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SUNRISE MEDICAL REPORTS RECORD THIRD QUARTER NET INCOME UP 64 PERCENT

SUNRISE MEDICAL REPORTS RECORD THIRD QUARTER NET INCOME UP 64 PERCENT
 TORRANCE, Calif., April 27 /PRNewswire/ -- Sunrise Medical Inc. (NASDAQ: SNMD) announced today a 64 percent increase in net income to $3.2 million for its third fiscal quarter ending March 27, 1992. Earnings per share increased 37 percent to $.48 vs. $.35 on a fully diluted basis last year. Sales reached $62.2 million, a growth of 21 percent from last year's $51.2 million. This marks Sunrise Medical's 13th consecutive quarter of record sales, net income and earnings per share.
 For the first nine months, sales increased 14 percent to $167.2 million, net income climbed 47 percent to $7.5 million, and earnings per share reached $1.17, an increase of 23 percent over last year's fully diluted figure of $.95.
 Commenting on the announcement, Richard H. Chandler, chairman and president of Sunrise Medical, said, "We are extremely pleased with the results of our third quarter, which reflect the impact both of new product introductions and recent acquisitions. Corporate profit margins were the highest of any third quarter in our history, despite record spending on R&D, which was up 49 percent. Sales and earnings of our Rehabilitation Group showed substantial improvements. Sales of custom wheelchairs in North America were especially strong, increasing 26 percent before the effect of any acquisitions. Profits of the Recovery Group rebounded despite flat sales as a result of improved operating margins, reflecting increased rental revenues from air therapy products and a favorable product mix."
 Sunrise Medical announced three significant European acquisitions during the quarter: Sopur GmbH, Germany's leading custom lightweight wheelchair company; Talleres Uribarri, S.L., the Spanish market leader in standard wheelchairs and patient aids; and selected assets of Amigo Benelux N.V., which formed the basis for Sunrise establishing new distribution companies in France and The Netherlands.
 Commenting on the acquisitions, Mr. Chandler said, "The Sopur and Uribarri acquisitions contributed meaningfully to sales and net income growth in the quarter. Both these companies and the three recently acquired small domestic companies (Health Products, Hoyer and Dufco) have been meeting or exceeding our expectations. Taken together, these acquisitions increased sales about 10 percent for the quarter and had a similar impact on net income and earnings per share. We expect this positive contribution to continue, and perhaps increase, going forward. Meanwhile, our base business is strengthening across all divisions, and our backlog is at an all-time high."
 Sunrise Medical designs, manufactures and markets internationally medical products used in the rehabilitation and recovery phases of patient care. Products include custom manual and electric wheelchairs, ambulatory and bath safety aids, patient-room beds and furnishings and therapeutic mattresses for the management of pressure sores. Sunrise products are designed to meet the special needs of three groups of people: the disabled, the elderly and the recovering patient.
 SUNRISE MEDICAL INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (dollars and shares in thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 March 27, March 29, Growth March 27, March 29, Growth
 Net sales $62,232 $51,247 21 $167,191 $147,125 14
 Cost of
 sales 40,016 34,223 17 110,053 97,535 13
 Gross profit 22,216 17,024 30 57,138 49,590 15
 Divisional
 operating
 expenses 14,615 11,720 25 39,192 34,376 14
 Corporate
 expenses 886 794 12 2,573 2,347 10
 Amortization
 of goodwill
 and other
 intangibles 533 376 42 1,187 1,118 6
 Corporate
 operating
 income 6,182 4,134 50 14,186 11,749 21
 Other (expense)
 income:
 Interest
 expense (891) (988) (10) (1,686) (3,171) (47)
 Interest
 income and
 other, net 71 (62) (a) 71 (64) (a)
 Income before
 taxes 5,362 3,084 74 12,571 8,514 48
 Income taxes 2,209 1,166 89 5,112 3,446 48
 Net income $3,153 $1,918 64 $7,459 $5,068 47
 Earnings per
 share:
 Primary
 Net income $0.48 $0.39 23 $1.18 $1.06 11
 Weighted
 average
 number of
 shares
 outstanding 6,536 4,884 34 6,343 4,763 33
 Fully diluted
 Net income $0.48 $0.35 37 $1.17 $0.95 23
 Weighted
 average
 number of
 shares
 outstanding 6,536 6,202 5 6,355 6,186 3
 (a) Percentage not meaningful.
 -0- 4/27/92
 /CONTACT: Ted N. Tarbet, CFO of Sunrise Medical, 310-328-8018; or Susan Noonan of Noonan/Russo Communications, 212-979-9180, for Sunrise Medical/
 (SNMD) CO: Sunrise Medical Inc. ST: California IN: HEA SU: ERN


EH-KJ -- LA007 -- 2960 04/27/92 09:06 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
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