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IMCERA'S SECOND QUARTER EARNINGS PER SHARE FROM CONTINUING OPERATIONS INCREASES 22 PERCENT

           IMCERA'S SECOND QUARTER EARNINGS PER SHARE
        FROM CONTINUING OPERATIONS INCREASES 22 PERCENT
    NORTHBROOK, Ill., Jan. 16 /PRNewswire/ -- IMCERA Group Inc. (NYSE: IMA) today reported earnings from continuing operations for the second quarter of $25.9 million, or 33 cents per share, a 22 percent increase in per-share earnings compared with $19.2 million, or 27 cents per share, a year ago.
    Net earnings for the second quarter were $25.7 million, or 33 cents per share, compared with $19.8 million, or 28 cents per share, last year.
    Sales for the second quarter were $420.2 million, compared with $396.2 million a year earlier.
    For the six months, earnings from continuing operations, excluding a first quarter nonrecurring gain, were $49.0 million, or 63 cents per share, a 21 percent increase in per-share earnings compared with $36.0 million, or 52 cents per share, a year ago.  Including the first quarter nonrecurring after-tax gain of $4.4 million, or 5 cents per share, earnings from continuing operations were $53.4 million, or 68 cents per share.
    Net earnings for the first six months were $51.4 million, or 66 cents per share, compared with $37.8 million, or 54 cents per share, a year ago.
    Six month sales were $801.5 million, compared with $771.9 million a year ago.
    Operating earnings for the second quarter were $50.7 million, a 29 percent quarter-to-quarter increase.  All businesses contributed to that improvement.
    "Second quarter results continue the good earnings momentum established in the first quarter," said M. Blake Ingle, IMCERA president and chief executive officer.  "Improved operating performance, capacity expansions, and new products introduced in the past several years were major contributors to the earnings step-up.
    "Most of the quarter-to-quarter earnings increase resulted from significantly improved performance from Mallinckrodt Medical," Dr. Ingle said.
    "Mallinckrodt Medical's operating earnings for the second quarter were $29.7 million, 34 percent better than last year.  All major segments were factors in the improved performance, with OptirayR, HexabrixR, and nuclear medicine leading the way.
    "Mallinckrodt Specialty Chemicals' second quarter operating earnings were $12.3 million, higher than a year earlier and double the earnings for the first quarter of fiscal 1992," Ingle continued.  "Increased demand for analgesics and a strong performance by the flavors business more than offset recessionary effects in certain performance chemicals businesses.
    "Pitman-Moore's operating earnings for the second quarter were $16.0 million, an increase of 5 percent over last year," he said.  "Strong North American operations, together with expense controls, more than offset downward price pressures for feed ingredients and unfavorable economic conditions in the United Kingdom and Australia."
    Discontinued operations in the first half included after-tax charges of $2.0 million.  Most of that amount is related to a first quarter net charge of $1.6 million, consisting of a gain on the IMC Fertilizer stock sale less associated transaction costs.
    A Fortune 300 company with net sales of more than $1.6 billion in fiscal 1991, IMCERA provides human and animal health care products and specialty chemicals through its three international, technology-based businesses -- Mallinckrodt Medical and Mallinckrodt Specialty Chemicals, both of St. Louis, and Pitman-Moore of Lake Forest, Ill.
                             IMCERA GROUP INC.
                  ($ in millions except per share amounts)
     Quarter ended Dec. 31;                 1991         1990
    Sales                                 $ 420.2      $ 396.2
    Earnings from continuing operations   $  25.9      $  19.2
    Discontinued operations                   (.2)(B)       .6(B)
    Net earnings                             25.7         19.8
    Preferred stock dividends                  .1           .1
    Amount available for common
     shareholders                         $  25.6      $  19.7
    Earnings per common share(A)
      Continuing operations                 $ .33        $ .27
      Discontinued operations                  --          .01
      Net earnings                          $ .33        $ .28
    Average number of common
     shares outstanding(A)             78,018,000   69,162,000
     Six months ended Dec. 31;              1991         1990
    Sales                                 $ 801.5      $ 771.9
    Earnings from continuing operations   $  53.4(C)   $  36.0
    Discontinued operations                  (2.0)(B)      1.8(B)
    Net earnings                             51.4         37.8
    Preferred stock dividends                  .2           .2
    Amount available for common
     shareholders                         $  51.2      $  37.6
    Earnings per common share(A)
      Continuing operations                 $ .68        $ .52
      Discontinued operations                (.02)         .02
      Net earnings                          $ .66        $ .54
    Average number of common
     shares outstanding(A)             77,856,000   68,931,000
                      Consolidated Sales and Earnings
                 ($ in millions except per share amounts)
     Periods ended;               Quarter                Six Months
     Dec. 31;                 1991        1990        1991        1990
    Sales
      Mallinckrodt Medical  $ 146.8     $ 123.0     $ 281.6     $ 234.0
      Mallinckrodt
