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COOPER DEVELOPMENT REPORTS SECOND QUARTER RESULTS; COMPLETES RIGHTS OFFERING; CONSIDERS FINANCING OPTIONS

 MOUNTAIN VIEW, Calif., June 16 /PRNewswire/ -- Cooper Development Co. (NASDAQ: COOL) reported today that net sales for the second quarter ended April 30, 1993, increased to $10,071,000 from $8,608,000 in the same period a year ago. The company reported a net loss for the second quarter ended April 30, 1993, of $970,000, or 40 cents per share compared with a net loss of $1,430,000, or 59 cents per share for the same quarter a year ago.
 The company also reported that net sales for the six months ended April 30, 1993, increased to $16,204,000 from $14,112,000 in the prior year period and that the net loss for the first six months of fiscal 1993 was $2,993,000, or $1.23 per share compared with a net loss of $3,760,000, or $1.55 per share for the same period a year ago.
 The company disclosed that it has completed its previously announced rights offering to the holders of its common stock of record on Feb. 16, 1993, and that the company has issued 1,209,792 additional shares of common stock, bringing its shares outstanding to 3,629,376 and resulting in net proceeds to the company of $2,144,100. The company further disclosed that its board of directors has authorized making the $1,142,000 of promissory notes currently outstanding convertible into common stock of the company at $2 1/16.
 The company also disclosed that is has completed short-term asset- based borrowing arrangements for each of its operating subsidiaries which provide for total borrowings of up to $4.5 million and that it is considering additional financing options to meet its longer term capital needs. These options include the issue of debt or equity securities, including securities in one or more of its subsidiary corporations, and the sale of all or portions of certain asse
 Cooper Development Co. develops healthcare products businesses, including Revo sunglasses (Revo Inc.) and Cabot skin care products (Cabot Laboratories Inc.).
 COOPER DEVELOPMENT CO. AND SUBSIDIARIES
 Consolidated Condensed Statements of Operations
 (Unaudited, In thousands, except per share figures)
 Three Months Ended Six Months Ended
 April 30, April 30,
 1993 1992 1993 1992
 Net sales $ 10,071 $ 8,608 $ 16,204 $ 14,112
 Cost of sales 4,314 3,854 7,098 6,358
 Gross profit 5,757 4,754 9,106 7,754
 Research and development
 expenses 255 219 515 460
 Selling, general and administrative
 expenses 5,986 4,953 11,083 9,151
 Amortization of intangible
 assets 330 949 657 1,882
 Operating loss (814) (1,367) (3,149) (3,739)
 Interest income 14 49 37 125
 Interest expense (78) (21) (119) (33)
 Other income (expense), net (76) (74) 271 (79)
 Loss from operations before income
 taxes and minority interest (954) (1,413) (2,960) (3,726)
 Provision for income
 tax expense (16) (17) (33) (34)
 Net loss $ (970) $ (1,430) $ (2,993) $ (3,760)
 Net loss per share $ (0.40) $ (0.59) $ (1.23) $ (1.55)
 Weighted average number of shares outstanding
 during the period 2,433 2,420 2,426 2,420
 Consolidated Condensed Balance Sheets
 (Unaudited, Dollars in thousands)
 ASSETS April 30, Oct. 31,
 Current assets: 1993 1992
 Cash and cash equivalents $ 1,514 $ 1,111
 Restricted cash 1,276 766
 Accounts receivable, net 6,162 5,676
 Other receivables 601 1,682
 Inventories 6,698 5,590
 Other current assets 401 534
 Total current assets 16,652 15,359
 Property, plant and
 equipment, net 1,754 1,513
 Intangible assets, net 1,074 1,577
 Excess cost over net
 assets acquired 5,781 5,935
 Other assets 182 197
 Total $25,443 $24,581
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Note payable to bank $ 2,347 $ 1,150
 Accounts payable 4,670 4,051
 Accrued expenses and other 5,121 5,472
 Total current liabilities 12,138 10,673
 Other long-term liabilities 7,943 7,517
 Total liabilities 20,081 18,190
 Stockholders' equity:
 Common stock, $0.10 par value
 per share 447 326
 Additional paid-in capital 68,580 66,557
 Foreign currency translation
 adjustments 329 484
 Accumulated deficit (59,307) (56,314)
 Cost of shares held
 in treasury (4,662) (4,662)
 Unrealized loss on marketable
 securities (25) ---
 Total stockholders' equity 5,362 6,391
 Total $25,443 $24,581
 -0- 6/16/93
 /CONTACT: Carol R. Kaufman of Cooper Development, 415-969-9030/
 (COOL)


CO: Cooper Development Co. ST: California IN: SU: ERN

TM-TB -- SJ003 -- 2827 06/16/93 18:16 EDT
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Date:Jun 16, 1993
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