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APPLIED BIOSCIENCE INTERNATIONAL INC. REPORTS FOURTH QUARTER AND YEAR END FINANCIAL RESULTS

 ARLINGTON, Va., Feb. 25 /PRNewswire/ -- Applied Bioscience International Inc. (NASDAQ: APBI) today reported its fourth quarter and year-end financial results for the period ended Dec. 31, 1992. The results of prior periods have been restated to reflect the acquisition of Pharmaco Dynamics Research Inc. (Pharmaco) on Feb. 28, 1992, in a transaction accounted for as a pooling-of-interests. Results also include Environmental Testing and Certification Corp. (ETC) which was acquired in September 1991 and National Express Laboratories (NATEX) which was acquired on June 30, 1992.
 Revenues for the fourth quarter rose 10.2 percent from $44,358,000 in 1991 to $48,882,000 in 1992. Revenues for the year ended Dec. 31, 1992, were $181,024,000 up 18.3 percent from $153,023,000 for 1991. Revenues from ETC and NATEX contributed $22,631,000 in 1992 and $5,735,000 in 1991.
 For the fourth quarter of 1992 the company reported a net loss of $1,463,000, equivalent to 5 cents per share, after a pre-tax reserve of $6 million for restructuring costs. The restructuring charges relate primarily to the completion of the integration of the company's life sciences business, which consists of Pharmaco, Bio/dynamics and LSR. Excluding the effect of the restructuring charge, fourth quarter earnings would have been $2,355,000 or 8 cents per share. Comparable results for the fourth quarter of 1991 were net


income of $4,246,000 and earnings per share of 15 cents.
 For the year 1992, the company reported net income of $6,514,000 and earnings per share of 22 cents, including one-time merger costs of $4.3 million, and restructuring charges of $8 million. Without the effect of merger and restructuring costs, net income would have been $15,677,000, equivalent to 52 cents per share. In 1991, the company reported net income of $14,797,000 and earnings per share of 51 cents.
 Commenting on the 1992 results, Mr. Grover Wrenn, president and CEO, said that as previously announced earnings were adversely affected by a decline in revenue and income from the company's U.K. toxicology business, and lack of revenue growth in the environmental consulting business. In addition, the company's agrochemical field testing business resulted in an operating loss for the year.
 Furthermore, Mr. Wrenn stated the company's environmental analytical chemistry company, ETC, had experienced losses to date in the first quarter of
1993. Mr. Wrenn attributed the losses to a continuing industry-wide reduction in revenues from environmental compliance programs.
 Mr. Wrenn stated that, although the company still believes it can achieve its projected earnings for the year, a revenue shortfall in the first quarter will make it more difficult to do so. Mr. Wrenn stated that the revenue shortfall in the company's environmental analytical chemistry business may be offset by several factors in the second half of 1993, including benefits for the consolidation of the company's life sciences business, Pharmaco-LSR.
 APBI provides a broad range of inter-related services including biological safety testing and clinical research and development through its Life Sciences Group, and assessment and management of chemical and environmental risk, agrochemical research and development and related analytical chemistry services through its Environmental Sciences Group. These services are provided under contract to clients in the pharmaceutical, general chemical, agrochemical and other industries throughout the world.
 APPLIED BIOSCIENCE INTERNATIONAL INC.
 (in thousands, except per share amounts)
 Quarter ended Dec. 31 1992 1991 Percent increase
 (decrease)
 Net revenues $ 48,882 $ 44,358 10.2
 Direct costs 32,300 26,708 20.9
 Selling, general and
 administrative expenses 12,938 10,872 19.0
 Restructuring costs 6,048 --
 Operating income (loss) (2,404) 6,778 (135.5)
 Other income (expense) 35 235
 Pre-tax income (2,369) 7,013 (133.8)
 Provision for taxes (906) 2,767 (132.7)
 Net income (1,463) 4,246 (134.5)
 Weighted average shares 30,309 29,280
 Earnings per share ($0.05) $0.15
 Year ended Dec. 31 1992 1991 Percent increase
 (decrease)
 Net revenues $181,024 $153,023 18.3
 Direct costs 113,066 94,425 19.7
 Selling, general and
 administrative expenses 43,948 35,061 25.3
 Restructuring costs 8,032 --
 Operating income (loss) 15,978 23,537 (32.1)
 Merger cost (4,296) --
 Other income (expense) 761 309
 Pre-tax income 12,443 23,846 (47.8)
 Provision for taxes 5,929 9,049 (34.5)
 Net income 6,514 14,797 (56.0)
 Weighted average shares 29,999 28,908
 Earnings per share $0.22 $0.51
 -0- 2/25/93
 /CONTACT: John H. Timoney, senior vice president of Applied Bioscience International Inc., 609-951-9090, or John McNamara, president of John McNamara Advertising, 212-509-7779, for Applied Bioscience International Inc./
 (APBI)


CO: Applied Bioscience International Inc. ST: Virginia IN: MTC SU: ERN

AH-TS -- NY089 -- 0595 02/25/93 17:22 EST
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Date:Feb 25, 1993
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