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STAR MULTI CARE SERVICES REPORTS FIRST QUARTER RESULTS

 STAR MULTI CARE SERVICES REPORTS FIRST QUARTER RESULTS
 BROOKLYN, N.Y., Oct. 30 /PRNewswire/ -- Star Multi Care Services,


Inc. (NASDAQ: SMCS) today reported results for the first quarter ended Aug. 31, 1992.
 Revenue increased 84 percent to a record high $3,652,157 compared to year ago first quarter revenue of $1,982,487. As a result of the recent acquisition of certain assets of Unity, Home Care revenue increased substantially and represented 73 percent of first quarter revenue while hospital staffing accounted for 27 percent. Net income for the current three month period was $24,218 or 2 cents per share compared to $100,688 or 7 cents per share last year.
 Gross margins were approximately 35 percent for both periods. As a result of recent acquisitions gross profit margins were expected to be higher. However, first quarter earnings were impacted by higher payroll costs associated with the competitive environment of the Home Care business as well as price pressure on billing rates of old and new contracts in the hospital staffing business.
 Net income declined for the following reasons; selling, general and administrative expenses increased. Such increase is primarily attributable to the revenue sources described above. In addition, salaries and employment related taxes, amortization of intangible assets, rent and other operating expenses also increased.
 Star Multi Care Services, Inc. is engaged in providing home health care, including home infusion therapy, registered and licensed professional nurses and home health aides to patients for care at home. The company also provides temporary health care personnel to hospitals, nursing homes and other health care facilities in the New York, New Jersey metropolitan area. Through the acquisition of Unity Home Care of Florida, Star provides home health care services in southeast Florida.
 -0- 10/30/92
 /CONTACT: Evelyn M. Relkin, Ph.D., of Star Multi Care Services, Inc., 718-488-7300/
 (SMCS) CO: Star Multi Care Services, Inc. ST: New York IN: HEA SU: ERN


AH-TS -- NY053 -- 7128 10/30/92 12:58 EST
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Publication:PR Newswire
Date:Oct 30, 1992
Words:330
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