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JONES MEDICAL REPORTS RECORD FIRST QUARTER WITH NET INCOME UP 33 PERCENT

JONES MEDICAL REPORTS RECORD FIRST QUARTER WITH NET INCOME UP 33 PERCENT
 ST. LOUIS, Mo., April 29 /PRNewswire/ -- Jones Medical Industries, Inc. (NASDAQ: JMED) today reported record first quarter results with a 33 percent increase in net income to $910,000, a 35 percent increase in sales to $5,807,000 and a 25 percent increase in earnings per share to 10 cents, with 9,477,000 average shares outstanding. The comparative 1991 first quarter results were $685,000 net income, on sales of $4,297,000 and eight cents per share with 8,839,000 average shares outstanding.
 Dennis Jones, chairman and CEO said "In addition to the above results JMED made significant comparative progress in other areas. Operating income was up 42 percent primarily as a result of (1) a 30 sales increase of our hospital products Thrombinar, Therevac and Liqui- Char, increasing to $2,100,000 and (2) a 36 percent sales increase of JMED's Branded Vitamin Products, sold through Military Commissaries, increasing to $1,400,000. JMED's Hospital Sales Force really did a great job with Thrombinar during the 1992 first quarter, with a 28 percent increase. This was especially impressive in view of increased competition resulting from the re-entry by a third supplier into the thrombin market. Offsetting this, however, is the fact that recent clinical evidence indicating certain complications resulting from the use of our competitors', less pure form of thrombin, is adding to the demand for JMED's Thrombinar. Thrombinar is the most highly purified form of the three available products in the U. S. and is beginning to be recognized as such.
 JMED's Military Brokers, comprised of 52 Independent Sales Reps, also contributed significantly to the 1992 first quarter. A net gain of 10 installations brought our total to 222 Military Base Commissaries currently stocking our Branded Vitamin Products. Additionally, the introduction of several new products contributed to a 36 percent sales increase during this quarter.
 JMED's planned intensified focus on internal growth, over the past several quarters, is obviously beginning to payoff. To add further momentum to our hospital products sales we plan on adding two additional major market sales representatives during the second quarter of 1992. We will also be introducing a newly designed Therevac which provides a more convenient twist-off tip, plus we will be introducing a new unit dose package for institutional buyers. As to our Military Commissary sales, we plan to continue increasing our predominant market share, of JMED's Branded Vitamin Products, through focused expansion of this distribution network.
 As to JMED's longer term projects, the required FDA approval for the production of Thrombinar in our GenTrac facility and for the approval of a "second generation" Thrombinar, continue on schedule. We believe that both of these important projects could be additive in mid-93. In the meantime, we continue to aggressively pursue strategic acquisitions for additional targeted products and market niches."
 JONES MEDICAL INDUSTRIES, INC.
 Condensed Consolidated Statements of Income
 (Unaudited)
 Three months ended March 31, 1992 1991
 Sales $5,806,720 $4,297,158
 Cost of Sales 2,861,416 2,131,398
 Gross profit on sales 2,945,304 2,165,760
 Selling, general and administrative
 expenses:
 Selling 812,361 667,379
 General & administrative 514,820 397,667
 Research & development 81,113 --
 Amortization 177,250 145,095
 Total S,G&A 1,585,544 1,210,141
 Operating income 1,359,760 955,619
 Interest other income, net 98,628 202,662
 Income before income taxes 1,458,388 1,158,281
 Provision for income taxes 548,330 473,737
 Net income $910,058 $684,544
 Average shares outstanding 9,477,000 8,839,000
 Earnings per common & common
 equivalent share $.10 $.08
 JONES MEDICAL INDUSTRIES, INC.
 Condensed Consolidated Balance Sheets
 (Unaudited)
 3/31/92 12/31/91
 ASSETS
 Cash & equivalents and
 marketable securities $10,583,132 $11,055,696
 Accounts receivables, net 3,584,969 3,494,103
 Inventories 2,863,858 2,887,802
 Prepaid expenses and other 577,184 605,177
 Property, plant and equipment, net 5,421,964 5,483,383
 Intangibles, net 9,769,588 9,866,622
 Total assets $32,800,695 $33,392,783
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $ 3,624,085 $ 3,295,228
 Long-term debt 1,000,000 2,737,804
 Deferred income taxes 572,951 572,951
 Stockholders' equity 27,603,659 26,786,800
 Total liabilities and
 stockholders' equity $32,800,695 $33,392,783
 -0- 4/29/92
 /CONTACT: Investor relations of Jones Medical Industries, 314-432-7557/
 (JMED) CO: Jones Medical Industries Inc. ST: Missouri IN: HEA SU: ERN


SM -- NY048 -- 4366 04/29/92 12:15 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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