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ORTHOFIX INTERNATIONAL N.V. ANNOUNCES FIRST QUARTER RESULTS 1993

 CURACAO, Netherlands Antilles, April 26 /PRNewswire/ -- Orthofix International N.V. (NASDAQ: OFIXF) today announced results for the first quarter ended March 31, 1993.
 Revenues for the three months ended March 31, 1993, were $7,804,000, an increase of 9 percent over the $7,138,000 reported during the same period of 1992. Revenues would have shown an increase of 18 percent if the lire/dollar exchange rate prevailing in the first quarter of 1992 had been used for the first quarter of 1993.
 Net income for the three months ended March 31, 1993, was $1,829,000, or $0.17 per share, compared with $1,493,000, or $0.17 per share, reported during the same period in 1992. The net income for the quarter increased 22 percent compared to the same period last year.
 Weighted average shares outstanding calculated on an historical basis using the Treasury Stock method were 8,749,000 for quarter one 1992 and 10,804,485 for quarter one 1993.
 From Jan. 1, 1993, the company has adopted Financial Accounting Standard No. 109, Accounting for Income Taxes 9 SFAS No. 109. The implementation of SFAS No. 109 has resulted in a one-time deferred tax charge of $265,000. The adoption of the new standard is not expected to have a significant effect on the company's future financial position or results of operations.
 Edgar Wallner, president of Orthofix, commented that the results continue to be in line with expectations with all products performing well.
 Additionally, Orthofix confirmed that during the quarter it acquired a further 4 percent of the equity of Novamedix Ltd., in accordance with its option to purchase a majority holding in that company. This investment takes the company's holding in Novamedix to 44 percent.
 Novamedix manufactures a patented device for improving venous flow and reducing the incidence of deep vein thrombosis (blood clots).
 Orthofix International N.V. is a leading producer of external fixation devices, limb lengthening and bone reconstruction equipment. External fixation is generally less invasive, more cost effective and offers better clinical results than alternative methods. The company sells its products through independent distributors in 54 countries and through D.M.O. Srl in Italy. Sales have increased from $7.9 million in 1988 to $28.0 million in 1992. Orthofix completed its initial public offering in April 1992.
 ORTHOFIX INTERNATIONAL N.V.
 Consolidated Income Statements
 (In thousands, except per share and share data)
 Three months ended March 31 1993 1992
 (Unaudited) (Unaudited)
 Net sales $7,804 $7,138
 Cost of sales 2,507 2,075
 Gross profit 5,297 5,063
 Operating expenses:
 Sales and marketing 1,545 1,580
 General and administrative 845 698
 Research and development costs 389 388
 Total 2,779 2,666
 Operating income 2,518 2,397
 Other income (expense) 54 (441)
 Net income (loss) of affiliate 28 (25)
 Net income before tax 2,600 1,931
 Income tax expense (736) (403)
 Net income before minority interests 1,864 1,528
 Minority interests (35) (35)
 Net income $1,829 $1,493
 Income per common share $0.17 $0.17
 Weighted average number of common
 shares on a historical basis
 using the Treasury Stock method 10,804,485 8,749,400
 ORTHOFIX INTERNATIONAL N.V.
 Consolidated Balance Sheets
 (In thousands)
 3/31/93 12/31/92
 (Unaudited) (Audited)
 ASSETS
 Current assets:
 Cash and cash equivalents $15,246 $15,171
 Current portion of restricted cash 210 --
 Trade accounts receivable 9,965 9,201
 Inventories 2,212 2,282
 Other current assets 2,504 2,784
 Total current assets 30,137 29,418
 Investment in affiliate 2,701 1,701
 Property, plant and equipment, net 2,001 2,240
 Intangible assets, net 3,204 3,152
 Total assets $38,043 $36,511
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Bank borrowings $ 1,708 $ 1,990
 Current portion of long-term debt 91 193
 Trade accounts payable 2,485 2,646
 Other current liabilities 2,279 1,699
 Total current liabilities 6,563 6,528
 Long-term debt 681 736
 Deferred taxation 505 560
 Deferred compensation 309 315
 Minority interests 386 351
 Total liabilities 8,444 8,490
 Shareholders' equity:
 Common shares 1,036 1,035
 Additional paid-in capital 24,181 24,155
 Less treasury shares, at cost (232) (232)
 Total 24,985 24,958
 Accumulated earnings 6,615 4,786
 Cumulative currency translation
 adjustments (2,001) (1,723)
 Total shareholders' equity 29,599 28,021
 Total liabilities and shareholders' equity $38,043 $36,511
 ORTHOFIX INTERNATIONAL N.V.
 Consolidated Statements of Cash Flows
 (In thousands)
 Three months ended March 31 1993 1992
 (Unaudited) (Unaudited)
 Net cash provided by operating activities $ 1,239 $ 810
 Cash flows from investing activities:
 Investment in affiliate (1,000) --
 Capital expenditure (120) (155)
 Net cash used by investing activities (1,120) (155)
 Cash flows from financing activities:
 Repayment of loans (92) (988)
 Repayment of borrowings (32) (983)
 Restricted cash 200 787
 Proceeds from issuance of common stock, net 27 --
 Net cash (used) provided by financing
 activities 103 (1,184)
 Effect of exchange rate changes on cash (136) 443
 Net increase (decrease) in cash and cash
 equivalents 86 (86)
 Cash and cash equivalents at the beginning
 of the year 15,160 1,055
 Cash and cash equivalents at the end of the
 period $15,246 $ 969
 -0- 4/26/93
 /CONTACT: Edgar Wallner, president, or Peter Clarke of Orthofix, in the U.K., 011-44-491-579600, or fax, 011-44-491-579750; or Cathleen Mayrose or Joe Mileti of Dewe Rogerson, in New York, 212-688-6840, or fax, 212-838-3393, for Orthofix/
 (OFIXF)


CO: Orthofix International N.V. ST: IN: MTC SU: ERN

SH-GK -- NY085 -- 0806 04/26/93 14:39 EDT
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