        Specialty Chemicals   117.3       119.1       212.2       231.3
      Pitman-Moore            156.2       154.1       307.8       307.2
      Intersegment sales        (.1)         --         (.1)        (.6)
    Total                   $ 420.2     $ 396.2     $ 801.5     $ 771.9
    Operating earnings
      Mallinckrodt Medical  $  29.7     $  22.1     $  57.6     $  38.1
      Mallinckrodt
        Specialty Chemicals    12.3        11.7        18.3        21.8
      Pitman-Moore             16.0        15.2        34.0        32.1
      Corporate                (6.9)       (9.6)      (14.0)      (17.5)
      Eliminations              (.4)         --         (.4)         --
    Total                      50.7        39.4        95.5        74.5
    Interest and other
      nonoperating income, net  1.6         3.0        11.5(C)      5.0
    Interest charges          (10.1)      (10.6)      (20.8)      (20.6)
    Earnings from
      continuing operations
      before income taxes      42.2        31.8        86.2        58.9
    Income taxes               16.3        12.6        32.8        22.9
    Earnings from
      continuing operations    25.9        19.2        53.4        36.0
    Discontinued operations     (.2)(B)      .6(B)     (2.0)(B)   1.8(B)
    Net earnings               25.7        19.8        51.4        37.8
    Preferred stock dividends    .1          .1          .2          .2
    Amount available for
      common shareholders   $  25.6     $  19.7     $  51.2     $  37.6
    Earnings per common share(A)
      Continuing operations   $ .33       $ .27       $ .68       $ .52
      Discontinued operations    --         .01        (.02)        .02
      Net earnings            $ .33       $ .28       $ .66       $ .54
    Average number
     of common shares
     outstanding(A)      78,018,000  69,162,000  77,856,000  68,931,000
                 Notes to Interim Financial Results
    (A) -- Amounts have been restated to show the effect of the 3-for-1 stock split which occurred on Nov. 12, 1991.  The increase in average shares outstanding was from the April 1991 stock offering of 2 million shares (6 million post-split), stock option exercises, and options assumed exercised in the weighted average shares outstanding calculation.
    (B) -- Discontinued operations included the company's July 1991 sale of its remaining approximately 4 million shares of IMC Fertilizer Group, Inc. (IFL) less associated costs, all as set forth in the table below. Prior to April 1, 1991, the company accounted for its investment in IFL by the equity method.  The company no longer owns any IFL shares.
   Discontinued operations included:
     Periods ended:                   Quarter           Six Months
     Dec. 31;                      1991      1990      1991      1990
    After-tax effects:
      Environmental and
       litigation costs          $ (.2)    $(1.1)    $ (.4)    $(1.1)
      IFL equity                    --       6.7        --      13.0
      IFL-related interest charges  --      (5.0)       --     (10.1)
      IFL stock sale                --        --       5.7        --
      IFL-related debenture
        issuance costs              --        --      (3.3)       --
      IFL retiree medical costs     --        --      (4.0)       --
     Total                       $ (.2)    $  .6     $(2.0)    $ 1.8
                                      ------    ------    ------
    (C) -- Results included a pretax gain of $7.0 million, $4.4 million after taxes, or $.05 a share from the sale of an investment.
                               Net Sales
                           ($ in millions)
     Periods ended:                 Quarter                Six Months
     Dec. 31;                   1991        1990        1991        1990
    Net Sales
      Mallinckrodt Medical
       Radiology & Cardiology $ 68.5     $  54.7     $ 132.8     $ 104.4
       Nuclear Medicine         38.0        30.8        73.3        58.7
       Anesthesiology
        & Critical Care
        and Other               40.3        37.5        75.5        70.9
     Total                     146.8       123.0       281.6       234.0
      Mallinckrodt Specialty
       Chemicals
        Drug & Cosmetic
         Chemicals              44.8        41.6(A)    78.8      76.6(A)
        Catalyst, Performance
         & Lab Chemicals        54.1        61.4(A)    95.3     121.0(A)
        Flavors                 18.4        16.1       38.1        33.7
      Total                    117.3       119.1      212.2       231.3
      Pitman-Moore
       Animal Productivity      14.0         9.1        27.4        23.4
       Antimicrobials           19.3        18.1        38.2        36.3
       Biologicals              22.7        24.1        44.8        47.9
       Parasiticides            36.3        34.2        73.8        71.1
       Veterinary
        Specialties & Other     19.4        19.0        38.3        37.1
         Total Animal Health   111.7       104.5       222.5       215.8
       Feed Ingredients         44.5        49.6        85.3        91.4
       Total                   156.2       154.1       307.8       307.2
    Intersegment sales           (.1)         --         (.1)       (.6)
    Total                    $ 420.2     $ 396.2     $ 801.5     $ 771.9
    (A) -- Restated to reflect reorganization of divisions within Mallinckrodt Specialty Chemicals.
    -0-                   1/16/92
    /CONTACT:  Dave Prichard of IMCERA Group, 708-205-2270/
    (IMA) CO:  IMCERA Group Inc. ST:  Illinois IN: SU:  ERN FC -- NY007 -- 0346 01/16/92 09:00 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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