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Quantum Health Resources, ORANGE

March 28, 1994

Nature of business: Therapies and support services for the chronically ill.

Total employees: 1,000

In Orange County: 92

Stock listing in The Times: On Nasdaq "QuantHlt"

Ticker symbol: "QHRI"

Friday's stock close: $37.75

One-week change: Down $1.50

Analyst review: "Quantum has established a highly successful service enterprise providing care to chronically ill patients in the home. To meet the needs of a changing health-care system, Quantum's innovative management team is developing an "integrated delivery system" to provide hpspital and specialty care along with home care to chronically ill patients. this pioneering strategy has risks, but the potential rewards favor our continued buy recommendation. On a fully-diluted basis, Quantum should generate at least $1.35 in earnings per share in 1994, an increase of about 23% from the just-reported $1.10 for 1993. In 1995, earnings per share should grow as fast as operating income."

- Paul W. Brown, analyst, Volpe, Welty & Co., San Francisco


In millions of dollars

'89: 18.1

'90: 49.5

'91: 80.8

'92: 137.0

'93: 201.7


In millions of dollars

'89: .318

'90: 1.3

'91: 5.5

'92: 12.6

'93: 16.6

Corporate outlook: "These outstanding results reaffirm the continuing demand for Quantum's therapies and support services. The past year was marked by extraordinary change and uncertainty in the healthcare environment. The continuing loyalty of our patients, providers and payors speaks best to our Chronicare service model."

--Douglas H. Stickney, chairman/CEO


Fiscal year ended Dec. 31 Dec. 31 Dec. 31 Dec. 31 1989 1990 1991 1992 1993 52-week high N/A N/A N/A $28.75 52-week low N/A N/A N/A $17.75 Book value per share $0.58 $1.12 $4.14 $4.83 Price per share N/A N/A N/A $25.75 Net earnings (loss) per share $0.04 $0.13 $0.44 $0.83 Price-to-earnings ratio N/A N/A N/A 31:1 Avg. return on investor equity 7.4% 11.8% 10.5% 17.1%

Fiscal year ended Dec. 31 1989 52-week high $32.00 52-week low $18.38 Book value per share $5.81 Price per share $29.25 Net earnings (loss) per share $1.07 Price-to-earnings ratio 27:1 Avg. return on investor equity 18.0%

*1992 figures include a one-time charge of $1.1 million or $0.07 per share. 1993 results include $0.9 million merger transaction costs For more information call or write, Quantum Health Resources Inc.: Nexus City Square, 790 City Drive South, Suite 400, Orange, CA 92668. (714) 750-1610

Source s : Quantum Health Resources Inc.; Bloomberg Business News. Researched by JANICE L. JONES / Los Angeles Times

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