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U.S. HOMECARE ANNOUNCES RECORD SECOND QUARTER REVENUES AND EARNINGS

U.S. HOMECARE ANNOUNCES RECORD SECOND QUARTER REVENUES AND EARNINGS
 HARTSDALE, N.Y., July 27 /PRNewswire/ -- W. Edward Massey, president and chief executive officer of U.S. HomeCare Corporation (NASDAQ: USHO) announced today the company's revenues, earnings and earnings per share. Net revenues for the three months ended June 30, 1992 increased 30.5 percent over the previous year to $16,313,309. Net earnings were $1,017,683, up 69.5 percent from $600,487 in the prior year. Earnings per share increased to $0.12 versus $0.11, reflecting an increase in our share base as a result of two equity financings.
 For the six months ended June 30, 1992, net revenues were $30,426,693, up 31.2 percent from the $23,199,549 for the same period last year. Net earnings were up 67.3 percent to $1,808,299 from last year's $1,080,674. Earnings per share for the six months were $0.23 compared to $0.21 last year based upon 8,056,750 and 5,267,150 weighted average common shares outstanding, respectively.
 In commenting on the company's second quarter results, Massey said, "During the second quarter, we achieved a 33 percent increase in our earnings from operations and a 70 percent increase in net earnings over the same period last year. While we have achieved outstanding growth in profitability and net income, earnings per share has grown more slowly because of our two equity offerings in the past year." Massey added, "We have a focused growth strategy in place, and our company is totally organized around markets. U.S. HomeCare is solidly positioned to achieve continued financial success."
 U.S. HomeCare is a leading provider of home health care in markets where it integrates nursing care and infusion therapy. Services are provided by approximately 3,000 caregivers in five major markets through 23 locations, including 3 infusion therapy facilities and pharmacies.
 U.S. HOMECARE CORPORATION
 Consolidated Statements of Earnings
 Period ended Three months Incr. Pct. Incr.
 June 30 1992 1991 (Decr.) (Decr.)
 Net revenues $16,313,309 $12,501,935 $3,811,374 30.5
 Cost of revenues 9,250,318 7,374,687 1,875,631 25.4
 Total 7,062,991 5,127,248 1,935,743 37.8
 S,G&A expenses 5,278,459 3,780,391 1,498,068 39.6
 Earnings from
 operations 1,784,532 1,346,857 437,675 32.5
 Other (income)/expenses:
 Interest (140,002) 136,341 (276,343) (202.7)
 Amortization 148,851 110,029 38,822 35.3
 Total 8,849 246,370 (237,521) (96.4)
 Earnings before provision
 for income taxes 1,775,683 1,100,487 675,196 61.4
 Provision for
 income taxes 758,000 500,000 258,000 51.6
 Net earnings 1,017,683 600,487 417,196 69.5
 Earnings per share 0.12 0.11 0.01 9.1
 Weighted average common
 shares outstanding 8,678,250 5,542,953 3,135,297 56.6
 Period ended Six months Incr. Pct. Incr.
 June 30 1992 1991 (Decr.) (Decr.)
 Net revenues $30,426,693 $23,199,549 $7,227,144 31.2
 Cost of revenues 17,385,637 13,724,670 3,660,967 26.7
 Total 13,041,056 9,474,879 3,566,177 37.6
 S,G&A expenses 9,770,717 7,046,624 2,724,093 38.7
 Earnings from
 operations 3,270,339 2,428,255 842,084 34.7
 Other (income)/expenses:
 Interest (124,807) 276,360 (401,167) (145.2)
 Amortization 250,847 200,221 50,626 25.3
 Total 126,040 476,581 (350,541) (73.6)
 Earnings before provision
 for income taxes 3,144,299 1,951,674 1,192,625 61.1
 Provision for
 income taxes 1,336,000 871,000 465,000 53.4
 Net earnings 1,808,299 1,080,674 727,625 67.3
 Earnings per share 0.23 0.21 0.02 9.5
 Weighted average common
 shares outstanding 8,056,750 5,267,150 2,789,600 53.0
 -0- 7/27/92
 /CONTACT: W. Jonathan T. Hirst, senior vice president-finance and administration of U.S. HomeCare, 914-287-4436/
 (USHO) CO: U.S. HomeCare Corporation ST: New York IN: HEA SU: ERN


TS-OS -- NY024 -- 3457 07/27/92 11:10 EDT
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