) $ 810 $(1,011)
 Earnings (loss) per com. share $0.08 $(0.18) $0.13 $(0.25)
 Shares used in earnings (loss)
 per common share computation 7,726 4,110 6,078 4,110
 Balance Sheet Data:
 12/31/92 12/31/91
 Cash and cash equivalents $ 7,963 $ 921
 Other current assets 10,998 3,975
 Total current assets 18,961 4,896
 Fixed assets and other 45,145 15,967
 Total assets $64,106 $20,863
 Current liabilities $11,078 $ 4,248
 Long-term liabilities 7,818 16,836
 Total liabilities 18,896 21,084
 Preferred stock -- 1,210
 Stockholders' equity (deficit) 45,210 (1,431)
 Total liabilities and equity $64,106 $20,863
 (A) -- Before interest expense, interest income, and amortization of goodwill.
 (B) -- After preferred dividends.
 -0- 3/22/93
 /CONTACT: James C. New, president, or Alan N. Vinick, senior vice president of RehabClinics, 215-631-1873; or Susan Noonan of Noonan/Russo Communications, 212-979-9180, for RehabClinics/
 (RCII)


CO: RehabClinics, Inc. ST: Pennsylvania IN: HEA SU: ERN

GK-TS -- NY017 -- 8086 03/22/93 09:21 EST
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Date:Mar 22, 1993
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