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BAXTER FILES SECOND-QUARTER FORM 10-Q REFLECTING SPIN-OFF OF CAREMARK

 BAXTER FILES SECOND-QUARTER FORM 10-Q REFLECTING SPIN-OFF OF CAREMARK
 DEERFIELD, Ill., Aug. 17 /PRNewswire/ -- Baxter International (NYSE: BAX) announced today that it has filed Form 10-Q with the Securities and Exchange Commission (SEC) covering the company's second- quarter 1992 financial performance and reflecting the proposed spin-off of its alternate-site businesses.
 The Form 10-Q includes a restatement of the company's previously published consolidated statements of income for the period ending June 30. The restatement reflects the proposed discontinuance of the alternate-site businesses. It also includes a provision for estimated spin-off costs, which was not included in the second-quarter and first- half results the company reported on July 20.
 Baxter announced June 12 that its board of directors had approved in principle the 100 percent distribution to its shareholders of stock in a new company, to be called Caremark International Inc., consisting primarily of its infusion-therapy, physical-therapy and prescription- service businesses. The company is awaiting review by the SEC of a previously filed Form 10 and Information Statement and by the Internal Revenue Service of a previously filed request for a ruling on the tax- free status of the spin-off.
 Baxter International Inc. is the leading manufacturer and marketer of health-care products, systems and services worldwide.
 BAXTER INTERNATIONAL INC. AND SUBSIDIARIES
 Consolidated Statements Of Income
 (Restated To Give Effect To The Proposed Spin-Off
 Of Its Alternate Site Business /Caremark/)
 (in millions, except per share data unaudited)
 Three months Six months
 Period ended June 30 1992 1991 1992 1991
 Operations
 Net sales $2,080 $1,916 $4,052 $3,783
 Operating costs and expenses
 Cost of goods & services sold 1,283 1,183 2,515 2,363
 Marketing and administrative
 expenses 446 410 876 814
 Research and development expenses 77 74 151 144
 Goodwill amortization 17 17 34 34
 Total operating costs and
 expenses 1,823 1,684 3,576 3,355
 Operating income 257 232 476 428
 Non-operating expenses (income)
 Interest expense 54 57 108 113
 Interest income (6) (8) (13) (15)
 Other 27 20 45 43
 Total non-operating expenses 75 69 140 141
 Income from continuing operations
 before income taxes 182 163 336 287
 Income tax expense 50 44 92 76
 Income from continuing operations 132 119 244 211
 Discontinued operations
 income from discontinued operations
 net of income taxes of $7 and $9
 for the three months and $14 and $16
 for the six months ended June 30,
 1992 and 1991, respectively 13(A) 22 32(A) 40
 Costs associated with effecting
 the business discontinuance net
 of income tax benefit of $4 (18) - (18) -
 Total discontinued operations (5) 22 14 40
 Net income 127 141 258 251
 Less preferred stock dividends - 6 5 12
 Net income available for
 common stock $127 $135 $253 $239 Per share data
 Primary earnings per common share
 Continuing operations $0.47 $0.40 $0.86 $0.71
 Discontinued operations $0.05(a) 0.08 0.11(a) 0.14
 Costs associated with effecting
 the business discontinuance (0.06) - (0.06) -
 Net income $0.46 $0.48 $0.91 $0.85
 Fully diluted earnings per
 common share
 Continuing operations $0.47 $0.40 $0.85 $0.70
 Discontinued operations 0.04(a) 0.08 0.11(a) 0.14
 Costs associated with effecting
 the business discontinuance (0.06) - (0.06) -
 Net income $0.45 $0.48 $0.90 $0.84
 Average number of common shares
 and equivalents outstanding
 Primary 279 280 279 280
 Fully diluted 282 284 282 283
 (A) Income from discontinued operations for the three and six months ended June 30, 1992, has been reduced by a special charge of $11 million representing the Caremark portion of the estimated after-tax costs associated with effecting the spin-off.
 -0- 8/17/92
 /CONTACT: Les Jacobson of Baxter, 708-948-4555/
 (BAX) CO: Baxter International Inc. ST: Illinois IN: HEA SU:


LR -- NY019 -- 0394 08/17/92 09:48 EDT
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Date:Aug 17, 1992
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