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TRICARE REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL YEAR 1993, LOWERS PREVIOUSLY ANNOUNCED EARNINGS EXPECTATIONS FOR FISCAL 1993

TRICARE REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL YEAR 1993,

LOWERS PREVIOUSLY ANNOUNCED EARNINGS EXPECTATIONS FOR FISCAL 1993
 IRVINE, Calif., Sept. 16 /PRNewswire/ -- TriCare Inc. (NASDAQ: TRCR), a leading occupational health care services company in California, announced results for its first quarter ended Aug. 31, 1992.
 For the three months ended Aug. 31, 1992, the company's net income was $912,000, an 8 percent increase over net income of $848,000 reported in the first quarter of fiscal year 1992. However, net revenues decreased to $10.8 million from $11.5 million for the same period a year ago. Earnings per share was $0.12 in the first quarter of fiscal 1993 as compared to earnings per share of $0.13 in the same prior-year period. On July 30, 1991, TriCare completed a second public offering of its common stock, increasing the number of shares outstanding which resulted in a dilutive effect on earnings.
 Because of concerns over the California recession, uncertainties in the workers' compensation system, and the conscious decision to position the company to meet the challenges of a changing market, TriCare announced today that the company expects lower earnings per share in fiscal 1993 than experienced in fiscal 1992.
 Stephen F. Bullock, president and chief executive officer, also announced that he is stepping in to run the company's largest subsidiary which provides medical/legal evaluations. "All of TriCare must position itself for the long-term by being the innovator in the industry. We have implemented a program to develop direct relationships with insurance carriers and are implementing utilization guidelines -- all aimed at improving the quality of health care, while lowering costs. We firmly believe TriCare is part of the solution in reducing the cost of workers' compensation. As such, we will continue to focus on quality, costs and convenience." Mr. Bullock further commented, "Our strategy is to move towards a balance between the evaluation, industrial treatment and ancillary services provided by TriCare. In response to the changing environment, TriCare has reorganized certain job functions resulting in an 8 percent reduction in employees. All of these actions are expected to have a positive impact on cash."
 TriCare is a leader in the California occupational health care services market providing medical/legal evaluations, industrial medical treatment, physical rehabilitation and related services to injured workers within the workers' compensation segment.
 TRICARE INC. AND AFFILIATES
 Combined Statements of Income
 (Unaudited)
 Three months ended Aug. 31,
 1992 1991
 Net revenues $10,821,000 $11,479,000
 Operating Expenses:
 Compensation and benefits 4,035,000 4,303,000
 Physician and professional fees 2,817,000 3,300,000
 General, administrative and
 other operating expenses 1,638,000 1,832,000
 Rent 552,000 483,000
 Depreciation and amortization 286,000 179,000
 Interest 14,000 12,000
 Total operating expenses 9,342,000 10,109,000
 Income from operations 1,479,000 1,370,000
 Other income, primarily interest 96,000 73,000
 Pre-tax income 1,575,000 1,443,000
 Provision for income taxes 663,000 595,000
 Net income $912,000 $848,000
 Net income per common share and
 common share equivalent $0.12 $0.13
 Weighted average common shares
 outstanding 7,781,000 6,660,000
 TRICARE INC. AND AFFILIATES
 Combined Balance Sheets
 Aug. 31, 1992 May 31, 1992
 Assets (Unaudited)
 Current Assets:
 Cash and cash equivalents $7,505,000 $8,145,000
 Accounts receivable, net 28,692,000 27,512,000
 Prepaid expenses, supplies
 and other 934,000 998,000
 Total current assets 37,131,000 36,655,000
 Equipment and leasehold
 improvements, net 2,837,000 2,705,000
 Intangible assets, net 9,205,000 9,284,000
 Total $49,173,000 $48,644,000
 Liabilities and stockholders'
 equity
 Current Liabilities:
 Current portion of long-term debt
 and financing leases $97,000 $110,000
 Accounts payable 2,353,000 2,741,000
 Physician and professional
 fees payable 2,293,000 2,359,000
 Accrued compensation and
 employee benefits 1,318,000 1,921,000
 Accrued rent 271,000 227,000
 Other accrued liabilities 876,000 953,000
 Deferred income taxes 7,301,000 6,638,000
 Total current liabilities 14,509,000 14,949,000
 Long-term debt and financing
 leases, net of current portion 39,000 56,000
 Commitments and contingencies
 Stockholders' equity
 Preferred stock, $.01 par value:
 Authorized -- 21,000,000 shares
 No shares issued and outstanding
 Common stock, $.01 par value:
 Authorized -- 20,000,000 shares
 Issued and outstanding 7,659,000
 shares and 7,635,108 shares at
 Aug. 31, 1992 and May 31, 1992,
 respectively 77,000 76,000
 Additional paid-in capital 22,979,000 22,906,000
 Retained earnings 11,569,000 10,657,000
 Sub-total 34,625,000 33,639,000
 Total $49,173,000 $48,644,000
 -0- 9/16/92
 /CONTACT: Steve Bullock, president and CEO, or Nyoka Criner of TriCare, 714-250-4092/
 (TRCR) CO: TriCare Inc. ST: California IN: HEA SU: ERN


JL-KJ -- LA035 -- 0399 09/16/92 20:17 EDT
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