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PERRIGO COMPANY ANNOUNCES RECORD QUARTER OF SALES AND EARNINGS

 ALLEGAN, Mich., Feb. 9 /PRNewswire/ -- The Perrigo Company (NASDAQ-NMS: PRGO) today announced a record second quarter for fiscal 1993. Sales and profits reached new highs for both the three months and six months ended Dec. 31, 1992.
 Net sales for the quarter were $141,023,000, an increase of 52 percent from $93,035,000 in the same period last year. On a proforma basis, including sales of Cumberland-Swan for last year, sales increased by a strong 20 percent.
 Net income for the second quarter reached $11,776,000, an increase of 77 percent from the comparable period in fiscal 1992. Earnings per share increased to $0.30 from $0.21 last year.
 For the six months ended Dec. 31, 1992, net sales increased 58 percent to $283,955,000 from $180,164,000 last year. On a proforma basis, including Cumberland-Swan, net sales increased by over 23 percent.
 For the first half of fiscal 1993, net income was $22,178,000 as compared to $12,824,000 in fiscal 1992, a gain of 73 percent. Earnings per share were $.57 for the six-month period, up from $.41 last year.
 Chairman and CEO Mike Jandernoa reported: "The excellent performance for the second quarter and first half of the fiscal year reflects the tremendous opportunities for Perrigo as consumers seek the quality and value of store brand products. By creating exceptional value for consumers, retailers and shareholders, Perrigo's employees continue to deliver record results while managing our company's exciting growth."
 Jandernoa noted that Perrigo's expansion plans are on target. "In the first half of fiscal 1993, we've invested over $25 million in capital expenditures to retain our competitive edge. To meet increasing consumer demand, we will continue to expand our manufacturing and packaging capacity."
 Jandernoa continued, "We are very pleased with the progress made to date in establishing Cumberland-Swan as a world-class manufacturer and marketer of personal care products. In the second quarter, we completed the transition to a separate marketing and sales team responsible for personal care products. Now, Cumberland has dedicated resources to expand market share, accelerate product development and enhance customer service."
 As announced in November 1992, Perrigo received FDA approval for Loperamide Caplets and Miconazole Cream. These new products reflect Perrigo's commitment to developing products for the store brand market as many prescription drugs switch to over-the-counter status in the next several years. Initial distribution of Loperamide Caplets has already begun and shipment of Miconazole Cream is expected to begin in early April.
 Perrigo Company is the nation's largest manufacturer of over-the- counter (non-prescription) pharmaceuticals and personal care products for the store brand market. Store brand products are sold under a retailer's own label and compete with nationally advertised brand name products. The company's customers are major national and regional retail drug, supermarket and mass merchandise chains and major wholesalers. The company's products include over-the-counter pharmaceuticals (such as analgesics, cough and cold remedies, antacids, laxatives, suppositories and diet products), personal care products (such as toothpaste and mouthwash, hair care products, deodorants and antiperspirants, baby care products, and skin care and sun care products) and vitamins.
 PERRIGO COMPANY AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per-share amounts; unaudited)
 Three Months Ended Six Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Net sales $141,023 $93,035 $283,955 $180,164
 Cost of sales 99,945 65,447 201,426 127,187
 Gross profit 41,078 27,588 82,529 52,977
 Operating expenses:
 Distribution 4,254 1,429 9,352 2,829
 Research and development 1,326 914 2,431 1,689
 Selling and
 administrative 16,189 11,595 34,161 22,547
 Operating income 19,309 13,650 36,585 25,912
 Interest expense 833 3,087 1,707 5,688
 Income before income
 taxes 18,476 10,563 34,878 20,224
 Income taxes 6,700 3,900 12,700 7,400
 Net income $11,776 $6,663 $22,178 $12,824
 Earnings per common share $.30 $.21 $.57 $.41
 Weighted average no. of
 common shares
 outstanding 38,688 31,623 38,642 30,936
 PERRIGO COMPANY AND SUBSIDIARIES
 SELECTED BALANCE SHEET DATA
 (In thousands)
 Dec. 31, June 30,
 1992 1992
 Current assets $195,807 $163,594
 Property and equipment, net 136,813 117,148
 Other assets 35,221 36,204
 $367,841 $316,946
 Current liabilities $80,872 $72,465
 Deferred income taxes 15,194 14,744
 Long-term debt 60,464 45,999
 Shareholders' equity 211,311 183,738
 $367,841 $316,946
 -0- 2/9/93
 /CONTACT: Thomas J. Ross, director of investor relations, Perrigo Company, 616-673-9125/
 (PRGO)


CO: Perrigo Company ST: Michigan IN: MTC SU: ERN

DH-ML -- DE008 -- 4481 02/09/93 09:02 EST
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Date:Feb 9, 1993
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