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Strategies & Market Trends : Stock Watcher's Thread / Pix of the Week (POW) -- Ignore unavailable to you. Want to Upgrade?

To: Bouf who wrote (50708)	1/8/2003 8:33:24 AM
From: Fuzzy	Read Replies (1) \| Respond to of 52051

ELMSFORD, N.Y.--(BUSINESS WIRE)--Jan. 8, 2003--MIM Corporation (NASDAQ:MIMS - News; CBOE:OQX - News; AMEX:OQX - News), a pharmaceutical healthcare organization, today announced that it expects to achieve 2003 pre-tax earnings growth in the range of 7-16% above 2002. The Company's 2003 earnings per share will reflect a fully normalized tax rate of 40%. The Company's previously reported 2002 earnings guidance is $0.74-$0.79 per share reflecting a 20% tax rate after the utilization of tax loss carry forwards. Specialty and PBM/mail revenues are expected to grow approximately 30-35% and 6-8% respectively, with overall revenues targeted to grow at a rate of approximately 13-16% over 2002. Gross margins are anticipated to be in the 11-12% range and the Company's selling, general and administrative expense ratio is expected to be approximately 7.5-8% of revenues, both consistent with 2002 levels. "The business environment is dynamic and strong," commented Richard H. Friedman, MIM Chairman and Chief Executive Officer. "We have taken prudent measures to strengthen and broaden our management structure and we continue to execute on our Specialty strategy. "As we strive to enhance MIM's reputation as a premier pharmaceutical healthcare provider offering comprehensive and high quality service, we will drive a highly efficient organization providing excellent competitive advantages and delivering on expectations," Mr. Friedman continued. Chief Financial Officer James S. Lusk stated that the Company's 2003 expectations are based on organic operational milestones including leveraging the recently augmented sales force and further integrating the Company's acquisitions. "Our company has a strong balance sheet and we are well positioned to deliver growth and shareholder value," he added.