Printer Friendly

INTERNATIONAL RESEARCH AND DEVELOPMENT CORP. ANNOUNCES CONSOLIDATED OPERATING REVENUES AND OPERATING RESULTS FOR THE THIRD QUARTER OF 1993

 MATTAWAN, Mich., Oct. 26 /PRNewswire/ -- International Research and Development Corp. (NASDAQ-NMS: IRDV) and subsidiaries today announced that the consolidated operating revenues for the three months ended Sept. 30, 1993, were $10,212,000, a 19 percent increase over the consolidated operating revenues of $8,560,000 during the same period of 1992. Consolidated operating revenues for the nine months ended Sept. 30, 1993, were $29,650,000 compared with the 1992 nine months operating revenues of $24,642,000, a 20 percent increase.
 The corporation realized earnings before income taxes for the 1993 third quarter and nine month period of $455,000 and $1,167,000, respectively, compared with earnings of $71,000 and a loss of $938,000 before income taxes and a mandated change in accounting principle, for the same respective periods in 1992.
 Net income was $281,000 (or $.05 per share) and $739,000 (or $.13 per share) for the periods of three months and nine months ended Sept. 30, 1993, respectively, compared with net earnings of $50,000 (or $.01 per share) and a net loss of $4,460,000 (or $.80 per share) for the same periods in 1992. The net loss for the nine months ended Sept. 30, 1992 was comprised of an operating loss of $557,000 (or .$10 per share) and 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 $957,000 (17 percent) and $2,760,000 (17 percent) over 1992 levels for the periods of three and nine months ended Sept. 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.
 Operating revenues in the corporation's product segments for the three and nine month period ended Sept. 30, 1993, increased $695,000 (23 percent) and $2,248,000 (26 percent) respectively, over the comparable 1992 periods.
 International Research and Development Corp. (IRDC) is engaged in the safely 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 government 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 market. The NASDAQ symbol for the common stock is IRDV.
 -0- 10/26/93
 /CONTACT: Dr. Francis X. Wazeter, president of IRDC, 616-668-3336/
 (IRDV)


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

SH -- NY084 -- 6874 10/26/93 14:39 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:Oct 26, 1993
Words:515
Previous Article:J.P. REILLY ELECTED TO BRUNSWICK BOARD
Next Article:ENSERCH DECLARES REGULAR QUARTERLY CASH DIVIDEND
Topics:

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