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APPLIED BIOSCIENCE INTERNATIONAL REPORTS SECOND QUARTER AND SIX MONTH FINANCIAL RESULTS

 APPLIED BIOSCIENCE INTERNATIONAL REPORTS SECOND QUARTER
 AND SIX MONTH FINANCIAL RESULTS
 EAST MILLSTONE, N.J., July 27 /PRNewswire/ -- Applied Bioscience International Inc. (NASDAQ: APBI) today reported its second quarter and six month results. The results for prior periods have been restated to reflect the acquisition of Pharmaco Dynamics Research, Inc., on Feb. 28, 1992, in a transaction accounted for as a pooling-of-interests.
 Net income for the three months ended June 30, 1992, was $4,458,000, 34.0 percent higher than the $3,326,000 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 six months ended June 30, 1992, was $8,780,000, an increase of 30.2 percent over last year. Earnings per share for the three months ended June 30, 1992, increased to $0.15 from $0.11 in the comparable quarter of 1991, an increase of 36.4 percent. Without the one-time restructuring and merger costs, earnings per share for the six months ended June 30, 1992, were $0.30, an increase of 25 percent over the corresponding period last year. With such costs included, net income and earnings per share were $3,435,000 and $0.12, respectively.
 Revenues for the second quarter rose to $43,759,000 as compared to $35,524,000 for the same period of 1991. Of such increase, $4,683,000 was attributable to Environmental Testing and Certification Corp. (ETC), which was acquired in September 1991 in a transaction accounted for as a purchase. Revenues for the six months ended June 30, 1992, were $85,919,000 (including $9,458,000 attributable to ETC), as compared to $70,748,000 for the six months ended June 30, 1991.
 Commenting on the second quarter results, Kenneth Harper, chairman and CEO of the company, said, "Particularly noteworthy in the second quarter was the performance of our clinical research subsidiary, Pharmaco, which has experienced an upsurge in authorizations and projects under discussion that has taken their scheduled workload to an all-time high. Recruitment of key staff to meet the future workload has been successful and the new 200-bed clinical unit, one of the largest of its kind in the world, becomes operational at the end of July."
 Harper continued, "For the Environmental Sciences Group, we expect a continued flatness in our consulting business in the third quarter due to uncertainties concerning the current political and regulatory environment, although additional revenues will be generated commencing in the third quarter as a result of the acquisition of National Express Laboratories (NATEX) on June 30, 1992, which will be accounted for as a purchase. NATEX had revenues of $3,774,000 for the six-month period prior to the acquisition. In the case of our Life Sciences Group, we anticipate continued flat revenues in our pre-clinical operations in the United Kingdom."
 Harper concluded, "Although the economic environment remains harsh, there are encouraging signs of improvement throughout the company that provide grounds for continued optimism as far as the rest of this year is concerned. The company remains well-positioned to take advantage of the opportunities which it is pursuing, and intends to continue to pursue aggressively other potential opportunities in all of its business areas."
 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 June 30 1992 1991 Pct. Increase
 Net revenues $43,759 $35,524 23.2
 Direct costs 27,186 22,268 22.1
 S,G&A expenses 9,565 7,957 20.2
 Operating income 7,008 5,299 32.3
 Other income (expense) 129 133
 Pretax income 7,137 5,432 31.4
 Provision for taxes 2,679 2,106 27.2
 Net income $ 4,458 $ 3,326 34.0
 Weighted average shares 29,675 28,964
 Earnings per share $0.15 $0.11
 Six months ended June 30 1992 1991 Pct. Increase
 Net revenues $85,919 $70,748 21.4
 Direct costs 53,082 43,960 20.8
 S,G&A expenses 19,185 15,638 22.7
 Restructuring costs 1,984 --
 Operating income 11,668 11,150 4.6
 Merger cost (4,296) --
 Other income (expense) 515 (6)
 Pretax income 7,887 11,144 (29.2)
 Provision for taxes 4,452 4,399
 Net income $ 3,435 $ 6,745 (49.1)
 Weighted average shares 29,482 28,280
 Earnings per share $0.12 $0.24
 -0- 7/27/92
 /CONTACT: John H. Timoney, senior vice president of APBI, 908-873-2550; or John McNamara of John McNamara Advertising, 212-509-7779, for APBI/
 (APBI) CO: Applied Bioscience International Inc. ST: New Jersey IN: MTC SU: ERN


GK-OS -- NY053 -- 3484 07/27/92 11:40 EDT
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