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PERRIGO COMPANY REPORTS 70-PERCENT INCREASE IN EARNINGS AND CONTINUED STRONG SALES GROWTH

 PERRIGO COMPANY REPORTS 70-PERCENT INCREASE IN EARNINGS
 AND CONTINUED STRONG SALES GROWTH
 ALLEGAN, Mich., Feb. 18 /PRNewswire/ -- The Perrigo Company (NASDAQ-NMS: PRGO) today reported its fiscal-year 1992 second-quarter earnings of $6,663,000, a 70-percent increase over year-earlier levels.
 Earnings per share of 21 cents were 62 percent higher than the 13 cents earned in the second-quarter 1991.
 Revenues increased by 24.2 percent to $93,035,000 during the second quarter of fiscal-year 1992 from $74,897,000 during the same period in fiscal-year 1991. This increase was primarily attributable to increased sales of analgesics, cough and cold remedies, oral hygiene products and vitamins. Analgesic sales have increased as a result of significant ibuprofen unit sales growth. Sales of cough and cold remedies increased as a result of increased sales to existing customers resulting from a strong cough and cold season at the retail level. Vitamin sales continue to increase as a result of increased sales to existing customers and sales to new customers during the current year.
 The company's revenues increased by 29.1 percent to $180,164,000 during the first six months of fiscal-year 1992 from $139,524,000 during the same period in fiscal-year 1991. This increase was primarily attributable to increased sales of analgesics, cough and cold remedies and vitamins. The company believes that increased sales of cough and cold remedies were a result of its customers' acceptance of the company's first-quarter "early ship" promotional program and increased sales to existing customers caused by a strong cough and cold season at the retail level. As mentioned above, sales of analgesics increased as a result of increased ibuprofen unit sales. Analgesic sales typically increase with increased sales of cough and cold remedies. Sales of vitamins, the market for which has been substantially unchanged, continue to increase for Perrigo as a result of increased sales to existing customers, sales to new customers and a new promotional program introduced by one of the company's major customers.
 In January 1992, the company completed its acquisition of Cumberland-Swan, Inc. of Smyrna, Tenn., a major manufacturer of personal-care products for the store-brand industry. The financial results for Cumberland will be included in the company's financial statements beginning in the company's fiscal 1992 third quarter.
 Also in January 1992, the company obtained approval from the Food and Drug Administration to manufacture and market Loperamide liquid, an over-the-counter anti-diarrheal drug comparable to Imodium AD. Initial shipments are expected to begin within 30 days.
 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. The company attributes its leadership position in the store-brand market to its commitment to customer service, its focus on quality, and its emphasis on low-cost production.
 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
 1991 1990 1991 1990
 Revenues $93,035 $74,897 $180,164 $139,524
 Cost of products sold 65,447 54,646 127,187 101,502
 Gross profit 27,588 20,251 52,977 38,022
 Costs & expenses
 Distribution 1,429 1,188 2,829 2,455
 Research and development 914 386 1,689 777
 Selling & administrative 11,595 9,107 22,547 18,386
 Operating income 13,650 9,570 25,912 16,404
 Interest expense 3,087 3,345 5,688 6,783
 Income before income
 taxes 10,563 6,225 20,224 9,621
 Income taxes 3,900 2,300 7,400 3,600
 Net income $6,663 $3,925 $12,824 $6,021
 Earnings per common share:
 Primary $0.21 $0.13 $0.41 $0.20
 Fully diluted $0.21 $0.13 $0.41 $0.20
 Weighted average no. of
 common shares outstanding:
 Primary 31,623 30,286 30,936 30,258
 Fully diluted 31,687 30,351 31,000 30,322
 -0- 2/18/92
 /CONTACT: M. James Gunberg of Perrigo Company, 616-673-8451/
 (PRGO) CO: Perrigo Company ST: Michigan IN: MTC SU: ERN


DH-ML -- DE003 -- 9770 02/18/92 09:12 EST
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Date:Feb 18, 1992
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