Total Renal Care Reports Record Revenues and Net Income for First Quarter 1999
  TORRANCE, Calif., May 11 /PRNewswire/ -- Total Renal Care Holdings, Inc.
(NYSE: TRL), the largest independent provider of dialysis services, today
announced record revenues of $352.2 million for the first quarter of 1999, an
increase of 36% from $258.7 million for the same period a year ago.  Net
income for the quarter was $27.9 million, an increase of 27% from
$22.0 million for the same period in 1998.
    The Company reported record first quarter earnings per share of $0.34,
based on 86.5 million weighted average diluted shares outstanding, an increase
of 26% compared with $0.27 on 83.8 million weighted average diluted shares
outstanding for the same period in 1998.  (The calculation of weighted average
shares outstanding for 1998 includes 4.9 million shares from the assumed
conversion of the RTC 5 5/8% Convertible Notes, as required by GAAP.  Weighted
shares outstanding, exclusive of this effect were 78.9 million shares for the
first quarter of 1998.)
    To compare the current period with the first quarter of 1998, the 1998
results are exclusive of merger-related costs associated with the Renal
Treatment Center transaction and subsequent reclassifications of certain of
these charges.  These reclassifications are more fully discussed in the
Company's 1998 10-K.
    "We are targeting strong, long-term, sustainable 20+% earnings and revenue
growth for this year and beyond.  The stronger first quarter growth reflects a
higher rate of momentum resulting from our rapid expansion during 1998," said
Victor M.G. Chaltiel, TRC's Chairman, President and Chief Executive Officer.
"We are continuing to focus on enhancing our financial controls, improving
operating cash flow, and strengthening our infrastructure to support our
long-term growth."
    From the beginning of the year to May 1, 1999, TRL added 39 centers
serving more than 2,600 patients through acquisitions and management
agreements.  For the first quarter of 1999, the Company acquired 23 centers
serving approximately 1,300 patients and added 5 managed centers serving
approximately 450 patients.  The Company also opened 5 de novo facilities
during first quarter 1999.

    Torrance, California-based Total Renal Care Holdings, Inc. is the second
largest (and largest independent) worldwide provider of integrated dialysis
services for patients suffering from chronic kidney failure.  The Company owns
and operates high-quality, free-standing kidney dialysis centers and home
peritoneal dialysis programs in 35 states, as well as Washington, D.C.,
Puerto Rico, Guam, Argentina and several European countries.  It also provides
high quality acute hemodialysis services to inpatients at approximately
320 hospitals.  As of May 1, 1999, TRL operated 552 outpatient dialysis
facilities serving more than 43,000 patients, including more than
3,000 patients in 37 centers under TRL management.  TRL also operates ESRD
laboratory and pharmacy facilities, as well as vascular access management,
transplant services and ESRD clinical research programs.

    This release contains forward-looking statements which are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995.  These forward-looking statements include statements regarding growth
rates and other market opportunities and involve risks and uncertainties that
could cause actual results to differ materially from the forward-looking
statements.  Factors which could cause or contribute to such differences
include, but are not limited to, the uncertainties associated with
governmental regulation, general economic and other market conditions, and the
"risk factors" set forth in the Company's filings with the Securities and
Exchange Commission.  The forward-looking statements should be considered in
light of these risks and uncertainties.

                       TOTAL RENAL CARE HOLDINGS, INC.
                 Condensed Consolidated Statements of Income

                   ($ in thousands, except per share data)

                                          Three Months Ended
                                              March 31,
                                     1999                    1998

    Net operating revenues       $352,244                $258,749
    Operating costs and expenses  255,298                 190,668
    Depreciation and amortization  27,025                  19,594
    Merger and related costs           --                  79,435
    Operating income (loss)        69,921                (30,948)
    Net interest expense           21,437                  12,875
    Pre-tax income (loss)          48,484                (43,823)
    Income taxes                   18,282                     872
    Minority interest               2,318                   1,393
    Net income (loss) before
     extraordinary items           27,884                (46,088)
    Extraordinary loss, net of tax     --                   2,812
    Cumulative effect of change in
     accounting principle, net of tax  --                   6,896
    Net income (loss)              27,884                (55,796)
    Diluted earnings (loss)
     per share                      $0.34                 $(0.71)
    Weighted average shares
     outstanding assuming dilution 86,458                  78,926

SOURCE  Total Renal Care Holdings, Inc.