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WESTMARK REPORTS RECORD FIRST-QUARTER RESULTS

 WESTMARK REPORTS RECORD FIRST-QUARTER RESULTS
 SEATTLE, April 14 /PRNewswire/ -- Westmark International


(NASDAQ: WMRK) today reported record first-quarter results for the quarter ending March 27, 1992.
 Net income rose to $6.7 million, or 63 cents per share, in the first quarter of 1992, compared with $5.9 million, or 60 cents per share, in the first quarter of 1991. Excluding the effect of the arbitration award reported in the first quarter of 1991, foreign exchange losses, the realization of tax loss carryforwards and other non-recurring items, the company's net income more than doubled, increasing by 120 percent.
 First-quarter revenues totalled $137.5 million, a 15-percent increase compared with the first quarter of 1991. Revenues for Advanced Technology Laboratories Inc. (ATL), the company's ultrasound business, grew 18 percent. Revenues for SpaceLabs, Westmark's patient monitoring and clinical information business, increased 12 percent. The company's percent gross margin achieved a new record and increased to 48.8 percent in the first quarter of 1992.
 "We are pleased with the continuing progress of our two businesses. Bookings during the quarter increased at the highest quarterly rate since the end of 1987. This strength was reflected in both the domestic and international operations of each of our two businesses," said Dennis C. Fill, Westmark chairman and chief executive officer.
 "The worldwide competitive strengths of ATL's High Definition(TM) Imaging (HDI|TM~) digital ultrasound technology and SpaceLabs' PCMS(TM) (Patient Care Management System) provide a strong foundation for the future success of ATL and SpaceLabs as independent, public companies."
 Subject to shareholder approval, Westmark expects its subsidiaries, ATL and SpaceLabs, to become independent, publicly traded companies at the end of June. The company filed preliminary proxy materials in early March with the Securities and Exchange Commission and expects that the proxy will be mailed to shareholders shortly.
 Westmark, with headquarters in Seattle, is a worldwide developer, manufacturer and distributor of diagnostic ultrasound systems and patient monitoring and clinical information systems through its subsidiaries, Advanced Technology Laboratories Inc. in Bothell, Wash., and SpaceLabs Inc. in Redmond, Wash.
 WESTMARK INTERNATIONAL INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands)
 March 27, Dec. 27,
 1992 1991
 (unaudited)
 ASSETS
 CURRENT ASSETS
 Cash and short-term investments $ 86,544 $ 74,825
 Receivables 136,873 138,039
 Inventories 102,015 103,059
 Prepaid expenses 4,512 2,912
 Deferred income taxes 31,751 31,002
 Total 361,695 349,837
 Property plant and equipment, net 80,246 80,992
 Other assets 21,364 21,665
 Total $463,305 $452,494
 LIABILITIES AND SHAREHOLDERS' EQUITY
 CURRENT LIABILITIES
 Short-term borrowings $ 7,351 $ 9,974
 Current portion of long-term debt 700 700
 Accounts payable and accrued expenses 74,340 74,923
 Deferred revenue 27,761 27,721
 Taxes on income 5,366 6,090
 Total 115,518 119,408
 Long-term debt 13,125 13,300
 Other liabilities 6,474 6,229
 Shareholders' equity 328,188 313,557
 Total $463,305 $452,494
 Common shares outstanding 10,418 9,924
 WESTMARK INTERNATIONAL INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited, in thousands except per-share data)
 Three Months Ended: March 27, March 29,
 1992 1991
 Revenues $137,487 $119,671
 Cost of sales and service 70,455 62,305
 Gross margin 67,032 57,366
 OPERATING EXPENSES
 Marketing and administrative 40,225 36,323
 Research and development 15,796 15,583
 Other expense (income), net 1,923 (3,342)
 Total 57,944 48,564
 Income from operations 9,088 8,802
 Investment income, net 811 582
 Income before taxes 9,899 9,384
 Taxes 3,242 3,472
 Net income $ 6,657 $ 5,912
 Net income per share $ 0.63 $ 0.60
 Weighted average common shares
 and equivalents outstanding 10,625 9,902
 -0- 4/14/92
 /CONTACT: Anne Marie Bugge of Westmark International, 206-682-6800/
 (WMRK) CO: Westmark International Inc. ST: Washington IN: MTC SU: ERN


SC-LM -- SE010 -- 8296 04/14/92 16:15 EDT
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