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APPLIED BIOSCIENCE INTERNATIONAL INC. REPORTS THIRD QUARTER AND NINE MONTH FINANCIAL RESULTS

 APPLIED BIOSCIENCE INTERNATIONAL INC. REPORTS THIRD QUARTER
 AND NINE MONTH FINANCIAL RESULTS
 EAST MILLSTONE, N.J., Oct. 28 /PRNewswire/ -- Applied Bioscience International Inc. (NASDAQ: APBI) today reported its third quarter and nine month results.
 The results for 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 National Express Laboratories (NATEX) for the first time since it was purchased on June 30, 1992.
 Revenues for the third quarter rose to $46,223,000 as compared to $37,917,000 for the same period of 1991. Of such increase, $5,482,000 was attributable to Environmental Testing and Certification Corp. (ETC), which was acquired in September 1991 in a transaction accounted for as a purchase and NATEX which was acquired in June 1992. Revenues for the nine months ended Sept. 30, 1992, were $132,142,000 (including $14,940,000 attributable to ETC and NATEX), as compared to $108,665,000 for the nine months ended Sept. 30, 1991.
 Net income for the three months ended Sept. 30, 1992, was $4,542,000, 19.3 percent higher than the $3,806,000 reported for the comparable period of 1991. Without the effect of one-time restructuring costs of $1,984,000 and one-time merger costs of $4,296,000 relating to Pharmaco, net income for the nine months ended Sept. 30, 1992 was $13,275,000, an increase of 25.8 percent over last year. Earnings per share for the three months ended Sept. 30, 1992, increased to $0.15 from $0.13 in the comparable quarter of 1991, an increase of 15.4 percent. Without the one-time restructuring and merger costs, earnings per share for the nine months ended Sept. 30, 1992, were $0.45, an increase of 21.6 percent over the corresponding period last year. With such costs included, net income and earnings per share were $7,977,000 and $0.27, respectively. Net income and earnings per share in the third quarter reflect various cost containment measures taken by management.
 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 Sept. 30 1992 1991 Pct. Incr.
 Net revenues $46,223 $37,917 21.9
 Direct costs 27,684 23,757 16.5
 S,G&A expenses 11,825 8,551 38.3
 Operating income 6,714 5,609 19.7
 Other income (expense) 211 80 --
 Pretax income 6,925 5,689 21.7
 Provision for taxes 2,383 1,883 26.6
 Net income 4,542 3,806 19.3
 Weighted average shares 30,357 29,346 --
 Earnings per share $0.15 $0.13 --
 Nine months ended Sept. 30 1992 1991 Pct. Incr.
 Net revenues $132,142 $108,665 21.6
 Direct costs 80,766 67,717 19.3
 S,G&A expenses 31,010 24,189 28.2
 Restructuring costs 1,984 -- --
 Operating income 18,382 16,759 9.7
 Merger cost (4,296) -- --
 Other income (expense) 726 74 --
 Pretax income 14,812 16,833 (12.0)
 Provision for taxes 6,835 6,282 8.8
 Net income 7,977 10,551 (24.4)
 Weighted average shares 29,750 28,620 --
 Earnings per share $0.27 $0.37 --
 -0- 10/28/92
 /CONTACT: John H. Timoney, senior vice president of Applied Bioscience International Inc., 908-873-2550, or John McNamara of John McNamara Advertising, 212-590-7779, for Applied Bioscience International Inc./
 (APBI) CO: Applied Bioscience International Inc. ST: New Jersey IN: MTC SU: ERN


CK-OS -- NY059 -- 5982 10/28/92 12:17 EST
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Date:Oct 28, 1992
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