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PERRIGO COMPANY ANNOUNCES STRONG QUARTER OF SALES, EARNINGS GROWTH AND EXECUTIVE APPOINTMENTS

 ALLEGAN, Mich., May 11 /PRNewswire/ -- The Perrigo Company (NASDAQ-NMS: PRGO) today announced earnings of $11,251,000 for the third quarter ended March 31, 1993, an increase of 37 percent over last year's third quarter. Earnings per share increased to $0.29 in the third quarter, up from $0.21 in the prior year quarter. Net sales for the three months ended March 31, 1993, were $142,157,000, an 18-percent increase from the same period last year.
 For the nine months ended March 31, 1993, net income was $33,429,000 as compared to $21,039,000 in fiscal 1992, a gain of 59 percent. Earnings per share were $0.86 for the nine months, up from $0.63 last year. For the first three quarters of fiscal 1993, net sales increased 42 percent to $426,112,000 from $300,995,000 last year. On a proforma basis, including sales of Cumberland-Swan, which was acquired in January 1992, for the first six months of fiscal 1992, net sales for the nine- month period increased by 21 percent.
 Chairman and CEO Michael Jandernoa reported, "The strong performance for the third quarter and first nine months of fiscal 1993 illustrates the exceptional demand for high-quality store brand products. In the third quarter, while sales for the total category of cough and cold products (including both national brands and store brands) were not as strong as in past years, Perrigo achieved an increase of 18 percent in sales of cough and cold products.
 "We are very pleased that Perrigo employees continue to create opportunities for profitable growth by delivering superior value to consumers. Increased awareness and popularity of store brand products will require Perrigo to invest a record amount in capital expenditures for fiscal 1993. Through the first nine months of our fiscal year, we have invested $45 million to expand our operations. Increased capacity for our manufacturing and packaging facilities will be a key strategic focus for both this year and next year."
 The Perrigo Company today also announced that Mark Olesnavage, executive vice president, will assume new responsibilities for sales and marketing, replacing Paul Nicholson, executive vice president - Sales and Marketing, who is resigning effective May 31, 1993, to pursue other interests.
 Olesnavage has been with the Perrigo Company since 1981 and most recently was named executive vice president responsible for operations and pharmaceutical business development. Olesnavage will continue to be responsible for pharmaceutical business development in addition to his new role in sales and marketing. Previously, Olesnavage has held the positions of vice president of Marketing and vice president of Pharmaceutical Business Development for the Perrigo Company. The operations functions will now report directly to Richard Hansen, president of the Perrigo Company.
 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.
 Headquartered in Allegan, Perrigo employs more than 3,200 nationwide. Founded in 1887, Perrigo sales were $410 million for fiscal year ended June 30, 1992.
 PERRIGO COMPANY AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per-share amounts; unaudited)
 Three Months Ended Nine Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Net sales $142,157 $120,831 $426,112 $300,995
 Cost of sales 101,176 86,940 302,602 214,127
 Gross profit 40,981 33,891 123,510 86,868
 Operating expenses:
 Distribution 4,528 3,800 13,880 6,629
 Research and
 development 1,269 854 3,700 2,543
 Selling and
 administrative 16,672 14,780 50,833 37,327
 Operating income 18,512 14,457 55,097 40,369
 Interest expense 861 1,642 2,568 7,330
 Income before income
 taxes 17,651 12,815 52,529 33,039
 Income taxes 6,400 4,600 19,100 12,000
 Net income $11,251 $8,215 $33,429 $21,039
 Earnings per
 common share $.29 $.21 $.86 $.63
 Weighted average no.
 of common shares
 outstanding 38,733 38,571 38,675 33,527
 PERRIGO COMPANY AND SUBSIDIARIES
 SELECTED BALANCE SHEET DATA
 (In thousands)
 March 31, June 30,
 1993 1992
 Current assets $202,629 $163,594
 Property and equipment, net 152,423 117,148
 Other assets 34,619 36,204
 $389,671 $316,946
 Current liabilities $73,379 $72,465
 Deferred income taxes 15,479 14,744
 Long-term debt 77,323 45,999
 Shareholders' equity 223,490 183,738
 $389,671 $316,946
 -0- 5/11/93
 /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 -- DE003 -- 6849 05/11/93 08:19 EDT
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