Printer Friendly

BIO-RAD ANNOUNCES THIRD QUARTER RESULTS

 HERCULES, Calif., Nov. 3 /PRNewswire/ -- Bio-Rad Laboratories Inc. (AMEX: BIO.A and BIO.B) announced that sales increased slightly to $78.9 million in the third quarter of 1993. Unfavorable foreign exchange rates in 1993 reduced quarterly revenues by approximately $5.9 million. Quarterly earnings per share (EPS) were $0.01 in 1993 compared to $0.28 reported in 1992. The 1992 results included $0.30 in net gains on sales of marketable securities, compared to similar gains of $0.04 in 1993. Gross profit margins declined due to a combination of negative foreign exchange impacts, slower unit sales growth and competitive pricing pressures. The company is continuing to focus on cost reduction efforts to improve profitability.
 For the first nine months of 1993, sales were $241.3 million as compared with $242.2 million in 1992. Excluding the negative impact of foreign exchange rates and the disposition of certain business units in 1992, revenues in 1993 would have shown an increase of $11.7 million over the prior year. Earnings per share were $0.45 in 1993 and $1.79 in 1992. Several significant non-operating items and restructuring charges had a net impact of increasing EPS by $1.26 in 1992 compared with $0.25 for similar non-operating items in 1993. Slower than anticipated sales growth in 1993 created overcapacity in certain manufacturing locations which resulted in lower gross margins. Weaker European economies, unfavorable foreign exchange rates and pricing pressures also reduced sales and profits.
 The company is continuing several programs to improve profitability at current sales levels. The workforce has been reduced selectively. Inventories are being decreased and non-essential capital expenditures are being deferred. A concerted effort is being made to control production costs and diminish overhead without compromising new product development activities.
 Bio-Rad Laboratories is a multinational manufacturer and distributor of life science research products, clinical diagnostics and analytical instruments based in Hercules.
 BIO-RAD LABORATORIES INC.
 OPERATING RESULTS
 (in thousands, except per share data)
 Third Quarter Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1993 1992 1993 1992
 Sales $ 78,916 $ 78,609 $241,268 $242,185
 Income from
 operations $ 1,803 $ 3,251 $ 9,545 $ 9,905
 Net income $ 95 $ 2,233 $ 3,567 $ 14,209
 Earnings
 per share $0.01 $0.28 $0.45 $1.79
 Weighted average
 shares 8,009 7,931 7,982 7,917
 -0- 11/3/93
 /CONTACT: James L. Viglienzone, treasurer of Bio-Rad, 510-724-5697/
 (BIO.A BIO.B)


CO: Bio-Rad Laboratories Inc. ST: California IN: MTC SU: ERN

LW-TM -- SF004 -- 9942 11/03/93 08:01 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 3, 1993
Words:427
Previous Article:CABOT LABORATORIES NAMES LINDA MAIOCCO VP, MARKETING
Next Article:GOLD KIST INC. EARNS $27.2 MILLION;
Topics:

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