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PERRIGO COMPANY REPORTS RECORD QUARTER OF SALES AND EARNINGS

 PERRIGO COMPANY REPORTS RECORD QUARTER OF SALES AND EARNINGS
 / NOTE: Following is repeat due to garble in fifth paragraph /
 ALLEGAN, Mich., Nov. 12 /PRNewswire/ -- The Perrigo Company (NASDAQ-NMS: PRGO) today announced record earnings of $10,402,000 for the first quarter ended Sept. 30, 1992, an increase of 69 percent over last year's first quarter. Earnings per share increased to $.27 in the first quarter up from $.20 in the prior-year quarter.
 Net sales for the three months ended Sept. 30, 1992, were $142,932,000, a 64-percent increase of the same period last year. On a proforma basis, including Cumberland-Swan, net sales increased by an outstanding 27 percent. Higher sales were attributable to gains in strong store brand sales experienced at the retail level.
 Chairman and CEO Michael Jandernoa reported, "We are proud our employees achieved another record quarter to begin an exciting year for the Perrigo Company. Through their efforts, we continue to expand our business. In August 1992, we began construction on a $25 million state- of-the-art tablet manufacturing facility in Allegan, Mich. This facility will increase our annual tablet manufacturing capacity to approximately 20 billion tablets and will be operational in the fall of 1993. Other major facility expansions in progress include a $2 million raw materials warehouse in Greenville, S.C.; a $4 million tablet packaging plant addition in Allegan, Mich., and continuing expansion and renovation in Smyrna, Tenn. -- part of the transition of Cumberland-Swan to Perrigo's personal care division."
 Jandernoa announced, "In November 1992, the company received approval from the Food and Drug Administration to manufacture and market Loperamide Hydrochloride Caplets to the store brand market. Loperamide, comparable to Imodium AD(R), is an over-the-counter drug often recommended for the control of acute diarrhea. Loperamide Caplets complement Loperamide Liquid, for which Perrigo received approval in January 1992 and has marketed since March 1992. Also in November 1992, Perrigo announced it will begin marketing Miconazole Nitrate 2 Percent Cream, which is comparable to Monistat(R) 7, through an exclusive joint product development and marketing agreement. Miconazole Cream is an over-the-counter drug used in the treatment of vaginal yeast infections."
 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
 Sept. 30,
 1992 1991
 Net sales $142,932 $87,129
 Cost of sales 101,481 61,740
 Gross profit 41,451 25,389
 Operating expenses:
 Distribution 5,098 1,400
 Research and development 1,105 775
 Selling and administrative 17,972 10,952
 Operating income 17,276 12,262
 Interest expense 874 2,601
 Income before income taxes 16,402 9,661
 Income taxes 6,000 3,500
 Net income $10,402 $6,161
 Earnings per common share $0.27 $0.20
 PERRIGO COMPANY AND SUBSIDIARIES
 SELECTED BALANCE SHEET DATA
 (In thousands)
 Sept. 30, June 30,
 1992 1992
 Current assets $187,406 $163,594
 Property & equipment, net 123,760 117,148
 Other assets 35,738 36,204
 $346,904 $316,946
 Current liabilities $76,948 $72,465
 Deferred income taxes 14,970 14,744
 Long-term debt 60,801 45,999
 Shareholders' equity 194,185 183,738
 $346,904 $316,946
 -0- 11/12/92
 /CONTACT: Thomas J. Ross, director of Investor Relations, Perrigo Company, 616-673-9125/
 (PRGO) CO: Perrigo Company ST: Michigan IN: MTC SU: ERN


SB-MJ -- DE012 -- 0100 11/12/92 10:25 EST
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Publication:PR Newswire
Date:Nov 12, 1992
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