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IVAX ANNOUNCES A 253 PERCENT EARNINGS INCREASE AND DECLARES A CASH DIVIDEND

 MIAMI, May 3 /PRNewswire/ -- IVAX Corporation (AMEX: IVX) announced today that it had net income of $16.4 million, or $0.24 per share, for the first quarter of 1993, compared to net income of $4.6 million, or $0.07 per share, for the first quarter of 1992; an increase of 253 percent.
 IVAX also announced that, on April 30, 1993, its board of directors declared a semi-annual $0.02 per share dividend, payable on June 1, 1993 to holders of record of its common stock on May 14, 1993.
 Commenting on IVAX' first quarter results and the dividend, Dr. Phillip Frost, chairman and chief executive officer of IVAX, stated: "We are pleased with the continued financial progress of the company, and are very pleased it has become appropriate for us to declare a cash dividend for our shareholders."
 The results of operations and a summary balance sheet are detailed below:
 IVAX CORPORATION
 Results of Operations
 (In thousands, except per share data)
 Three Months Ended March 31,
 1993 1992
 Revenues $127,978 $104,264
 Net income before income
 taxes $ 26,962 $ 5,671
 Net income $ 16,393 $ 4,644
 Earnings per share $ .24 $ .07
 Average shares outstanding 69,088 68,414
 Balance Sheet
 (In thousands)
 Assets
 March 31, Dec. 31,
 1993 1992
 Current assets $ 271,017 $ 253,303
 Property, plant and equipment,
 net 92,362 88,906
 Other assets 161,047 161,788
 Total assets $ 524,426 $ 503,997
 Liabilities and Stockholders' Equity
 March 31, Dec. 31,
 1993 1992
 Current liabilities $ 113,904 $ 106,458
 Long-term debt 129,600 132,947
 Other long-term liabilities 4,638 5,106
 Shareholders' equity 276,284 259,486
 Total liabilities and
 stockholders' equity $ 524,426 $ 503,997
 IVAX Corporation is a holding company with subsidiaries involved in specialty chemicals, pharmaceuticals and medical diagnostics. IVAX' principal subsidiaries include Baker Norton Pharmaceuticals, Inc., a developer and marketer of unique brand name pharmaceuticals; Norton Healthcare Limited, a leading manufacturer and marketer of generic pharmaceuticals in the United Kingdom, Ireland and other countries; H N Norton & Co, a manufacturer of generic pharmaceuticals in the United States; Goldline Laboratories, Inc., a national marketer of generic prescription and over the counter pharmaceuticals in the United States; Baker Cummins Dermatologicals, Inc., a dermatological products company; Flori Roberts, Inc., a skin care and cosmetics company; DVM Pharmaceuticals Inc., a veterinary products company; Baker Cummins, Inc., a marketer of brand name pharmaceuticals in Canada; Diamedix Corporation, a medical diagnostics company; Delta Biologicals S.r.l., a marketer of medical diagnostic tests and instruments in Italy; and IVAX Industries, Inc., a chemical specialties business.
 -0- 5/3/93
 /CONTACT: F. E. Baxter, senior vice president-finance and chief financial officer of IVAX Corporation, 305-590-2318/
 (IVX)


CO: IVAX Corporation ST: Florida IN: MTC SU: ERN

AW-JB -- FL002 -- 3549 05/03/93 07:51 EDT
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Publication:PR Newswire
Date:May 3, 1993
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