Printer Friendly

ABBOTT ACHIEVES RECORD SALES, EARNINGS IN FIRST QUARTER; EARNINGS PER SHARE INCREASE 16.9 PERCENT

 ABBOTT ACHIEVES RECORD SALES, EARNINGS IN FIRST QUARTER;
 EARNINGS PER SHARE INCREASE 16.9 PERCENT
 ABBOTT PARK, Ill., April 8 /PRNewswire/ -- Abbott Laboratories (NYSE: ABT) achieved record sales and earnings for the first quarter ended March 31, 1992.
 Worldwide sales for the first quarter increased 13.6 percent to $1.878 billion from $1.654 billion in 1991. Earnings per share rose to 69 cents, up 16.9 percent from 59 cents a year ago. Net earnings increased 15.8 percent to $294 million from $254 million in the first quarter of 1991.
 Abbott Chairman and Chief Executive Officer Duane L. Burnham said, "Highlights of our first quarter developments include encouraging worldwide sales of our new macrolide antibiotic, Biaxin (clarithromycin), and U.S. introduction of Omniflox (temafloxacin), an Abbott-discovered quinolone anti-infective. These products significantly strengthen our position in the worldwide anti-infective market. We also introduced a diagnostic test in the U.S. for simultaneous detection of antibodies to both strains of the human immunodeficiency virus, namely HIV-1 and HIV-2."
 Also contributing to Abbott's record performance, Burnham said, were favorable product mix, good unit growth and continuing productivity increases.
 In February, the board of directors approved a two-for-one stock split and increased the company's quarterly common dividend 20 percent to 30 cents per share on the pre-split shares. Shareholders of record at the close of business on May 1, 1992, will be issued an additional share of Abbott common stock on May 29, 1992, for each share owned on the record date.
 During the first quarter, research and development expenses increased by 18 percent over last year to $182 million.
 Sales of pharmaceutical and nutritional products were $997 million in the first quarter, a 15.7 percent increase from the $861 million in the first quarter of 1991.
 Hospital and laboratory product sales totaled $881 million in the first quarter, an 11.2 percent increase from the $793 million a year ago.
 Sales in domestic markets were $1.177 billion, up 15.1 percent from $1.023 billion in the first quarter of 1991.
 International sales, including direct exports from the U.S., were $701 million, an 11.0 percent increase from the $631 million recorded a year ago.
 Abbott Laboratories is a worldwide manufacturer of health care products employing some 46,000 people. In 1991, the company's sales and net earnings were $6.9 billion and $1.1 billion, respectively, with earnings per share of $2.55.
 ABBOTT LABORATORIES AND SUBSIDIARIES
 Consolidated Statement of Earnings
 First Quarter
 Three Months Ended March 31 1992 1991
 Net Sales $1,877,932,000 $1,653,648,000
 Cost of Products Sold 844,741,000 764,245,000
 Research & Development 181,508,000 153,402,000
 Selling, General & Administrative 438,538,000 364,895,000
 Total Operating Cost & Expenses 1,464,787,000 1,282,542,000
 Operating Earnings 413,145,000 371,106,000
 Interest (Income) Expense, Net 3,106,000 3,184,000
 Other (Income) Expense, Net (A) 1,387,000 7,493,000
 Earnings Before Taxes 408,652,000 360,429,000
 Taxes on Earnings 114,423,000 106,327,000
 Earnings Before Extraordinary
 Gain and Accounting Change 294,229,000 254,102,000
 Extraordinary Gain, Net of Tax (B) 0 128,182,000
 Cumulative Effect of Accounting
 Change, Net of Tax (C) 0 (128,114,000)
 Net Earnings $ 294,229,000 $ 254,170,000
 Per Share Amounts:
 Earnings Before Extraordinary
 Gain and Accounting Change $ 0.69 $ 0.59
 Extraordinary Gain, Net of Tax (B) 0.00 0.30
 Cumulative Effect of
 Accounting Change, Net of Tax (C) 0.00 (0.30)
 Net Earnings $ 0.69 $ 0.59
 Average Shares Outstanding 424,886,000 428,712,000
 Tax Rate (in percents) 28.0 29.5
 (A) Includes net losses on foreign exchange of $10,765,000 and $9,879,000 for 1992 and 1991 first quarter, respectively.
 (B) Represents the after-tax gain from the 1991 first quarter sale of the company's investment in amgen inc.
 (C) Represents the cumulative impact as of Jan. 1, 1991, of adopting the accounting standard on certain postemployment benefits.
 -0- 4/8/92
 /CONTACT: Don Braakman of Abbott Laboratories, 708-937-1237/
 (ABT) CO: Abbott Laboratories ST: Illinois IN: HEA SU: ERN


SH -- NY045 -- 6180 04/08/92 11:05 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 8, 1992
Words:713
Previous Article:ROCKWELL INTERNATIONAL, BEI ELECTRONICS ANNOUNCE STRATEGIC PARTNERSHIP TO CO-DEVELOP ADVANCED INERTIAL SENSOR ASSEMBLY
Next Article:HOUSING MARKET PROJECTED TO CONTRIBUTE MORE THAN $21 BILLION TO CALIFORNIA'S ECONOMY IN 1992


Related Articles
ABBOTT ACHIEVES RECORD SALES, EARNINGS IN SECOND QUARTER
ABBOTT ACHIEVES RECORD SALES, EARNINGS IN THIRD QUARTER; EARNINGS PER SHARE INCREASE 13.8 PERCENT
ABBOTT ACHIEVES RECORD SALES, EARNINGS IN FIRST QUARTER; EARNINGS PER SHARE INCREASE 17.1 PERCENT
ABBOTT REPORTS INCREASE IN SALES, EARNINGS IN SECOND QUARTER; EARNINGS PER SHARE UP 13.5 PERCENT
Abbott Reports Increases in Sales, Earnings for the Third Quarter.
Abbott Reports Growth in Sales and Earnings Per Share in Second Quarter; Confirms 2002 EPS Guidance; - Growth Driven by U.S. Pharmaceuticals and...
Abbott Reports 16.0 Percent Sales Increase in the First Quarter; - Broad-Based Businesses Deliver Double-Digit Growth in Both Medical Products and...
Abbott Reports 11.6 Percent Sales Increase in the Third Quarter; - Growth Driven by a 20 Percent Increase in U.S. Pharmaceuticals -.
Abbott Reports 14 Percent Sales Increase in the Second Quarter.
Abbott Reports 15.5 Percent Sales Increase in the Fourth Quarter; 13.9 Percent Increase for 2004.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters