A. L. LABORATORIES REPORTS FIRST QUARTER EARNINGS
A. L. LABORATORIES REPORTS FIRST QUARTER EARNINGS FORT LEE, N.J., May 13 /PRNewswire/ -- A. L. Laboratories, Inc.
(NYSE: BMD) today reported that for its first quarter ended March 31, 1992, total revenue for its first quarter ended March 31, 1992, total revenue from continuing operations increased 13 percent to $71,216,000 compared with $63,106,000 in 1991. Net income from continuing operations increased 51 percent to $3,568,000 from $2,356,000 in the first quarter last year. Per share earnings from continuing operations on a fully diluted basis rose 43 percent to $.20 compared with $.14 in the same period of 1991.
Consistent with the company's stated intention to concentrate on higher margin specialty products, the company expects to divest the remaining portion of its low-margin Human Nutrition business in September 1992. The company had previously sold trademarks related to its European-based Human Nutrition business in the first quarter of 1991. Effective with the first quarter of 1992, as required, the company is reporting the results of its Human Nutrition business as a discontinued operation. For the three months ended March 31, 1992, net income from discontinued operations was $388,000 or $.02 per share. Including the income recorded in the first quarter of 1991 related to the sale of tradema a multinational manufacturer and marketer of specialized value-added, branded pharmaceuticals and animal health micronutrients, with plant sites in Chicago Heights, Ill., Niagara Falls and Glendale, N.Y.; Baltimore; Bellevue, Wash.; Copenhagen, Denmark; and Jakarta, Indonesia. A. L. LABORATORIES, INC. Consolidated Statements of Income (In thousands, except per share data) (unaudited) Three months ended March 31 1992 1991(A) Total revenue $71,216 $63,106 Cost of sales 38,956 33,804 Gross profit 32,206 29,302 S,G&A expenses 23,378 21,737 Operating income 8,882 7,565 Interest expense (3,071) (3,033) Other, net 236 129 Income from continuing operations before provision for income taxes 6,047 4,661 Provision for income taxes 2,479 2,305 Income from continuing operations 3,568 2,356 Income from discontinued operations, net of tax 388 1,948 Net income 3,956 4,304 Average common shares outstanding: Primary 17,086 16,858 Fully diluted 21,558 21,507 Earnings per common share: Primary Income from continuing operations $.21 $.14 Net income $.23 $.26 Fully diluted Income from continuing operations $.20 $.14 Net income $.22 $.24 Dividend per common share $.045 $.04 (A) Restated to reflect the Human Nutrition business as a discontinued operation. A. L. LABORATORIES, INC. Financial Position (In thousands) 3/31/92 12/31/91 (Unaudited) (Audited) Current assets $142,096 $159,540 Non-current assets 194,559 199,290 Total assets 336,655 358,830 Current liabilities 84,121 105,720 Long-term debt: Senior 59,193 59,197 7-3/4 percent subordinated convertible debentures 59,511 60,197 Deferred taxes and other liabilities 19,585 19,710 Stockholders' equity 114,245 114,006 Total liabilities and stockholders equity 336,655 358,830 -0- 5/13/92 /CONTACT: Iris D. Daniels of A. L. Laboratories, 201-947-7774, or David Walke of Morgen-Walke, 212-986-5900, for A. L. Laboratories/ (BMD) CO: A. L. Laboratories, Inc. ST: New Jersey IN: MTC SU: ERN
KD -- NYW009 -- 9461 05/13/92 08:02 EDT
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|Date:||May 13, 1992|
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