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BIOWHITTAKER ANNOUNCES RESULTS

 WALKERSVILLE, Md., May 24 /PRNewswire/ -- BioWhittaker, Inc. (NYSE: BWI), today announced the results of its operations for the second quarter of fiscal 1993 which ended April 30, 1993.
 Net income for the quarter amounted to $289,000, or 2 cents per share, compared to $1,238,000, or 11 cents per share, for the same quarter a year ago. Sales for the quarter amounted to $13,663,000, compared to $13,616,000 for the same quarter a year ago.
 The company incurred a non-recurring $1.1 million write-down of the value of the inventory of its diagnostic products group. The write-down results principally from outdated and expiring inventory which accumulated because of delays in the introduction of the company's new automated test system. Exclusive of the non-recurring write-down, earnings were 8 cents per share.
 BioWhittaker, Inc., develops and produces clinical diagnostic testing systems, cell culture products and endotoxin detection assays for the international health care and biotechnology markets.
 BIOWHITTAKER, INC.
 CONSOLIDATED CONDENSED STATEMENTS OF INCOME
 (Dollars in thousands, except per share data)
 (Unaudited)
 For the Three Months For the Six Months
 Ended April 30, Ended April 30,
 1993 1992 1993 1992
 Sales $13,663 $13,616 $25,513 $25,716
 Costs and Expenses
 Cost of Sales 8,105 6,593 14,643 12,491
 Research & Development 760 587 1,510 1,233
 Selling, General and
 Administrative 4,041 4,079 7,412 7,671
 Total 12,906 11,259 23,565 21,395
 Income From Operations 757 2,357 1,948 4,321
 Other Expenses
 Equity in Loss of
 Joint Venture 69 -- 104 --
 Interest 173 208 399 387
 Total 242 208 503 387
 Income Before Income
 Taxes 515 2,149 1,445 3,934
 Provision for Income
 Taxes 226 911 621 1,618
 Net Income $ 289 $ 1,238 $ 824 $ 2,316
 Net Income per Share $ 0.02 $ 0.11 $ 0.07 $ 0.21
 Average Common and
 Common Equivalent
 Shares Outstanding
 (in thousands) 11,092 11,182
 BIOWHITTAKER, INC.
 CONSOLIDATED CONDENSED BALANCE SHEETS
 (Dollars in thousands)
 (Unaudited)
 ASSETS April 30, 1993
 Current Assets
 Cash $ 413
 Accounts Receivable 9,215
 Inventories 20,748
 Other Prepaid Expenses 800
 Prepaid Income Taxes 317
 Deferred Income Taxes 376
 Total Current Assets 31,869
 Investments
 Investment in Joint Venture 985
 Property, Plant and Equipment 30,582
 Less Accumulated Depreciation and Amortization 14,814
 Total 15,768
 Other Assets
 Intangibles 7,725
 Miscellaneous 100
 Total Other Assets 7,825
 Total Assets $56,447
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities
 Notes Payable $ 7,310
 Current Portion of Long-Term Debt 1,250
 Accounts Payable 3,575
 Accrued Liabilities 3,431
 Total Current Liabilities 15,566
 Long-Term Debt 5,376
 Deferred Income Taxes 851
 Stockholders' Equity
 Common Stock 105
 Additional Paid-in Capital 26,703
 Retained Earnings 7,922
 Translation Adjustments (76)
 Total Stockholders' Equity 34,654
 Total Liabilities and Stockholders' Equity $56,447
 -0- 5/24/93
 /CONTACT: James D. Werner Jr., chief financial officer, BioWhittaker, 301-898-7025, ext. 2330/
 (BWI)


CO: BioWhittaker, Inc. ST: Maryland IN: MTC SU: ERN

DC-IH -- DC003 -- 1510 05/24/93 08:05 EDT
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Publication:PR Newswire
Date:May 24, 1993
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