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WARNER INSURANCE SERVICES, INC. ANNOUNCES RECORD RESULTS FOR THE THREE MONTHS ENDED JAN. 31, 1993

 FAIR LAWN, N.J., Feb. 16 /PRNewswire/ -- Warner Insurance Services, Inc. (NYSE: WCP) today announced revenues and net income for the quarter ended Jan. 31, 1993.
 Revenues for the three months ended Jan. 31, 1993 totalled $21,236,990 as compared to $19,438,982 in the same period of 1992. Subcontracted claims services (representing flow-through activity with no impact on profit) contributed $8,059,742 to revenues in the 1993 quarter as compared to $8,507,799 in the prior year. Net income for the quarter increased 64 percent to a record $1,046,608 ($0.14 per share) up from $638,187 ($0.09 per share) in the first quarter of 1992. Pretax margins (excluding subcontracted claims services) increased to 13.6 percent in the first quarter of 1993 from 10.2 percent in the first quarter of 1992.
 Harvey Krieger, president and chairman of the board of directors of the company, stated that, "The strong first quarter revenues are particularly important because the company has now passed the turning point where its revenues from newer contracts with insurance companies serving the voluntary and assigned risk auto insurance markets in New Jersey are growing at a rapid rate, far faster than the decline in revenues from older programs such as the Market Transition Facility of New Jersey which is in a wind-down phase."
 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 ended Jan. 31, 1993 and 1992:
 WARNER INSURANCE SERVICES, INC. AND SUBSIDIARIES
 Operating Highlights
 (unaudited)
 Period ended Three months
 Jan. 31, 1993 1992
 REVENUES:
 Insurance services revenue $13,177,248 $10,931,183
 Subcontracted claims
 servicing revenue 8,059,742 8,507,799
 TOTAL 21,236,990 19,438,982
 COSTS AND EXPENSES:
 Selling, general and
 administrative expenses 11,388,175 9,821,293
 Subcontracted claims services 8,059,742 8,507,799
 TOTAL 19,447,917 18,329,092
 Income before income taxes 1,789,073 1,109,890
 Income taxes 742,465 471,703
 Net income $ 1,046,608 $ 638,187
 Net income per share $ 0.14 $ 0.09
 Weighted average number of
 common shares outstanding 7,503,044 7,221,733
 -0- 2/16/93
 /CONTACT: Bradley J. Hughes, vice president - finance and administration of Warner Insurance Services, Inc., 201-794-4800/
 (WCP)


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

SH -- NY050 -- 6829 02/16/93 10:57 EST
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Publication:PR Newswire
Date:Feb 16, 1993
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