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STAR MULTI CARE SERVICES REPORTS SECOND QUARTER RESULTS REVENUES FOR THREE MONTH AND SIX MONTH PERIODS AT RECORD LEVELS

 STAR MULTI CARE SERVICES REPORTS SECOND QUARTER RESULTS
 REVENUES FOR THREE MONTH AND SIX MONTH PERIODS AT RECORD LEVELS
 BROOKLYN, N.Y., Jan. 10 /PRNewswire/ -- Stephen Sternbach, president and CEO of Star Multi Care Services, Inc. (NASDAQ: SMCS) today reported results of operations for the second quarter and six months ended Nov. 30, 1991.
 Revenues for the three month period rose 11 percent to a record $2,074,975 compared with $1,874,990 for the second quarter a year ago. Pro forma net income was $123,987 or $.09 per share versus year earlier second quarter pro forma net income of $154,064 or $.23 per share.
 For the six months ended Nov. 30, 1991, revenues increased 15 percent to $4,057,462, also a record high, versus revenues of $3,535,037 for the first half last year. Pro forma net income for the six month period increased to $224,655, equal to $.16 per share, compared with $221,225 or $.33 per share for the initial six month period last year.
 It should be noted that per share results in the 1991 periods are computed on considerably higher weighted average common shares outstanding (1,445,000) reflecting the company's initial public offering of 670,000 shares in May 1991. In the 1990 three and six month periods, earnings per share were computed on 680,000 weighted average number of common shares outstanding.
 In commenting on the results, Sternbach said that despite the increase in second quarter revenues, earnings were somewhat lower due to a slight decline in gross profit margin in the period. While both Home Care revenues and Hospital Staffing revenues increased in the second quarter, the gain in Hospital Staffing revenues, which have lower margins, was greater than the increase in Home Care revenues.
 Sternbach further commented that selling, general and administrative costs increased during the second quarter as a result of additional sales personnel which were added to increase penetration of the home health care market. Professional fees have also increased significantly as a result of the company's reporting requirements as a public company and continued adherence to New York State Department of Health regulations.
 Star Multi Care Services, Inc. provides temporary health care personnel to hospitals and nursing homes and temporary health care to patients in their own homes throughout the New York and New Jersey metropolitan area.
 STAR MULTI CARE SERVICES, INC.
 Consolidated Statement of Income
 Periods Ended Three Months Six Months
 Nov. 30 1991 1990(A) 1991 1990(A)
 Net revenue $2,074,975 $1,874,990 $4,057,462 $3,535,037
 Pro forma income
 before taxes 238,435 345,486 432,028 480,925
 Pro forma provision
 for taxes 114,448 191,422 207,373 259,700
 Pro forma net income 123,987 154,064 224,655 221,225
 Pro forma ,445,000 680,000 1,445,000 680,000
 (A) -- Reflects adjustments to historical results (1) to reduce officer's salary expense and (2) to reflect income tax expense.
 (B) -- Initial public offering completed May 14, 1991.
 -0- 1/10/92
 /CONTACT: Star Multi Care Services public relations, 718-622-0100/
 (SMCS) CO: Star Multi Care Services Inc. ST: New York IN: HEA SU: ERN


KD-PS -- NY058 -- 8738 01/10/92 16:12 EST
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Publication:PR Newswire
Date:Jan 10, 1992
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