UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) July 29, 2003

MIM Corporation
(Exact Name of Registrant as Specified in its Charter)

Registrant's telephone number, including area code (914) 460-1600

Item 7. Financial Statements and Exhibits.

(c)     Exhibits.  The following Exhibit is filed with this Report:

Item 9. Regulation FD Disclosure.

On July 29, 2003, MIM Corporation reported its earnings for the quarter ended June 30, 2003.

For the three and six months ended June 30, 2002, the Company disclosed non-generally accepted accounting principle accounting measures of pro forma net income and diluted earnings per share based on an effective tax rate during those periods of 40%, the Company's effective tax rate for the same periods in 2003. The Company's actual tax rate during the three and six months ended June 30, 2002 was 20%. As part of the Company's press release, the Company has provided a reconciliation of pro forma net income and earnings per share assuming an effective 40% tax rate during the three and six months ended June 30, 2002 with actual net income and diluted earnings per share for the same periods using the Company's actual tax rate of 20%. The Company believes that investors benefit from these measures because they provide a good comparison of profitability, current and prior period net income and earnings per share using the same effective tax rate.

In accordance with the procedural guidance in SEC Release No. 33-8216, the information in this Form 8-K and the Exhibit attached hereto is being furnished under "Item 9. Regulation FD Disclosure" rather than under "Item 12. Disclosure of Results of Operations and Financial Condition".

SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.

EXHIBIT INDEX

MIM Reports On Target 2Q EPS of $0.16
Specialty Growth Continues Strong Trend; In Line with Analyst Consensus for 2003

      ELMSFORD, NY - July 29, 2003 - MIM Corporation (NASDAQ:MIMS) (CBOE:OQX) (AMEX:OQX), a pharmaceutical healthcare organization, today reported second quarter 2003 results.

      Financial Highlights

• Second quarter revenues grew 19% over the second quarter of 2002
• Second quarter EPS in line, including $616,947 of employee severance payments related to TennCare
• Cash flow from operations for the quarter was $4.7 million
• Mail and Specialty prescriptions dispensed in the first half increased a combined 32% over the same period in 2002
• Management confirms 2003 earnings per share guidance in line with analyst consensus

          Revenues for the second quarter increased to $161.2 million from $135.7 million in the second quarter of 2002. Second quarter 2003 Specialty Management and Delivery Services revenues increased 9% to $46.2 million from $42.4 million for the same period last year due to continued growth in each of the Company's injectable and infusion therapy programs. Revenues from PBM Services, including mail, grew 23% to $115.0 million in the current quarter compared to $93.3 million in the second quarter of 2002, principally as a result of strong growth in the Company's mail service operations.

         Richard H. Friedman, Chairman and Chief Executive Officer commented: "We have concluded a solid performance in the first half of 2003. We are on track for the quarter and the year, reflecting momentum in the Specialty Management and Delivery business."

         Operating income for the second quarter of 2003 was $6.1 million compared to $6.0 million for the second quarter of 2002. This modest increase reflects an additional $1.7 million of selling, general and administrative expenses due to additions in the sales organization and corporate management, which were made in the second half of 2002. In addition, the Company incurred expenses of $616,947 for employee related severance payments.

         Based on a 40% effective tax rate, second quarter net income was $3.5 million or $0.16 per diluted share. Net income for second quarter 2002 was $4.6 million or $0.19 per diluted share, which was reported using a 20% effective tax rate. Assuming the 2003 40% effective tax rate, second quarter 2002 earnings per share would have been $0.14 per diluted share (see Reconciliation of Net Income and Earnings per Share schedule).

         Cost of revenue for the second quarter of 2003 was $142.0 million, compared with $118.3 million for the same period last year, reflecting the increase in the Company's Specialty Management and Delivery Services and PBM Services, including mail, businesses.

         Gross profit for the quarter increased 11% to $19.3 million from $17.4 million in the prior year, primarily due to growth in the Company's Specialty operations. The gross profit percentage for the second quarter of 2003 was 12.0% compared with 12.9% for the same period a year ago.

         On May 27, the Company announced that it was not selected to be the single provider of all pharmacy benefits for the State of Tennessee's Bureau of TennCare commencing July 1, 2003. The Company initiated a review of its cost structure and costs associated with the TennCare PBM business and $616,947 of employee related severance payments were taken in the second quarter. The Company continues to offer specialty management and delivery services to the Tennessee market, including the TennCare MCOs, and intends to increase its specialty penetration in that market.

         Mr. Friedman stated, "The Company's growth and strategic direction continue to be driven by our Specialty Management and Delivery Services business. Our plans for the future are focused on specialty pharmaceuticals, where we believe our ability to provide efficiency, cost savings and management meets current industry needs."

