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CORDIS REPORTS STRONG FIRST QUARTER RESULTS; CONTRIBUTION FROM ANGIOPLASTY PRODUCTS CITED

 MIAMI, Oct. 26 /PRNewswire/ -- Benefiting from gathering strength in worldwide angioplasty operations, Cordis Corporation (NASDAQ-NMS: CORD) today reported sharply improved results for its fiscal first quarter ended Sept. 30.
 Income before the cumulative effect of an accounting change was $7.9 million, a 31 percent increase over the same period a year ago. Earnings per share were up 29 percent to 54 cents, the company's strongest percentage increase in eight quarters. The adoption of a new accounting standard (SFAS No.109) resulted in a $10.1 million one-time earnings benefit, elevating net income to $18.0 million or $1.24 per share.
 Worldwide revenues increased 11 percent to $69.1 million notwithstanding significantly adverse currency exchange rates. In fact, had rates remained constant, Cordis' sales for the period would have been 22 percent higher than in last year's corresponding quarter. With angioplasty sales leading the way, angiography revenues increased 12 percent (23 percent at constant currency) while neuroscience revenues declined 5 percent (a 5 percent gain at constant rates). U.S. sales were up 10 percent, the company's best showing since the year-ago first quarter and a substantial four percentage points better than in the most recent three-month period (June 30).
 Robert C. Strauss, Cordis president and chief executive officer, commented: "Even the very major effects of currency could not mask what was a truly outstanding quarter for worldwide operations. Our growing success in angioplasty, fueled by recent product introductions, is having a positive effect on sales, margins and earnings."
 Cordis, the world leader in diagnostic coronary angiography, is making strong gains in angioplasty, which involves the use of dilatation, or balloon, catheters to open arteries of the heart occluded by the buildup of plaque or fat. Since June of this year, Cordis has won FDA approval to market seven new catheters. These devices, together with several catheters approved by the FDA earlier in the calendar year and a device now being marketed outside the U.S., are, the company indicated, contributing significantly to its rapidly improving fortunes in angioplasty.
 Miami-based Cordis Corporation manufactures and markets a variety of medical devices and systems for the angiographic and neuroscience markets.
 CORDIS CORPORATION
 Condensed Statements of Operations
 (Unadited)
 (Dollars in thousands except per share amounts)
 Three Months Ended Sept. 30,
 1993 1992
 Net Sales $ 69,145 $ 62,515
 Income before income taxes
 and cumulative effect of
 accounting change $ 12,710 $ 8,840
 Provision for income taxes 4,802 2,786
 Income before cumulative effect
 of accounting change $ 7,908 6,054
 Cumulative effect of accounting
 change $ 10,115 ---
 Net income $ 18,023 $ 6,054
 Earnings per share:
 Income before cumulative effect
 of accounting change $ 0.54 $ 0.42
 Cumulative effect of accounting
 change $ 0.70 $ ---
 Net income $ 1.24 $ 0.42
 Weighted average shares
 outstanding 14,543,000 14,417,000
 -0- 10/26/93
 /CONTACT: Chick McDowell, vice president, corporate relations and assistant secretary, Cordis Corp., 305-824-2821/
 (CORD)


CO: Cordis Corporation ST: Florida IN: MTC SU: ERN

RK -- FL003 -- 6729 10/26/93 08:52 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
Words:505
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