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MEDICAL DEVICES, INC. REPORTS FIRST QUARTER EARNINGS

 MEDICAL DEVICES, INC. REPORTS FIRST QUARTER EARNINGS
 ST. PAUL, Minn., Nov. 13 /PRNewswire/ -- Medical Devices, Inc.


(NASDAQ: MDEV) (MDI) today reported net sales of $1,550,000 for the first quarter ended Sept. 30, 1991, up 16 percent from $1,336,000 in the first quarter of fiscal 1991. The company recorded a net loss of $91,000 or $.04 per share in this year's first quarter versus net income of $68,000 or $.03 per share last year.
 Robert C. Wingrove, MDI's president and chief executive officer, said that the company experienced lower margins in this year's first quarter due to higher costs which became apparent in the latter part of fiscal 1991. In addition, selling, general and administration costs in this year's first quarter were up 56 percent over last year's first quarter due to programs initiated in the last three quarters of fiscal 1991 in anticipation of higher sales growth that has not materialized. In response to this slower increase in revenues the company reduced its sales and administration spending levels during the first quarter. These savings will be recognized in the second quarter as the company expects to return to profitability.
 In addition, Wingrove pointed out that sales of the company's rehabilitation products were up over last year and continued strong, despite weak sales of the Plexus product line. Revenues from TENS and accessories also were up over last year's first quarter levels.
 Medical Devices, Inc. is a leading designer and manufacturer of electromedical rehabilitation and pain management products. The company's common stock is traded on the national over-the-counter market under the NASDAQ symbol MDEV.
 MEDICAL DEVICES, INC.
 BALANCE SHEETS
 (Unaudited)
 Sept. 30 June 30
 1991 1991
 ASSETS
 Current assets
 Cash and cash equivalents $89,255 23,240
 Trade receivables (net) 2,226,511 2,274,443
 Inventories:
 Raw materials 715,271 755,942
 Finished goods 1,104,135 970,205
 Prepaid expenses 43,340 22,217
 Refundable income tax deposit 23,931 23,931
 Deferred income tax charges 115,000 115,000
 Total current assets 4,317,443 4,184,978
 Property & equipment 1,044,024 1,022,702
 Less accumulated depreciation 638,129 603,674
 --- 405,895 419,028
 Intangible and other assets (net) 162,773 209,723
 Total assets 4,886,111 4,813,729
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities
 Notes payable $420,000 $310,000
 Current maturities of capital
 lease obligations 37,314 37,314
 Accounts payable 671,442 532,093
 Accrued expenses 156,629 243,008
 Total current liabilities 1,285,385 1,122,415
 Long term capital lease obligations 65,870 77,422
 Deferred income tax credits 17,000 17,000
 Stockholders equity
 Common stock $0.01 par value, authorized
 10,000,000 shares, issued and outstanding
 2,088,938 shares at Sept. 30, 1991 and
 2,048,906 at June 30, 1991 208,894 204,891
 Additional paid-in capital 2,443,363 2,434,937
 Retained earnings 865,599 957,064
 --- 3,517,856 3,596,892
 Total liabilities and stockholders'
 equity $4,886,111 $4,813,729
 MEDICAL DEVICES, INC.
 CONDENSED STATEMENTS OF OPERATIONS
 THREE MONTHS ENDED SEPT. 30, 1991 AND 1990
 (Unaudited)
 1991 1990
 Net sales $1,550,478 $1,335,663
 Cost of goods sold 829,211 643,518
 Gross profit 721,267 692,145
 Operating expenses:
 Selling, general, & administration 758,296 485,344
 Research & development 92,826 109,540
 --- 851,122 594,884
 Operating income (loss) (129,855) 97,261
 Other income (expenses):
 Interest expense (13,396) ---
 Interest income 17 7,462
 Other 2,519 1,657
 Income (loss) before income taxes (140,715) 106,380
 Provision for (refund of) income taxes (49,250) 38,300
 Net income (loss) $(91,465) $68,080
 Earnings (loss) per common share $(0.04) $0.03
 Weighted average number of common
 and common equivalent shares
 outstanding 2,095,666 2,039,015
 -0- 11/13/91
 /CONTACT: Robert C. Wingrove, president & CEO, or Jeffrey P. Shields, vp-finance, 612-631-0590/
 (MDEV) CO: Medical Devices, Inc. ST: Minnesota IN: MTC SU: ERN AL-KH -- MN011 -- 4122 11/13/91 17:00 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 13, 1991
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