HIALEAH, Fla.--(BW HealthWire)--May 20, 1999--Medicore, Inc. (Nasdaq National Market:MDKI) announced first quarter 1999 revenues of $11,391,000 and a net loss of $287,000 or $.05 per share compared to revenues of $13,194,000 and net income of $211,000 or $.04 per share for the first quarter of 1998. Thomas K. Langbein, Chief Executive Officer and President commented, "Although our first quarter reflected a decrease in sales largely due to more competitive bidding in the electronic component manufacturing industry, our efforts to broaden our customer base and expand our lines of business in this industry gives us an optimistic outlook for the remainder of 1999." The Company is continuing its development of new dialysis centers with a new center in Chambersburg, Pennsylvania having commenced operations in January 1999 and another center in Jew Jersey being developed. Discussions are also being held regarding possible development of new facilities in Maryland, Ohio and Pennsylvania. Medicore, Inc. manufactures and distributes medical products, and through its majority owned public subsidiary, Techdyne, Inc., is an international contract manufacturer of precision electro-mechanical and electronic components for the data processing, telecommunications, instrumentation and food preparation equipment industries through for U.S. and one European production facilities, and through its publicly owned subsidiary, Dialysis Corporation of America, is engaged in the operation of kidney dialysis centers. This release contains forward-looking statements that are subject to risks and uncertainties, including but not limited to, certain delays beyond the Company's control with respect to future business events, general economic conditions, demand for customers' products and services, regulation of dialysis operations, government rate determination for Medicare reimbursement, the highly competitive environment in the operation and acquisition of dialysis centers and manufacture of electro-mechanical components, reliance upon certain major customers in its contract manufacturing segment and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. MEDICORE, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 1999 1998 ---- ---- REVENUES Sales $11,259,096 $13,019,409 Other income 132,307 174,310 ------------- ------------ 11,391,403 13,193,719 COST AND EXPENSES Cost of goods sold 9,820,621 10,954,757 Selling, general and administrative expenses 1,867,893 1,743,218 Interest expense 139,022 150,769 ------------ ------------ 11,827,536 12,848,744 ------------ ------------ (LOSS) INCOME BEFORE INCOME TAXES AND MINORITY INTEREST (436,133) 344,975 Income tax benefit (45,087) (29,407) ----------- ------------- (LOSS) INCOME BEFORE MINORITY INTEREST (391,046) 374,382 Minority interest in (loss) earnings of consolidated subsidiaries (104,509) 162,965 ----------- ------------ NET (LOSS) INCOME $ (286,537) $ 211,417 =========== ============ (Loss) earnings per share: Basic $(.05) $.04 ====== ==== Diluted $(.05) $.03 ====== ====  