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WARNER INSURANCE SERVICES, INC. ANNOUNCES RECORD RESULTS FOR THE FISCAL YEAR ENDED OCT. 31, 1992

 FAIR LAWN, N.J., Dec. 16 /PRNewswire/ -- Warner Insurance Services, Inc. (NYSE: WCP) today announced record revenues and net income for the fiscal year ended Oct. 31, 1992.
 Revenues for the year ended Oct. 31, 1992 increased to a record level of $90,544,801 compared to $54,813,457 for the preceding fiscal year. Subcontracted claims services (representing flow-through activity with no impact on profit) contributed $41,975,116 to revenues in fiscal 1992 as compared to $24,286,685 in the prior year. Net income for the year ended Oct. 31, 1992 increased 98 percent to a record $3,265,777 ($.45 per share) as compared to $1,650,157 ($.24 per share) in fiscal 1991. Pretax margins (excluding subcontracted claims services) increased to 11.7 percent in fiscal 1992 from 9.4 percent in fiscal 1991.
 For the three months ended Oct. 31, 1992, revenues totalled $26,020,537 ($13,195,157 from subcontracted claims services) compared to $17,375,350 ($8,177,785 from subcontracted claims services) in the fourth quarter of the prior year. Net income for the three months ended Oct. 31, 1992 was $963,316 ($.13 per share) up 75 percent from $549,727 ($.08 per share) for the three months ended Oct. 31, 1991.
 Harvey Krieger, president and chairman of the board of directors of the company, stated that, "The record revenues and earnings are the result of continuing successes realized by the company in servicing the auto insurance industry, particularly in New Jersey." Mr. Krieger went on to say that, "The company is continuing to experience growth as a result of activity under contracts with insurance companies serving the voluntary and assigned risk markets in New Jersey. These new programs will more than offset the winding down of the Market Transition Facility in 1993."
 Warner Insurance Services, Inc., a New York Stock Exchange Company, is a full service provider of services to the automobile insurance industry including underwriting, policy administration and claims adjustment services.
 The following is a summary of operating highlights for the three months and year ended Oct. 31, 1992 and 1991:
 WARNER INSURANCE SERVICES, INC.
 AND SUBSIDIARIES
 OPERATING HIGHLIGHTS
 Periods ended Three months Year
 Oct. 31, 1992 1991 1992 1991
 REVENUES:
 Insurance services
 revenue $12,825,380 $ 9,197,565 $48,569,685 $30,526,772
 Subcontracted claims
 servicing
 revenue 13,195,157 8,177,785 41,975,116 24,286,685
 Total 26,020,537 17,375,350 90,544,801 54,813,457
 COSTS AND EXPENSES:
 Selling, general and
 administrative
 expenses 11,149,982 8,241,638 42,890,008 27,657,015
 Subcontracted claims
 services 13,195,157 8,177,785 41,975,116 24,286,685
 Total 24,345,139 16,419,423 84,865,124 51,943,700
 Income before income
 taxes 1,675,398 955,927 5,679,677 2,869,757
 Income taxes 712,082 406,200 2,413,900 1,219,600
 Net income $ 963,316 $ 549,727 $ 3,265,777 $ 1,650,157
 Net income
 per share(A) $ 0.13 $ 0.08 $ 0.45 $ 0.24
 Weighted average number
 of common shares
 outstanding(A) 7,470,293 7,132,468 7,294,367 7,020,016
 (A) Based on the increased number of shares giving retroactive effect to the 5 percent stock dividend declared on Dec. 19, 1991.
 -0- 12/16/92
 /CONTACT: Bradley J. Hughes, vice president - finance and administration of Warner Insurance Services, 201-794-4817/
 (WCP)


CO: Warner Insurance Services, Inc. ST: New Jersey IN: INS SU: ERN

SH -- NY043 -- 7675 12/16/92 11:37 EST
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Date:Dec 16, 1992
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