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INTERNATIONAL RESEARCH AND DEVELOPMENT CORPORATION REPORTS RESULTS

 MATTAWAN, Mich., Feb. 9 /PRNewswire/ -- International Research and Development Corporation (IRDC) (NASDAQ-NMS: IRDV) today announced operating revenues for the three-month period ended Dec. 31, 1992 were $9,742,529 compared with fourth quarter operating revenues of $8,574,414 in 1991. Fourth quarter earnings before income taxes in 1992 were $143,659 compared to the same period loss before income taxes of $347,141 in 1991. Net earnings for this period in 1992 were $130,659 (a gain of $0.02 per share) compared with 1991 fourth quarter net loss of $283,141 (a loss of $0.05 per share).
 Operating revenues for the 12 months ended Dec. 31, 1992, were $34,384,633 compared with 1991 12 month revenues of $34,632,748. Operating loss before income taxes for this period was $794,616 compared with operating earnings before income taxes of $1,001,530 for the same period in 1991. Operating loss after income taxes for this period was $426,416 (or $0.08 per share) compared with 1991 operating earnings after income taxes of $529,530 (or $0.10 per share).
 In 1992, IRDC and subsidiaries adopted Financial Accounting Standard No. 109, Accounting for Income Taxes. The adoption of this Standard was required no later than March 31, 1993. The adoption resulted in a one time, cumulative charge against earnings of $3,903,110 (or $0.70 per share).
 International Research and Development Corporation 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 through another of it 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- 2/9/93
 /CONTACT: Dr. Francis X. Wazeter, president of IRDC, 616-668-3336/
 (IRDV)


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

WB -- NY072 -- 4723 02/09/93 13:41 EST
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Publication:PR Newswire
Date:Feb 9, 1993
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