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GAMMA BIOLOGICALS REPORTS INCREASED SALES FOR FISCAL YEAR ENDED MARCH 31, 1992

 GAMMA BIOLOGICALS REPORTS INCREASED SALES FOR
 FISCAL YEAR ENDED MARCH 31, 1992
 HOUSTON, May 29 /PRNewswire/ -- Gamma Biologicals, Inc. (AMEX: GBL) reported today that net sales for the fiscal year ended March 31, 1992 increased by $1,268,000 to $16,942,000, compared with revenues of $15,674,000 for fiscal 1991. Net income for the year was $721,000, or 16 cents per share (12 cents before extraordinary item), vs. $1,253,000, or 28 cents per share (20 cents before extraordinary item).
 For the fourth quarter ended March 31, 1992, net sales increased $292,000 over fourth quarter last year to $4,623,000. Net income for the quarter was $113,000, or three cents per share (two cents before extraordinary item), vs. $323,000, or seven cents per share (five cents before extraordinary item), for the comparable period last year.
 Although revenues increased by approximately eight percent, options exercised during the third and fourth quarters had a negative impact on reported earnings per share. In addition, there were increased selling and shipping expenses and higher funding for ongoing research and development of both monoclonal products and the bioelectrical sensor technology. Gamma continues the development phase of the disposable test card associated with the bioelectrical sensor, and we anticipate the costs will remain at current or higher levels. We expect field testing of the new technology to begin by the end of this year.
 The revenue increase was due primarily to increased market share resulting from the introduction of monoclonal reagents. During this year, approximately 550 new domestic hospital accounts were added to our customer base, which now exceeds 3,500.
 Gamma Biologicals manufactures and markets a wide range of highly refined and specialized testing products, known as diagnostic reagents, as well as sophisticated instrument systems. The company markets to hospitals, blood banks, medical laboratories, physicians' offices and research institutions.
 GAMMA BIOLOGICALS, INC.
 Condensed Statements of Consolidated Income
 (In thousands, except per share amounts - Unaudited)
 Periods ended Three Months Year
 March 31 1992 1991 1992 1991
 Net sales $4,623 $4,331 $16,942 $15,674
 Costs and expenses 4,470 3,968 16,014 14,272
 Discount given on
 prepayment of note
 receivable -- -- 250 --
 Operating income 153 363 678 1,402
 Other income (expense):
 Gain on liquidation of
 subsidiary -- -- 178 --
 Other income (expense) (27) (14) (98) (35)
 Other income (expense)-net (27) (14) 80 (35)
 Income before income taxes
 and extraordinary item 126 349 758 1,367
 Income taxes 57 133 225 471
 Income before extraordinary
 item 69 216 533 896
 Extraordinary item -
 utilization of net operating
 loss carryforward 44 107 188 357
 Net income $113 $323 $721 $1,253
 Income per common and common
 equivalent share:
 Income before extraordinary
 item .02 .05 .12 .20
 Extraordinary item -
 utilization of net
 operating loss
 carryforward .01 .02 .04 .08
 Net income per common and
 common equivalent share $.03 $.07 $.16 $.28
 Weighted average number of
 common and common
 equivalent shares
 outstanding 4,686 4,551 4,661 4,551
 -0- 5/29/92
 /CONTACT: David E. Hatcher, chairman and president, or Margaret J. O'Bannion, chief financial officer of Gamma Biologicals, 713-681-8481/
 (GBL) CO: Gamma Biologicals Inc. ST: Texas IN: MTC SU: ERN


SM -- NY023 -- 5119 05/29/92 10:38 EDT
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Date:May 29, 1992
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