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THE COOPER COMPANIES REPORTS FOURTH QUARTER AND FISCAL YEAR 1992 RESULTS

 NEW YORK, Feb. 2 /PRNewswire/ -- The Cooper Companies, Inc. (NYSE: COO) today reported financial results for its fourth quarter and fiscal year ended Oct. 31, 1992.
 For the quarter, the company reported a net loss applicable to common stock of $17.1 million or $.56 per share on net revenues of $21.9 million, compared with a net loss applicable to common stock of $6.8 million or $.26 per share on net revenues of $10.2 million in the same period a year ago. Of the $17.1 million loss in the fourth quarter of 1992, $13.7 million was attributable to litigation loss reserves and unrealized losses in marketable securities.
 For the 1992 fiscal year, Cooper reported a net loss applicable to common stock of $26.6 million or $.96 per share on net revenues of $63.3 million, compared with a net loss applicable to common stock of $21.7 million or $.84 per share on net revenues of $35.5 million in fiscal 1991. Fiscal 1992 results include net revenues of $11.1 million in the fourth quarter and $19.4 million in the fiscal year from Hospital Group of America, Inc., which the company acquired in the third quarter of fiscal 1992. The 1992 results also include a $9.3 million charge to discontinued operations, $7.0 million of which was recorded in the fourth quarter to increase the company's accrual for breast implant litigation involving a former business unit. In addition, fiscal 1992 results include an extraordinary gain of $0.6 million from the purchase by the company of $5.0 million principal amount of its 10-5/8 percent convertible subordinated reset debentures due 2005 (debentures) compared to an extraordinary gain of $5.4 million from the purchase by the company of $23.2 million principal amount of debentures in fiscal 1991.
 The company's independent auditors have noted in their opinion concerning the company's financial statements that uncertainty about the final liability from litigation raises substantial doubt about the company's ultimate ability to continue as a going concern. Acting Chairman, Arthur C. Bass, stated, "It is important to neither understate nor overstate the significance of these liabilities. Consistent with applicable accounting rules, we have reserved the low end of the company's reasonable estimate of litigation exposure, and the ultimate liability could well exceed that amount.
 "While the difficulties we face are therefore serious, there is also reason to look to the future with a measure of optimism. The fact is that we have grown the company from $35.5 million in revenues in 1992 to over $63 million in revenues in 1992, and to current annualized revenues of nearly $90 million, based on fourth quarter results. The full year loss from continuing operations decreased by $8.6 million from the 1991 level. We suffered no serious setbacks in any of our development stage pharmaceutical projects, and are now on or ahead of schedule for each one.
 "We remain hopeful, therefore, that the growth of our present businesses, together with the anticipated launches over the next several years of new products currently under development, form a credible base for a rebuilding process that will permit us to recover in the longer term much of the shareholder value that our various litigations deny us today.
 /Note to editor: Principal subsidiaries of the Cooper Companies, Inc. are CooperSurgical, Inc., CooperVision, Inc., CooperVision Pharmaceuticals, Inc. and Hospital Group of America, Inc. On Jan. 29, 1993, the company filed its annual report on Securities and Exchange Commission Form 10-K, reporting on 1992 results in greater detail. Copies of the Form 10-K can be obtained upon request to the company./
 THE COOPER COMPANIES, INC. AND SUBSIDIARIES
 Statement of Consolidated Operations
 (In thousands, except per share figures)
 Periods Ended Three Months Year
 Oct. 31 1992 1991 1992 1991
 (Unaudited)
 Net service revenue $11,139 $ -- $19,406 $ --
 Net sales of products 10,744 10,210 43,873 35,524
 Net operating revenue 21,883 10,210 63,279 35,524
 Cost of services provided 10,110 -- 17,353 --
 Cost of products sold 4,247 5,728 18,236 16,979
 Operating expenses 13,005 11,757 47,867 47,895
 Settlement of disputes 3 -- 4,498 --
 Amortization of intangibles 184 257 742 946
 Investment income (loss), net (4,398) 2,882 14,254 12,268
 Gain on sales of assets &
 businesses, net -- -- 1,030 --
 Other income (expense), net 1,529 (99) 772 574
 Interest expense 1,875 1,407 6,697 7,148
 Loss from cont. opers. bef.
 income taxes (10,410) (6,156) (16,058) (24,602)
 Provision for income taxes 212 71 100 201
 Loss from cont. opers. bef.
 extraordinary items (10,622) (6,227) (16,158) (24,803)
 Loss on sale of discont.
 opers., net of taxes (7,000) -- (9,300) --
 Loss before extraord. items (17,622) (6,227) (25,458) (24,803)
 Extraordinary items 640 -- 640 5,428
 Net loss (16,982) (6,227) (24,818) (19,375)
 Less, dividend requirements on
 senior exchangeable redeemable
 restricted voting preferred
 stock 155 612 1,804 2,325
 Net loss applicable to common
 stock (17,137) (6,839) (26,622) (21,700)
 Net inc. (loss) per com. shr.:
 Continuing operations $(.35) $(.26) $(.64) $(1.05)
 Discontinued operations (.23) -- (.34) --
 Loss bef. extraord. items (.58) (.26) (.98) (1.05)
 Extraordinary items .02 -- .02 .21
 Net loss per common share (.56) (.26) (.96) (.84)
 Average number of common
 shares outstanding 30,394 25,922 27,669 25,878
 THE COOPER COMPANIES, INC. AND SUBSIDIARIES
 Consolidated Condensed Balance Sheet
 (In thousands)
 O $ 38,075 $ 76,652
 Restricted cash 747 9,585
 Temporary investments 36,492 58,028
 Trade and other receivables, net 27,590 17,313
 Inventories 14,892 10,906
 Other current assets 2,423 1,373
 Total current assets 120,222 173,857
 Property, plant & equipment, net 39,732 3,593
 Intangibles, net 10,083 8,843
 Other assets 3,910 1,340
 Total 173,947 187,633
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Current installments of long-term debt $ 5,190 $ 1,131
 Other current liabilities 48,738 50,542
 Total current liabilities 53,928 51,673
 Long-term debt:
 10-5/8 percent convertible subordinated
 reset debentures due 2005 43,581 48,012
 Other, less current installments 15,010 645
 Total 58,591 48,657
 Deferred income taxes 15,131 15,601
 Total liabilities 127,650 115,931
 Stockholders' equity:
 Senior exchangeable redeemable restricted
 voting preferred stock, $.10 par value 15 60
 Preferred stock, $.10 par value -- --
 Common stock, $.10 par value 3,018 2,569
 Additional paid-in capital 180,497 182,567
 Translation adjustments (66) 202
 Accumulated deficit (134,938) (110,120)
 Unamortized restricted stock award
 compensation (2,229) (3,576)
 Total stockholders' equity 46,297 71,702
 Total 173,947 187,633
 -0- 2/2/93
 /CONTACT: Marisa A. Heine or Peter C. Harkins of D.F. King & Co., 212-269-5550, for The Cooper Companies, Inc./
 (COO)


CO: The Cooper Companies, Inc. ST: New York IN: HEA SU: ERN

KD-DO -- NY001 -- 1737 02/02/93 10:21 EST
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Date:Feb 2, 1993
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