Printer Friendly

GELMAN SCIENCES INC. REPORTS STRONG INCREASE IN SECOND QUARTER EARNINGS

 ANN ARBOR, Mich., March 3 /PRNewswire/ -- Gelman Sciences Inc. (AMEX: GSC) today reported net earnings of $415,000 or $0.16 per share for the second quarter of its fiscal year ended Jan. 31, 1993. This compares with $63,000 or $0.02 per share for the second quarter one year prior. Net sales for the second quarter of fiscal 1993 were $20.2 million as compared with $19.6 million in the second quarter of fiscal 1992. Due to the strengthening U.S. dollar, foreign exchange decreased sales by $482,000 in the second quarter. Without the effect of foreign exchange, the sales increase would have been 5 percent for the quarter.
 Company Chairman and Chief Executive Officer Charles Gelman said, "I am very pleased with the company's second quarter financial results, particularly in light of the fact that the second quarter is traditionally our weakest in both sales and earnings."
 For the first six months of fiscal 1993, Gelman Sciences reported net earnings of $1.1 million or $0.41 earnings per share on net sales of $41.2 million, as compared to sales of $39.2 million and net earnings of $460,000 or $0.18 earnings per share before extraordinary item for the first six months of fiscal 1992.
 The Company cited several reasons for improvement in second quarter earnings, including a 3-percent increase in gross margin from 45 percent in fiscal 1992 to 48 percent in fiscal 1993, lower pollution-related expenses and lower interest expense.
 As part of the company's continued program to reinvest in its future, research and development expenditures were 42 percent higher than the second quarter of fiscal year 1992. To expand its presence in Europe, during the second quarter, the company opened its eighth subsidiary operation located in Milan, Italy.
 For the first six months of the fiscal year, laboratory product sales increased 9 percent worldwide, process filtration product sales increased 4 percent, medical device sales increased 10 percent, and roll stock microporous membrane sales increased 24 percent after considering the effect of a stronger U.S. dollar. In line with company plans to de-emphasize non-core business products, sales of these products decreased approximately 35 percent during the first half of fiscal 1993 as compared with fiscal 1992.
 Gelman said, "We believe the company has made its turnaround and is now on track for steady sales growth and substantially improved profitability. We are confident that our earnings growth will continue in the second half of our fiscal year."
 Gelman Sciences is a world leader in the research, development and manufacture of microfiltration products used in health care facilities, research and clinical laboratories, and industrial separation processes. Headquartered in Ann Arbor, Gelman Sciences has subsidiaries in Australia, Canada, France, Germany, Ireland, Italy, Japan and the United Kingdom.
 GELMAN SCIENCES INC.
 Second Quarter Ended Six Months Ended
 Jan. 31, Jan. 31,
 1993 1992 1993 1992
 Net sales $20,200,000 $19,634,000 $41,132,000 $39,194,000
 Earnings before
 extraordinary
 item 415,000 63,000 1,053,000 460,000
 Extraordinary item --- --- --- 352,000(a)
 Net earnings 415,000 63,000 1,053,000 108,000
 Earnings per share
 before extraordinary
 item $.16 $.02 $.41 $.18
 Earnings per share $.16 $.02 $.41 $.04
 Weighted average
 shares 2,532,000 2,515,000 2,531,000 2,515,000
 (a) -- An extraordinary product liability settlement of $558,000 before tax.
 -0- 3/3/93
 /CONTACT: Robert Buker, vice president, Corporate Communications, or James Fahrner, chief financial officer and vice president, Finance, 313-665-0651, both of Gelman Sciences Inc./
 (GSC)


CO: Gelman Sciences Inc. ST: Michigan IN: MTC SU: ERN

KE-SB -- DE016 -- 2492 03/03/93 13:01 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 3, 1993
Words:615
Previous Article:FIRST UNION CREATES 400 NEW JOBS IN THE ROANOKE VALLEY
Next Article:WIDMAN NAMED DISNEY'S VICE PRESIDENT, CORPORATE ALLIANCES
Topics:


Related Articles
GELMAN SCIENCES REPORTS SECOND-QUARTER SALES GROWTH OF 10 PERCENT
GELMAN SCIENCES REPORTS NET LOSS FOR THIRD QUARTER RESULTING FROM ENVIRONMENTAL CHARGE
GELMAN SCIENCES REPORTS FISCAL YEAR-END LOSS, BUT ANTICIPATES ENVIRONMENTAL LAWSUIT SETTLEMENT
GELMAN SCIENCES APPOINTS NEW CHIEF OPERATING OFFICER
GELMAN SCIENCES INC. REPORTS RECORD EARNINGS AND SALES IN THE THIRD QUARTER
GELMAN SCIENCES REPORTS HIGHEST QUARTERLY EARNINGS IN COMPANY HISTORY
GELMAN SCIENCES REPORTS RECORD EARNINGS FOR FIRST HALF AND SECOND QUARTER OF FISCAL YEAR 1994
GELMAN SCIENCES NAMES VICE PRESIDENT OF ASIA/PACIFIC SALES REGION
GELMAN SCIENCES REPORTS RECORD SALES AND EARNINGS FOR FISCAL YEAR ENDED JULY 31
Gelman Sciences Reports Results For Fiscal Year Ended July 31, 1996

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters