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FOXMEYER REPORTS SHARP GAINS IN SALES, EARNINGS; OPERATING INCOME INCREASES 32.5 PERCENT FOR FIRST QUARTER

 FOXMEYER REPORTS SHARP GAINS IN SALES, EARNINGS;
 OPERATING INCOME INCREASES 32.5 PERCENT FOR FIRST QUARTER
 DALLAS, July 21 /PRNewswire/ -- FoxMeyer Corporation (NYSE: FOX) today reported sharp increases in sales and income for its first quarter ended June 30, 1992, compared with the first three months of the previous fiscal year, according to Robert L. King, president and chief executive officer.
 Net income was $6.4 million, or $0.21 per share, based on sales of $938.6 million for the first quarter of fiscal 1993. FoxMeyer had no extraordinary gain in the first quarter of the current year. For the first three months of the previous year, the company reported net income of $7.2 million, or $0.34 per share, on sales of $712. 4 million. However, net income for the first quarter last year included an extraordinary gain of $1.9 million, or $0.09 per share, from the utilization of net operating loss carryforwards.
 Per-share earnings comparisons are affected by the September 1991 initial public offering of FoxMeyer common stock, which increased significantly the number of shares outstanding. Average shares outstanding for the first quarter of the current year were 31.2 million, which is 48.8 percent higher than the 21 million average shares outstanding for the same period last year.
 Income before extraordinary item was $6.4 million for the first quarter, an increase of 21.7 percent over the $5.3 million in income before extraordinary item for the first three months of the previous year. FoxMeyer had no extraordinary items in the first quarter of the current year, but reported a $1.9 million extraordinary gain in the first three months of the previous year, resulting in net income of $7.2 million.
 Operating income for the first quarter of fiscal 1993 was also significantly higher. FoxMeyer recorded $12.2 million in operating earnings, an increase of 32.5 percent over operating income for the same period last year.
 The strong gain in net sales was generated both by internal growth and sales contributed by Harris Wholesale Company, which was acquired May 7. Internal sales growth comprised approximately half of the overall 31.7 percent increase in sales for the first quarter of fiscal 1993.
 "We are moving ahead aggressively in all areas," King said. "We continue to build sales and income while moving into new geographic markets and adding new customers. We are confident that we can sustain these positive trends. In the second quarter of our fiscal year, we should exceed $1 billion sales for the first time in a three-month period." He noted in particular the company's success in forging strategic partnerships with retail and institutional customers.
 FoxMeyer is the third largest pharmaceuticals distributor in the United States. Its 16 distribution centers provide pharmaceuticals, over- the-counter medications, and health and beauty aids to independent drug stores, chain stores, mass merchandisers, and hospitals and health care institutions throughout the United States, except for Alaska and Hawaii.
 FOXMEYER CORPORATION AND SUBSIDIARIES
 Condensed Statements of Consolidated Income
 (Unaudited, in thousands, except for per share data)
 Quarter ended June 30, 1992 1991 Percent Change
 Net sales $938,550 $712,431 31.7
 Cost of goods sold 883,999 665,660
 Gross profit 54,551 46,771
 SG&A expense 40,512 35,138
 Depreciation and amortization 3,758 3,063
 Other income (expense) 1,910 631
 Operating income 12,191 9,201 32.5
 Net financing costs 1,156 336
 Income tax 4,607 3,582
 Income before extraordinary item 6,428 5,283 21.7
 Extraordinary item 0 1,886
 Net income $6,428 $7,169 (10.3)
 Avg. number of shares outstdg. 31,241 21,000
 Per share of common stock(A):
 Income before extraordinary item $.21 $.25
 Extraordinary item -- .09
 Net income per share $.21 $.34
 (A) -- Per-share comparisons are affected by the September 1991 initial public offering of 10.35 million newly issued shares common stock.
 FOXMEYER CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (Unaudited, in thousands)
 6/30/92 3/31/92
 ASSETS
 Current assets
 Cash and short-term
 investments $71,179 $37,203
 Receivables -- net 310,018 235,579
 Inventories 452,845 341,974
 Other current assets 11,242 9,684
 Total current assets 845,284 624,440
 Property, plant and equipment 88,703 86,425
 Less allowance for
 depreciation 34,930 35,767
 Net property, plant & equipment 53,773 50,658
 Other assets
 Goodwill 241,338 158,154
 Intangible assets 15,209 15,603
 Miscellaneous assets 50,357 39,621
 Total other assets 306,904 213,378
 Total assets $1,205,961 $888,476
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities
 Accounts payable $515,652 315,413
 Accrued liabilities 44,752 30,529
 Long-term debt due
 within one year 10,658 688
 Total current liabilities 571,062 346,630
 Long-term debt 120,880 29,049
 Reserves and other liabilities 7,449 5,477
 Stockholders' equity
 Common stock 314 314
 Capital in excess of
 par value 478,556 478,556
 Retained earnings 34,879 28,450
 Treasury stock (7,179) 0
 Total stockholders' equity 506,570 507,320
 Total liabilities and
 stockholders' equity $1,205,961 $888,476
 -0- 7/21/92
 /CONTACT: J. Warren Henry of FoxMeyer Corporation, 214-446-4270/
 (FOX) CO: FoxMeyer Corporation ST: Texas IN: MTC SU: ERN


TS -- NY030 -- 1222 07/21/92 10:36 EDT
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Date:Jul 21, 1992
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