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A.L. LABORATORIES CALLS OUTSTANDING CONVERTIBLE SUBORDINATED DEBENTURES

A.L. LABORATORIES CALLS OUTSTANDING CONVERTIBLE SUBORDINATED DEBENTURES
 FORT LEE, N.J., Sept. 23 /PRNewswire/ -- A.L. Laboratories, Inc. (NYSE: BMD) today announced that the company has called all of its outstanding 7-3/4 percent convertible subordinated debentures for redemption on Oct. 23, 1992. The principal amount of debentures presently outstanding is $55.2 million. In accordance with the provisions of the debentures, holders have an option to either convert debentures into shares of A. L. Laboratories, Inc. or receive the cash redemption price.
 Bondholders have until Oct. 8, 1992 to elect to receive shares.
 Should the bondholder elect to receive stock, each $1,000 face amount held would convert, at the conversion price of $13.75 per share, into 72.73 shares of Class A common stock (the closing price of the company's stock on Sept. 22, 1992 was $21.625). Otherwise, for each $1,000 face amount held, the bondholder would receive a cash redemption price in the amount of $1,083.92 (face amount, plus conversion premium, plus accrued interest).
 Jeffrey E. Smith, executive vice president and member of the office of the chief executive of A. L. Laboratories, Inc. said, "Conversion of our debentures will further strengthen our financial position and increase earnings. In view of the current market price of our shares, we anticipate that substantially all of the Debentures will be converted into stock. This would result in the company's stockholders' equity increasing over $50 million with a corresponding reduction in long-term debt. At the same time, earnings will increase on an annualized basis as a result of the elimination of over $4 million of interest currently being paid on the bonds."
 At June 30, 1992, prior to calling the bonds, A. L. Laboratories reported total assets of $338.4 million, stockholders' equity of $121.1 million and long-term debt (including the convertible subordinated debentures) of $114.2 million.
 A. L. Laboratories is 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, Md.; Bellevue, Wash.; Copenhagen, Denmark; and Jakarta, Indonesia.
 -0- 9/23/92
 /CONTACT: Iris Daniels of A.L. Laboratories, 201-947-7774, or David Walke or June Filingeri of Morgen-Walke Associates, 212-986-5900, for A.L. Laboratories/
 (BMD) CO: A.L. Laboratories, Inc. ST: New Jersey IN: HEA SU:


SM -- NY051 -- 2641 09/23/92 12:25 EDT
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Publication:PR Newswire
Date:Sep 23, 1992
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