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BINDLEY WESTERN ANNOUNCES RECORD SECOND QUARTER RESULTS- SALES INCREASE 26 PERCENT ON 31 PERCENT INCREASE IN EARNINGS

 BINDLEY WESTERN ANNOUNCES RECORD SECOND QUARTER RESULTS-
 SALES INCREASE 26 PERCENT ON 31 PERCENT INCREASE IN EARNINGS
 INDIANAPOLIS, July 23 /PRNewswire/ -- Bindley Western Industries, Inc. (NASDAQ: BIND) announced today that the results for the second quarter and six-month period ending June 30 were the best ever recorded for any quarter or six-month period in the company's history.
 For the quarter, sales increased 26 percent to $687 million from $546 million in 1991, while earnings increased 31 percent to $3.80 million from $2.90 million in the 1991 quarter. Fully diluted earnings per share increased to $.36 per share from $.34 in 1991.
 For the six-month period, sales increased 22 percent to $1.334 billion from $1.091 billion while earnings grew by 22 percent to $6.90 million from $5.67 million in 1991. Fully diluted earnings per share increased to $.70 from $.67 in 1991.
 As previously reported, during June the company received 700,088 shares of reorganized Revco common stock in settlement of the company's pre-bankruptcy receivable from Revco. In accordance with accounting principles for troubled debt restructurings, the company decided to recognize in the second quarter a $1,700,000 write down of its Revco pre-bankruptcy receivable to account for the newly issued Revco common stock at its market value at the time of restructuring. The stock is now trading on the New York Stock Exchange under the symbol RXR. The company intends to hold the stock as it believes, based on consensus analysts reports, that future prospects for Revco and the opportunity for appreciation in the stock are favorable. Additionally, the company has recognized the permanent impairment of marketable equity securities with a $550,000 charge to earnings. Substantially offsetting these charges was a $1,900,000 gain on the disposition of fixed assets.
 In commenting on the results, chairman and CEO William E. Bindley indicated that management was pleased with the company's performance especially considering the competitive industry environment and continued pressure on forward purchasing opportunities. Particularly gratifying was the continuation of strong increases in the higher margin direct store delivery (DSD) portion of its business. He said DSD sales in the second quarter of 1992 increased by more than 50 percent and amounted to approximately $175 million, or 25 percent total sales.
 He continued by saying that results from the J.E. Goold division were ahead of expectations and should increase in future months as results from consolidation and cost reduction programs are realized. Goold was acquired on March 25, 1992. Bindley concluded by saying that the remainder of 1992 looks favorable and that the operating plan should be met or exceeded.
 Indianapolis-based Bindley Western, with 1991 revenues of $2.4 billion, is one of the largest drug wholesalers in the United States specializing in the distribution of ethical pharmaceuticals and related products. The firm serves customers in 36 states through distriubution centers in Austell, Ga.; Brockton, Mass.; Charlotte, N.C.; Dallas, Houston, Indianapolis, Middletown, Pa.; Orlando, Fla.; Phoenix, Ariz.; Portland, Maine; San Dimas, Calif., and Stamford, Conn.
 CONSOLIDATED STATEMENT OF EARNINGS
 (000s omitted, except share data)
 For the six month For the three month
 period ended period ended
 June 30, June 30,
 1992 1991 1992 1991
 Net sales $1,333,954 $1,091,401 $686,839 $545,942
 Other income 2,894 2,263 2,085 1,035
 Total 1,336,848 1,093,664 688,924 546,977
 Cost of products
 sold 1,300,725 1,063,406 668,876 531,183
 Selling, general &
 administrative 16,792 12,918 9,462 6,679
 Depreciation and
 amortization 2,098 1,809 1,131 920
 Interest expense 4,911 6,590 1,916 3,623
 Write-down of
 account receivable 1,700 --- 1,700 ---
 Total 1,326,226 1,084,723 683,085 542,405
 Earnings before
 income taxes 10,622 8,941 5,839 4,572
 Provision for income
 taxes 3,718 3,269 2,043 1,671
 Net earnings $6,904 $5,672 $3,796 $2,901
 Earnings per share:
 Primary $.75 $.81 $.36 $.41
 Fully diluted $.70 $.67 $.36 $.34
 Average shares
 outstanding:
 Primary 9,248,776 6,997,053 10,669,918 7,073,630
 Fully diluted 10,893,552 10,628,610 10,669,918 10,705,187
 -0- 7/23/92
 /CONTACT: Sue Goebel of Bindley Western Industries, Inc., 317-298-9900/
 (BIND) CO: Bindley Western Industries, Inc. ST: Indiana IN: MTC SU: ERN


KK -- CL017 -- 2545 07/23/92 12:48 EDT
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Date:Jul 23, 1992
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