         Selling, general and administrative expenses increased to $12.8 million for the second quarter of 2003 from $11.1 million for the same period a year ago. This increase is the result of increased investment in sales resources and expanded management to support the growth of the Company's businesses and a severance related expense of $616,947.

         Revenues for the first half increased 13% to $323.4 million from $287.4 million in the first half of 2002. Specialty Management and Delivery Services revenues for the first six months increased 33% to $100.4 million from $75.4 million for the same period last year. Revenues from PBM Services, including mail grew 5% to $223.0 million in the first half, compared to $212.0 million in the same period in 2002.

         Operating income for the first half of 2003 was $12.0 million compared to $12.7 million for the first half of 2002. Operating income reflects an increase in selling, general and administrative expenses of $3.9 million primarily due to additions in the sales organization and corporate management, which were made in the second half of 2002, and expenses of $616,947 for employee related severance payments.

         Based on a 40% effective tax rate, net income for the first half was $6.9 million or $0.31 per diluted share. Net income for the first half of 2002 was $9.8 million or $0.41 per diluted share, which was reported using a 20% effective tax rate. Assuming the 2003 40% effective tax rate, first half 2002 earnings per share would have been $0.31 per diluted share (see Reconciliation of Net Income and Earnings per Share schedule).

         Cost of revenue for the first half of 2003 was $285.5 million, compared with $253.9 million for the same period last year, reflecting the increase in the Company's Specialty Management and Delivery Services and PBM Services, including mail, businesses.

         Gross profit for the first six months increased 13% to $37.9 million from $33.5 million for the same period a year ago, primarily due to growth in the Company's Specialty operations. The gross profit percentage for the first half of 2003 was 11.7% compared with 11.6% for the same period a year ago.

         Selling, general and administrative expenses increased to $25.0 million for the first half of 2003 from $21.1 million for the same period a year ago. This increase is the result of increased investment in sales resources and expanded management to support the growth of the Company's businesses and a severance related expense of $616,947.

         Inventory remained relatively flat and turns improved from 38 to 42 for the quarter. Days sales outstanding remained at 44 days at June 30, 2003.

         The Company generated $4.7 million in operating cash flow for the second quarter of 2003. There were no outstanding bank borrowings under the Company's credit facility at June 30, 2003.

         Chief Financial Officer James S. Lusk stated, "We will continue to review costs and investments throughout the year, as a result of the loss of TennCare and new opportunities and prospects in the specialty arena. Our ability to deliver predictable and strong financial results is based on our sound balance sheet and cash flow characteristics. Our goal is to leverage the company's excellent cash generation with additional revenue gains for shareholders."

         In other developments, the Company was recently informed of a restriction in the distribution channels of product for RSV. Mr. Lusk commented that the Company is currently pursuing access to that product through alternative supply-channels and that any potential financial impact would be notable on a revenue basis only, and minimal from a gross profit and earnings perspective. RSV product currently represents less than 5% of the Company's revenues.

         "As we look to the year ahead," Mr. Friedman stated, "we recognize that there are continued challenges and possibilities for MIM and the specialty distribution industry.

         "We are intensifying our efforts to enhance relationships with biotechnology manufacturers and take advantage of new product opportunities. We are also aggressively pursuing acquisitions to further leverage our marketing infrastructure. Certainly, the recent actions by the FDA and the growing pipeline of new biotech products support the validity for our distribution model. The industry is competitive and we are striving to carve a unique model by serving as the key link between the customer and the physician.

         "We believe that by staying focused on our core strengths, we will continue to deliver improved results for shareholders in 2003 and 2004," Mr. Friedman concluded.

         MIM Corporation will host a conference call to discuss results today at 10:00 AM ET. Interested parties may participate in the conference call by dialing 888-428-4471 (US), or 612-332-0107 (International), 5-10 minutes prior to the initiation of the call. A replay of the conference call will be available from 1:30 PM ET on July 29 through 11:59 PM ET on August 6, by dialing 800-475-6701 (US), or 320-365-3844 (International), and entering access code 691457. A webcast of the conference call will also be available under the investor information section of the MIM Corporation website, www.mimcorporation.com.

MIM Corporation (www.mimcorporation.com) is a pharmaceutical healthcare organization delivering innovative pharmacy benefit and healthcare solutions that provide results beyond expectations. We excel by harnessing our clinical expertise, sophisticated data management, and therapeutic fulfillment capability, and combine it with our dedicated, responsive team of professionals that understands our partners' needs. The result is cost-effective solutions enhancing the quality of patient life.

This press release may contain statements which constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intent, belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance of the Company. Investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. Important factors that could cause such differences are described in the Company's periodic filings with the Securities and Exchange Commission.

Contacts:

*The Company estimates it will have a 40% tax rate in 2003 compared to a 20% tax rate in 2002. The difference in the rate is attributable to the utilization of Federal Net Operating Loss Carryforwards in 2002.