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BIOSPECIFICS TECHNOLOGIES CORP. ANNOUNCES SECOND QUARTER AND RECORD SIX MONTHS REVENUES AND INCOME

 BIOSPECIFICS TECHNOLOGIES CORP. ANNOUNCES SECOND QUARTER
 AND RECORD SIX MONTHS REVENUES AND INCOME
 LYNBROOK, N.Y., Sept. 4 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC) today reported increased revenues and net income for the second quarter and six months ended July 31, 1992, compared to the same periods in 1991.
 Second quarter total revenues increased 9 percent to $1.2 million from $1.1 million in the same period last year. Net income increased slightly to $340,000 compared to $336,000 in 1991. Earnings per share experienced a decline to $0.07 per share as opposed to $0.10 in the second quarter due to the increased number of shares outstanding: 4.75 million weighted average shares in 1992 compared to 3.31 million weighted average shares in 1991.
 For the six months ended July 31, 1992, revenues increased 46 percent to $3.1 million from $2.1 million in last year's six-month period. Net income for the period advanced 81 percent to $1.2 million or $0.25 per share on weighted average shares of 4.74 million, compared to $659,000 or $0.20 per share on 3.31 million shares.
 Edwin H. Wegman, chairman and president of BioSpecifics, stated, "We are very pleased with this performance since it marks the turning point in our move away from dependence on a single foreign licensee whose contract expires at the end of 1992. We believe that the spectacular growth of the product in the United States presages substantial earnings in 1993, whereas we originally contemplated marginally profitable operations due to the potential loss of the foreign business. Sales in the United States have increased faster than we expected and we believe that this rate of growth over the next few quarters will more than bridge the gap until our new products are marketable. As an example, sales by our United States licensee increased 56 percent in its second quarter over the first. Our sales and royalties earned from this licensee increased over 300 percent in the second quarter and 260 percent for the first six months of 1992 versus 1991."
 Mr. Wegman went on to say that "sales to our German licensee decreased in this year's second quarter versus the first because it experienced a decline in sales due to unrest in Yugoslavia, and new difficulty in doing business in the former Soviet Union. Notwithstanding the expiration of the contract with this licensee in 1992, it now appears we will supply it with approximately $2 million of our product in 1993."
 BioSpecifics produces and licenses pharmaceutical products for domestic and international sales. The company is also engaged in various stages of research, development, clinical testing and marketing of additional pharmaceutical products. The company's current principal product is its FDA approved enzyme Collagenase ABC, used in topical applications for the treatment of dermal ulcers and severe burns.
 BIOSPECIFICS TECHNOLOGIES CORP. AND SUBSIDIARIES
 (Unaudited)
 Periods ended Three Months Six Months
 July 31 1992 1991 1992 1991
 Revenues $1,196,299 $1,102,506 $3,099,684 $2,129,464
 Income from operations 318,636 367,693 1,224,805 722,992
 Income before
 extraordinary credit 330,832 326,205 1,134,355 629,934
 Net income $ 340,307 $ 336,205 $1,194,001 $ 658,737
 Earnings per
 common share:
 Primary:
 Income before
 extraordinary credit $0.07 $0.10 $0.24 $0.18
 Extraordinary credit -- -- 0.01 0.02
 Net income $0.07 $0.10 $0.25 $0.20
 Fully diluted:
 Income before
 extraordinary credit $0.06 $0.09 $0.22 $0.17
 Extraordinary credit -- -- 0.01 0.01
 Net income $0.06 $0.09 $0.23 $0.18
 Weighted average number
 of shares used in computing
 earnings per share:
 Primary 4,747,718 3,306,396 4,742,628 3,306,396
 Fully diluted 5,072,509 3,606,396 5,055,023 3,606,396
 -0- 9/4/92
 /CONTACT: Ed Wegman of BioSpecifics, 516-593-7000; or Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for BioSpecifics/
 (BSTC) CO: BioSpecifics Technologies Corp. ST: New York IN: MTC SU: ERN


GK-LR -- NY039 -- 6989 09/04/92 14:30 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
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