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STAR MULTI CARE SERVICES REPORTS THIRD QUARTER RESULTS

 STAR MULTI CARE SERVICES REPORTS THIRD QUARTER RESULTS
 BROOKLYN, N.Y., April 17 /PRNewswire/ -- Stephen Sternbach,


president and CEO of Star Multi Care Services, Inc. (NASDAQ: SMCS), today reported results of operations for the third quarter and nine months ended Feb. 29, 1992.
 Revenues for the three month period rose 13 percent to a record $2,064,523 compared with $1,821,067 for the second quarter a year ago. Pro forma net income was $48,586 or 3 cents per share versus year earlier third quarter pro forma net income of $175,649 or 26 cents per share.
 For the nine months ended Feb. 29, 1992, revenues increased 14 percent to $6,121,985, also a record high, versus revenues of $5,356,104 for the first nine months last year. Pro forma net income for the nine month period decreased to $273,240, equal to 19 cents per share, compared with $470,075 or 69 cents per share for the nine month period last year, when Star was a privately held company.
 It should be noted that per share results in the 1992 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 1991 three and nine month periods, earnings per share were computed on 680,000 weighted average number of common shares outstanding.
 STAR MULTI CARE SERVICES, INC.
 Consolidated Statement of Income
 Periods ended: Three months Nine months
 2/29/92 2/28/91(A) 2/29/92 2/28/91(A)
 Net revenue $2,064,523 $1,821,067 $6,121,985 $5,356,104
 Pro forma income
 before taxes 93,434 381,846 525,462 1,000,159
 Pro forma provision
 for taxes 44,848 206,197 252,222 530,084
 Pro forma net income 48,586 175,649 273,240 470,075
 Pro forma net income
 per share $.03 $.26 $.19 $.69
 Wtd. avg. no. of
 common shares(B) 1,445,000 680,000 1,445,000 680,000
 (A) -- Reflects adjustments to historical results (i) to reduce officers' salary expenses and (ii) to reflect income tax expense.
 (B) -- Initial public offering completed May 14, 1991.
 -0- 4/17/92
 /CONTACT: Patrick Walsh of Star Multi Care Services, 718-488-7300/
 (SMCS) CO: Star Multi Care Services, Inc. ST: New York IN: HEA SU: ERN


GK-TS -- NY004 -- 9652 04/17/92 10:49 EDT
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Publication:PR Newswire
Date:Apr 17, 1992
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