CHICAGO, July 24 /PRNewswire/ -- First Commonwealth, Inc. (Nasdaq: FCWI),
a leading managed dental benefits company, today reported net income of
$798,000 for the second quarter of 1997, an increase of 14% over the $698,000
recorded in the second quarter of 1996.  Second quarter earnings per share
were $0.21 compared with $0.20 for the same period in 1996.  Total revenue for
the second quarter was $13.9 million, up 38% from $10.0 million in 1996.
    "We are very pleased with our ability to continue to execute our growth
strategy throughout the upper Midwest," stated Christopher C. Multhauf, the
Company's Chairman and Chief Executive Officer.  "Our focus on the small and
medium size employer market continues to be successful in Chicago and is
developing well in each of our new expansion markets.  Operationally, we
completed the integration of the Missouri-based Champion Dental Services, Inc.
on schedule which allows us to focus on expanding our provider network and
broker distribution capability."
    For the first six months of 1997, net income increased 14% to $1.6 million
or $0.42 per share from $1.4 million, or $0.39 per share in the first six
months of last year.  Total revenues for the first six months of 1997 were
$27.3 million, a 38% increase over $19.8 million for the same period in 1996.
    First Commonwealth, Inc. is a regionally focused managed dental benefits
company with operations in Illinois, Indiana, Michigan, Missouri, and
Wisconsin.  The Company markets a broad range of innovative dental benefit
products designed to meet employers' diverse requirements and currently serves
over 525,000 members through its managed care, indemnity/PPO and fee income
products.  First Commonwealth, Inc. shares trade on the Nasdaq National Market
under the symbol FCWI.

                  FIRST COMMONWEALTH, INC. AND SUBSIDIARIES
                          Selected Consolidated Data
               (Dollars in thousands, except per share amounts)
                                 (Unaudited)

                                      Three Months Ended      Six Months Ended
                                           June 30,               June 30,
                                        1997    1996             1997    1996
    Consolidated Statement of
      Income Data:
    Subscriber revenue
      Managed care                    $10,777  $7,313        $21,306   $14,410
      Indemnity/PPO                     2,851   2,558          5,583     5,050
      Fee income                          228     148            430       332
        Total subscriber revenue       13,856  10,019         27,319    19,792

    Benefit coverage expenses
      Managed care                      6,757   4,215         13,374     8,301
      Indemnity/PPO                     2,366   2,005          4,511     3,945
      Fee income                           --      --             --        --
      Total benefit coverage expenses   9,123   6,220         17,885    12,246

    Gross margin
      Managed care                      4,020   3,098          7,932     6,109
      Indemnity/PPO                       485     553          1,072     1,105
      Fee income                          228     148            430       332
        Total gross margin              4,733   3,799          9,434     7,546

    Selling, general and administrative
      expense                           3,491   2,793          7,009     5,587

    Operating income                    1,242   1,006          2,425     1,959
    Interest income, net                  111     160            218       322

    Income before income taxes          1,353   1,166          2,643     2,281
    Provision for income taxes            555     468          1,085       914

    Net income                           $798    $698         $1,558    $1,367

    Weighted average common and
      equivalent
      shares outstanding            3,733,084  3,500,668   3,731,470 3,500,053

    Earnings per share                  $0.21   $0.20          $0.42     $0.39

                                           June 30,    December 31,
                                            1997          1996
    Balance Sheet Data:
      Total current assets                $16,567       $21,022
      Total assets                         29,778        34,454
      Total current liabilities             8,050        14,330
      Total liabilities                     8,258        14,498
      Stockholders' equity                 21,520        19,956

    Membership:
      Managed Care                        425,000       341,600
      Indemnity                            57,000        56,200
      Fee income                           72,000        34,000

    Total Membership                      554,000       431,800

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