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U.S. HEALTHCARE REPORTS RESULTS FOR THE SECOND QUARTER

 U.S. HEALTHCARE REPORTS RESULTS FOR THE SECOND QUARTER
 BLUE BELL, Pa., July 27 /PRNewswire/ -- U.S. Healthcare, Inc.


(NASDAQ: USHC), one of the nation's leading providers of managed health care services, today reported earnings of $46,956,000 or $.65 per share for the second quarter of 1992, compared to $35,140,000 or $.48 per share for the same period last year.
 Revenue for the second quarter was $532 million, up 29 percent over the second quarter last year. Membership in U.S. Healthcare-owned HMOs grew to 1,355,000 members at June 30, 1992, a gain of 170,000 from a year ago, the largest membership increase in more than five years. In addition, during the same period, membership in employer-insured plans for which U.S. Healthcare provides comprehensive managed care services increased from 51,000 to 83,000.
 U.S. HEALTHCARE, INC.
 (amounts in thousands, except per share data):
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Revenue $532,179 $413,504 $1,055,328 $814,202
 Net income 46,956 35,140 92,392 68,566
 Net income per common and
 common equivalent share -
 primary & fully diluted $.65 $.48 $1.28 $.94
 Weighted average number of
 common and common equivalent
 shares outstanding
 -- fully diluted 72,118 72,656 72,118 72,645
 U.S. Healthcare provides managed health care services through its HMOs in Pennsylvania, New Jersey, New York, Delaware, Connecticut, Massachusetts, New Hampshire and Maryland. The Company also provides a variety of managed health care services to self-insured and other employers.
 U.S. HEALTHCARE, INC.
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Operating Statistics
 Medical cost ratio (medical costs
 as a percentage of premiums) 77.3 77.4 77.5 77.7
 Income from operations as a
 percentage of total revenue 14.6 13.6 14.5 13.7
 Net income as a percentage of
 total revenue 8.8 8.5 8.8 8.4
 Membership In Comprehensive
 Managed Care Plans
 6/30/92 6/30/91 12/31/91
 U.S. Healthcare-owned HMOs:
 Mid-Atlantic:
 Commercial 873,000 807,000 840,000
 Medicare 19,000 15,000 18,000
 Total 892,000 822,000 858,000
 Greater New York:
 Commercial 421,000 334,000 350,000
 Medicare 1,000 -- --
 Total 422,000 334,000 350,000
 New England - Commercial 41,000 29,000 32,000
 Total HMO members 1,355,000 1,185,000 1,240,000
 Employer-insured plans
 administered by U.S. Healthcare 83,000 51,000 53,000
 Total membership in comprehensive
 managed care plans 1,438,000 1,236,000 1,293,000
 Condensed Consolidated Balance Sheets
 (Amounts in thousands)
 6/30/92 12/31/91
 (unaudited)
 Assets
 Current assets:
 Cash and cash equivalents $118,336 $ 50,590
 Marketable securities 13,339 39,511
 Other current assets 96,662 84,833
 Total current assets 228,337 174,934
 Long-term marketable securities 557,601 500,539
 Other long-term assets 95,944 82,745
 Total assets $881,882 $758,218
 Liabilities and Shareholders' Equity
 Current liabilities:
 Medical costs payable $382,101 $336,200
 Other current liabilities 59,125 64,768
 Total current liabilities 441,226 400,968
 Long-term liabilities 12,382 10,356
 Total liabilities 453,608 411,324
 Shareholders' equity 428,274 346,894
 Total liabilities and
 shareholders' equity $881,882 $758,218
 On May 28, 1992, the company's board of directors declared a special dividend in the form of approximately 6.7 million shares of U.S. Bioscience, Inc. common stock representing U.S. Healthcare's remaining holdings in Bioscience. The distribution will be made on or about Aug. 10, 1992 to holders of record as of July 29, 1992. The distribution will have no effect on U.S. Healthcare's net income but will reduce shareholders' equity by applicable income taxes computed at the rate of 34 percent of the aggregate fair market value, as of the date of distribution, of the shares being distributed. Had the distribution been made on July 24, 1992, the reduction of shareholders' equity would have been about $22 million.
 U.S. HEALTHCARE, INC.
 Consolidated Statements of Income
 (Unaudited, amounts in thousands except per share data)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Revenue:
 Premiums $515,379 $402,348 $1,021,206 $792,127
 Investment income 14,993 10,225 27,432 19,955
 Other, principally
 administrative
 services fees 1,807 931 6,690 2,120
 Total 532,179 413,504 1,055,328 814,202
 Expenses:
 Medical costs 398,464 311,393 791,788 615,423
 Administrative,
 marketing and other
 operating costs 56,090 45,867 110,817 87,182
 Total 454,554 357,260 902,605 702,605
 Income from operations 77,625 56,244 152,723 111,597
 Income from U.S.
 Bioscience, Inc. -- 1,485 -- 1,485
 Income before income
 taxes 77,625 57,729 152,723 113,082
 Income taxes 30,669 22,589 60,331 44,516
 Net income $ 46,956 $ 35,140 $ 92,392 $ 68,566
 Net income per common
 and common equivalent
 share -- primary
 and fully diluted $.65 $.48 $1.28 $.94
 Weighted average number
 of common and common
 equivalent shares outstanding
 - fully diluted 72,118 72,656 72,118 72,645
 -0- 7/27/92
 /CONTACT: Costas C. Nicolaides, executive vice president & chief financial officer of U.S. Healthcare, 215-283-6843/
 (USHC) CO: U.S. Healthcare, Inc. ST: Pennsylvania IN: HEA SU: ERN


TS -- NY008 -- 3303 07/27/92 06:35 EDT
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