Mid Atlantic Medical Services Inc.This Rockville-based...

EARNINGS

October 23, 1992

Mid Atlantic Medical Services Inc.

This Rockville-based managed-care company, the largest in the Maryland-Virginia-Washington area, reported record earnings for the three months and nine months that ended Sept. 30. The company reported an increase of 8,000 members, to 443,000, in its health maintenance organizations for the quarter. Operating revenues for the year's first nine months were up 50 percent.

George T. Jochum, MAMSI's chairman, president and chief executive, said the company's growth came despite a lack of any major improvement in the local economy.

"Despite this, we are quite pleased with our third quarter results, not only in terms of earnings per share, but in continued membership growth and our ability to control critical costs," he -- said.

Three months ended 9/30/92

. . .................Revenue.. .......... Net............. Share

'92.................149,859,000........ 3,598,000....... 0.25

'91.. ...............103,829,000.........2,593,000....... 0.18

% change.................. +44.0..............+38.7....... +38.0

Nine months ended 9/30/92

.. ...............Revenue.............. Net.............. Share

'92............. 427,621,000......... 8,682,000........ 0.61

'91............. 284,842,000..........6,421,000........ 0.45

% change............... +50.1.............. +35.2........ +35.5

Integrated Health Services

This Hunt Valley-based nursing home and health-care company said its earnings were up 72 percent, to $3.2 million, for the third quarter, which ended Sept. 30. Nine-month earnings per share were up 34.5 percent a share, reflecting continued growth in the company's specialty business of sub-acute care units.

The company also said yesterday that it had obtained a $50 million line of credit from Citicorp and Signet Bank in the first phase of an expanded credit line to help finance acquisitions and to repay debt. Robert N. Elkins, chairman and chief executive officer, said the credit line reflected the banks' confidence in the company.

IHS said its nine-month earnings were reduced by $1.9 million, or 18 cents a share, because of its early repayment of debt following a public offering of stock in April.

Three months ended 9/30/92

..........Revenue.. ............ Net.................. Share

'92......51,863,000........... 3,201,000............ 0.27

'91......37,819,000........... 1,853,000............ 0.22

% change.......+37.1................ +72.7............ +22.7

Nine months ended 9/30/92

.. .............Revenue............... Net............ Share

'92........... 139,692,000.......... 6,203,000...... 0.74

'91............102,899,000.......... 3,633,000...... 0.55

% change............. +35.7............... +70.7...... +34.5

General Physics Corp.

This Columbia-based engineering business said third-quarter results were adversely affected by costs related to a dispute over a contract with a commercial utility and by costs related to a class action lawsuit filed at the end of the second quarter.

In response, the company said it has begun a major restructuring that should be completed by the end of the year. The streamlining will involve reducing staff in the DOE Services Division, the company said.

Three months ended 9/30/92

. .... ...........Revenue............ Net................ Share

'92.. .......... 18,400,000........ 353,000............ 0.06

'91............. 22,900,000........ 1,645,000.......... 0.26

% change.............. -19.6............. -78.5.......... -76.9

Nine months ended 9/30/92

. ....................Revenue............. Net........... Share

'92.................. 57,600,000......... 1,826,000..... 0.29

'91.................. 62,300,000......... 4,547,000......0.73

% change.................... -7.5...............-59.8..... -60.3

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