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AMSCO INTERNATIONAL REPORTS INCREASED FOURTH QUARTER SALES AND EARNINGS AND ANNOUNCES FAS 106 ACCOUNTING CHANGE

 PITTSBURGH, Feb. 11 /PRNewswire/ -- AMSCO International, Inc. (NYSE: ASZ) today reported increased net sales and earnings for the fourth quarter ended Jan. 3, 1993.
 Earnings for the year were reduced by an accounting change related to postretirement medical benefits (FAS 106) which was recorded in a cumulative manner as of the beginning of fiscal 1992.
 Net sales for the fourth quarter were $163.9 million, up 22 percent from $134.8 million for this period last year. Net income was $15.3 million, up 13 percent from $13.5 million, while fully diluted earnings per share of $.46 were up 10 percent from $.42 for this quarter a year ago. Per share results for the quarter include a net after tax loss of $2.6 million or $.07 per share related to start-up costs of AMSCO Sterile Recoveries, Inc. (ASRI). Revenues from Finn-Aqua Santasalo-Sohlberg Oy (Finn-Aqua) acquired on Feb. 28, 1992, contributed $16.4 million or 12 percent points of the sales growth for the quarter.
 Net sales for the year totaled $498.2 million, up 23 percent from $405.2 million last year. Net income for the year was $11.9 million or $.37 per share on a fully diluted basis, including the cumulative after tax charge of $24.2 million or $.76 per share related to the FAS 106 accounting change recorded as of the beginning of the first quarter of 1992. Had the company not made this accounting change at this time, net income for the year would have been $37.7 million, up 33 percent from $28.4 million, while fully diluted earnings per share would have been $1.18, up 26 percent from $.94 a year ago. Per share results for the year include a net after tax loss of $5.5 million or $.17 per share related to start-up costs of the ASRI subsidiary, as well as other income of $.04 per share from a third quarter patent litigation settlement. Finn-Aqua revenues of $40.1 million for the 10 months since acquisition represented 10 percent points of consolidated revenue growth for the year.
 The company's year-end backlog of customer purchase orders for health care and scientific equipment totaled $84.6 million compared to $79.2 million this time last year, according to Chief Executive Officer, David A. Nelson. Nelson stated that the backlog includes orders for $22.9 million related to Finn-Aqua, some of which replaced orders that would have previously been filled by AMSCO's domestic operations. Nelson further stated that entering 1993 with a lower domestic equipment order backlog, as well as continuing investments in ASRI could result in difficult near-term historical earnings comparisons.
 AMSCO International is a leading provider of infection control, decontamination and surgical products and services to health care, scientific and industrial customers.
 AMSCO INTERNATIONAL, INC. AND SUBSIDIARIES
 Consolidated Summary Balance Sheets
 (dollars in thousands)
 Period Ended Jan. 3, 1993 Dec. 29, 1991
 Assets
 Cash $7,705 $6,764
 Marketable securities 48,597 --
 Accounts receivable 147,467 121,149
 Inventories 70,220 39,905
 Other current assets 5,019 2,410
 Total current assets 279,008 170,228
 Tangible assets held for
 lease, net 18,157 --
 Property, plant & equipment, net 99,322 67,511
 Intangibles and other assets 124,855 87,913
 Total assets 521,342 325,652
 Liabilities and stockholders'
 equity
 Current portion of long-term
 indebtedness 1,140 9,098
 Other current liabilities 100,283 79,848
 Total current liabilities 101,423 88,946
 Long-term indebtedness 166,519 28,683
 Accrued postretirement
 benefit obligation 40,031 --
 Deferred income taxes & other
 long-term liabilities 3,626 10,145
 Stockholders' equity 209,743 197,878
 Total liabilities and
 stockholders' equity 521,342 325,652
 AMSCO INTERNATIONAL, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (dollars in thousands - except per share data)
 Period Ended Quarter 12 Months
 1/3/93 12/29/91 1/3/93 12/29/91
 Net sales $163,859 $134,843 $498,168 $405,248
 Cost of sales 96,380 82,787 299,809 247,599
 Gross profit 67,479 52,056 198,359 157,649
 Marketing, general &
 admin. & R&D expense 36,000 26,978 123,709 96,293
 Amortization expense 2,370 2,007 8,913 7,865
 Income from operations 29,109 23,071 65,737 53,491
 Interest expense 4,498 885 8,562 5,862
 Other (income) expense,
 net 851 205 (1,222) 615
 Income before income taxes
 & cumulative effect of
 change in accounting
 principle 23,760 21,981 58,397 47,014
 Provision for income
 taxes 8,489 8,499 22,243 18,614
 Income before cumulative
 effect of change in
 accounting principle 15,271 13,482 36,154 28,400
 Cumulative effect of
 change in accounting
 principle for
 postretirement medical
 benefits, net of tax -- -- (24,219) --
 Net income 15,271 13,482 11,935 28,400
 Primary income per
 common share:
 Income before cumulative
 change in accounting
 principle $.47 $.43 $1.13 $.95
 Cumulative change in
 accounting principle -- -- $(.76) --
 Net income $.47 $.43 $.37 $.95
 Weighted average shares
 outstanding 32,223,867 31,594,364 31,911,498 29,881,189
 Fully diluted income
 per common share:
 Income before cumulative
 change in accounting
 principle $.46 $.42 $1.13 $.94
 Cumulative change in
 accounting principle -- -- $(.76) --
 Net income $.46 $.42 $.37 $.94
 Weighted average shares
 outstanding 34,972,253 31,794,315 32,037,151 30,350,853
 -0- 2/11/93
 /CONTACT: Anthony M. Lacenere, vice president, financial affairs of AMSCO International, 412-338-6519/
 (ASZ)


CO: AMSCO International, Inc. ST: Pennsylvania IN: MTC SU: ERN

CD-PT -- PG003 -- 5507 02/11/93 08:12 EST
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Date:Feb 11, 1993
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