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CORDIS POSTS HIGHER SALES AND EARNINGS

 CORDIS POSTS HIGHER SALES AND EARNINGS
 MIAMI, April 24 /PRNewswire/ -- Cordis Corporation (NASDAQ: CORD)


exhibiting renewed strength in its core angiographic operations, today reported it strongest quarterly performance since carrying out a major restructuring in 1987.
 Net sales for the third quarter, which ended March 31, were a record $59.1 million, $6.3 million, or 12 percent, ahead of the $52.8 million reported in the corresponding period a year ago. Had currency exchange rates remained unchanged over the year, Cordis' latest sales would have been up 16 percent.
 Worldwide angiography sales, which accounted for 93 percent of the total, increased 15 percent, their strongest performance in a year. This gain was due in part to continued improvement in the angioplasty segment of that business, where Cordis continues to achieve steadily higher sales in both balloon catheters and accessory devices. Neuroscience product sales, in contrast, declined 19 percent during the period, an outcome largely attributable to a large Eastern European order in the year-ago quarter. U.S. sales of the company's recently approved Orbis-Sigma valve, an advanced system for treating hydrocephalus, got off to an encouraging start.
 Net income increased 20 percent to $6.5 million, or 46 cents a share. This compared with net of $5.4 million, or 38 cents a share, in the year-earlier quarter.
 Robert C. Strauss, president and chief executive officer, attributed the results "both to strong acceptance of Cordis products in the worldwide marketplace and to improved operations. The former is a direct result of our stepped-up and more focused research and development activities; the latter reflects continued attention to controlling costs."
 Miami-based Cordis Corporation manufactures and markets a variety of medical devices and systems for the angiographic and neuroscience markets. Shares of the company's stock are traded on the NASDAQ National Market under the symbol CORD.
 CORDIS CORPORATION
 Condensed Statements of Operations
 Three Months and Nine Months Ended March 31, 1992 and 1991
 (Unaudited)
 (dollars in thousands except per share amounts)
 Three Months Nine Months
 1992 1991 1992 1991
 Net sales $59,062 $52,756 $164,481 $147,646
 Income before
 income taxes 8,654 7,447 22,528 17,768
 Provision for
 income taxes 2,127 2,002 5,738 4,397
 Net income $ 6,527 $ 5,445 $16,790 $13,371
 Earnings per share $0.46 $0.38 $1.17 $0.96
 Weighted average
 shares
 outstanding 14,321,000 14,187,000 14,363,000 13,910,000
 -0- 4/24/92
 /CONTACT: Chick McDowell, vice president of corporate relations and assistant secretary of Cordis Corporation, 305-824-2821/
 (CORD) CO: Cordis Corporation ST: Florida IN: HEA SU: ERN


SS-AW-JB -- FL003 -- 2298 04/24/92 09:03 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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