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 COSTA MESA, Calif., Aug. 11 /PRNewswire/ -- ICN Biomedicals Inc. (AMEX: BIM) today reported second quarter 1993 net income of $3.4 million, or 15 cents per share, on worldwide sales of $15.4 million.
 This compares to a net loss of $669,000, or 3 cents per share, on sales of $19.2 million in the first quarter of 1992.
 This marks the second straight quarter that ICN Biomedicals has reported increased earnings, following a trend of unprofitability that occurred over the previous six quarters. During that period, ICN Biomedicals took major steps to reduce operating expenses and increase competitiveness, which contributed to second quarter results. ICN Biomedicals' gross profit margin was 55 percent in the second quarter of 1993, compared to 48 percent in the same period in 1992. The gross profit margin for its European operations increased from 43 percent to 53 percent in the second quarter.
 The company also reduced its short and long-term debt from approximately $18 million at Dec. 31, 1992, to $14.6 million at June 30, 1993.
 Second quarter results benefited from the favorable settlements of debt, resulting in extraordinary income of $627,000, or 3 cents per share, and certain reserve reevaluations.
 Overall sales reflected a continuation of the company's strategy to place emphasis on more profitable products and eliminate less profitable products and product lines. Sales of key core products were up in the second quarter of 1993, including biochemical sales, up 16 percent in North America compared to 1992, and radiochemical sales, which registered a 7 percent sales gain in North American during the same period. Sales gains were also registered by ICN Biomedicals' dosimetry unit, up 7 percent in sales compared to the second quarter of 1992.
 During the second quarter of 1993, ICN Biomedicals announced a new operating structure consisting of four distinct worldwide business divisions: Diagnostics, Research Products, International Sales and Dosimetry. This restructuring allows the company to focus on specific product lines. ICN sells more than 55,000 different products in more than 130 countries from sales offices in 11 nations.
 ICN Biomedicals received authorization from the U.S. Food and Drug Administration to market non-isotopic test kits for use by laboratories to detect thyroid deficiencies and to determine hormonal levels.
 Net income for the first six months of 1993 totaled $4.4 million, or 20 cents per share, after extraordinary credits of $627,000, or 3 cents per share, on sales of approximately $31.2 million. This compares to a loss of $1.5 million, or 8 cents per share, on sales of approximately $40 million for the first six months of 1992.
 ICN Biomedicals Inc., a major world supplier of biotechnology research products and medical diagnostics, is a subsidiary of ICN Pharmaceuticals Inc. (NYSE: ICN).
 Summary Financial Information
 For The Three and Six Months Ended June 30, 1993 and 1992
 (Amounts in Thousands)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Sales $15,415 $19,225 $31,224 $40,447
 Income (loss) before
 income 2,757 (669) 3,773 (1,450)
 income 627 --- 627 ---
 Net income (loss) $3,384 ($669) $4,400 ($1,450)
 Per share information:
 Income (loss) before
 income $0.12 ($0.03) $0.17 ($0.08)
 income 0.03 --- 0.03 ---
 Net income (loss) $0.15 ($0.03) $0.20 ($0.08)
 -0- 8/11/93
 /CONTACT: Jack Sholl of ICN Biomedicals, 714-545-0100 ext. 3013/

CO: ICN Biomedicals Inc. ST: California IN: MTC SU: ERN

LM-BP -- LA023 -- 1777 08/11/93 15:06 EDT
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Publication:PR Newswire
Date:Aug 11, 1993

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