Printer Friendly

INTERNATIONAL RESEARCH AND DEVELOPMENT ANNOUNCES CONSOLIDATED OPERATING REVENUES, OPERATING RESULTS, DIVIDENDS FOR THE SECOND QUARTER OF 1993

 MATTAWAN, Mich., Aug. 3 /PRNewswire/ -- International Research and Development Corp. (NASDAQ-NMS: IRDV) today announced consolidated operating revenues for the three months ended June 30, 1993 were $9,882,000, a 25 percent increase over the consolidated operating revenues of $7,884,000 during the same period of 1992.
 Consolidated operating revenues for the six months ended June 30, 1993, were $19,438,000 compared with the 1992 six months operating revenues of $16,082,000, a 21 percent increase. The corporation realized earnings before income taxes for the 1993 second quarter and six month period of $444,000 and $712,000, respectively, compared with losses of $800,000 and $1,009,000, before income taxes and a mandated change in accounting principle, for the same respective periods in 1992. Net income was $285,000 (or $.05 per share) and $458,000 (or $.08 per share) for the periods of three months and six months ended June 30, 1993, respectively, compared with net losses of $466,000 (or $.08 per share and $4,510,000 (or $.81 per share) for the same periods in 1992. The net loss for the six months ended June 30, 1992 was comprised of an operating loss of $607,000 (or $.11 per share) and a one-time cumulative charge against earnings in the amount of $3,903,000 (or $.70 per share) related to the corporation's adoption of FAS No. 109, "Accounting for Income Taxes."
 Operating revenues in the research segment of the corporation increased $1,087,000 (21 percent) and $1,803,000 (17 percent) over 1992 levels for the periods of three and six months ended June 30, 1993, respectively. This growth resulted primarily from an increase in the number of ongoing studies over comparable 1992 levels. In addition, through its marketing programs, the corporation has continued an aggressive pace for new study authorizations. For the six months ended June 30, 1993, new study authorizations exceeded those obtained during the same period in 1992.
 Operating revenues in the corporation's produce segments for the three and six month periods ended June 30, 1993 increased $910,000 (34 percent) and $1,553,000 (27 percent), respectively, over the comparable 1992 periods.
 On July 29, 1993, the board of directors of International Research and Development Corp. declared a $.01 per share dividend to shareholders of record as of Aug. 12, 1993, payable on Aug. 26, 1993. This marks the 90th consecutive quarter for which cash dividends have been paid to the corporation's shareholders.
 International Research and Development Corp. (IRDC) is engaged in the safety evaluation of pharmaceutical and veterinary drugs, agricultural products, and chemicals. Studies are performed on behalf of various manufacturers of such products, both foreign and domestic, and on behalf of governmental agencies. Clinical safety evaluation studies are conducted on behalf of clients in the pharmaceutical, chemical and cosmetic-related industries through its subsidiary, IRAD Corp.
 IRDC also is a manufacturer and distributor of cosmetics and skin care products through its subsidiary, Carme' Inc., as well as certain medical and health care products and services through another of its subsidiaries, Medical Surgical Specialties, Ltd.
 The common stock of International Research and Development Corp. is traded in the over-the-counter national market. The NASDAQ symbol for the common stock is IRDV.
 -0- 8/3/93
 /CONTACT: Dr. Francis X. Wazeter, president of IRDC, 616-668-3336/
 (IRDV)


CO: International Research and Development Corp. ST: Michigan IN: HOU SU: ERN

PS -- NY060 -- 8914 08/03/93 12:50 EDT
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:Aug 3, 1993
Words:578
Previous Article:BELLWETHER ANNOUNCES ACQUISITIONS OF INTERESTS IN GAS PLANTS
Next Article:COOPER INDUSTRIES' BOARD DECLARES DIVIDENDS
Topics:

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