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BINDLEY WESTERN INDUSTRIES, INC. REPORTS 1992 RESULTS

 INDIANAPOLIS, March 1 /PRNewswire/ -- Bindley Western Industries, Inc. (NASDAQ: BIND) announced today that it achieved record sales and earnings for the year ended Dec. 31, 1992.
 Sales increased by 22 percent to $2.912 billion from $2.393 billion in 1991, the 24th consecutive year of sales increases since the firm was founded by Chairman and CEO William E. Bindley. 1992 earnings of $12.891 million were 13 percent ahead of 1991. Fully diluted earnings per share amounted to $1.21 in 1992 versus $1.33 in 1991. Earnings for the year were negatively impacted by writedowns in the carrying value of accounts receivable for Reliable Drug and Revco in the amounts of $3.0 million and $1.7 million respectively. Also, the company received an after tax increase in net earnings of $2.5 million due to the cumulative effect of a change in the method of accounting for income taxes as required by the adoption of SFAS 109, "Accounting for Income Taxes."
 For the fourth quarter, sales increased by 19 percent to a quarterly record of $846 million, while earnings of $150 thousand, or $.01 per share declined from $2.883 million, or $.33 per share in the 1991 quarter. The $3.0 million writedown of an account receivable previously discussed was taken in the quarter.
 In commenting on the year's performance, Mr. Bindley indicated that while sales volume exceeded plan, earnings fell short of budget and were negatively impacted by the writedown of accounts receivable, compe selling pressures and a sharp decline in forward purchasing opportunities in the second half of the year. He indicated that various new programs are being developed to lessen the impact of declining forward purchasing opportunities. He concluded by saying that the positive effects of the new programs will be realized in 1993 and that management is optimistic that 1993 will be a positive year. Also, he said an announcement relating to a strategic acquisition would be forthcoming.
 Indianapolis-based Bindley Western, with 1992 revenues of $2.9 billion, is one of the largest drug wholesalers in the United States specializing in the distribution of ethical pharmaceuticals and related products. The firm services customers in 36 states through distribution centers in Austell, Ga.; Brockton, Mass.; Charlotte, N.C.; Dallas; Houston; Indianapolis; Middletown, Pa.; Orange, Conn.; Orlando, Fla.; Phoenix, Ariz.; Portland, Maine; and San Dimas, Calif.
 CONSOLIDATED STATEMENT OF EARNINGS
 (000s omitted, except share data)
 For the year ended Three months ended
 December 31 December 31
 1992 1991 1992 1991
 Net sales $2,911,741 $2,392,801 $846,359 $712,914
 Other income 3,578 4,164 325 877
 Total 2,915,319 2,396,965 846,684 713,791
 Cost of products
 sold 2,844,880 2,334,669 830,062 697,697
 General and
 administrative 36,707 27,419 10,100 7,398
 Depreciation and
 amortization 4,686 3,756 1,424 1,001
 Interest expense 8,375 13,385 1,867 3,190
 Write-down of
 accounts receivable 4,700 --- 3,000 ---
 Total 2,899,348 2,379,229 846,453 709,286
 Earnings before
 income taxes and
 cumulative effect of a
 change in accounting
 principle 15,971 17,736 231 4,505
 Provision for income
 taxes 5,590 6,376 81 1,622
 Net earnings before
 cumulative effect of
 a change in accounting
 principle 10,381 11,360 150 2,883
 Cumulative effect of
 change in method of
 accounting for income
 taxes 2,510 --- --- ---
 Net earnings $12,891 $11,360 $150 $2,883
 Earnings per share:
 Primary:
 Earnings before
 cumulative effect
 of change in method
 of accounting for
 income tax $1.02 $1.61 $.01 $.40
 Cumulative effect of
 change in method of
 accounting for
 income taxes $.25 --- --- ---
 Net earnings $1.27 $1.61 $.01 $.40
 Fully diluted:
 Earnings before
 cumulative effect
 of change in method
 of accounting for
 income tax $1.00 $1.33 $.01 $.33
 Cumulative effect
 of change in method
 of accounting for
 income taxes $.21 --- --- ---
 Net earnings $1.21 $1.33 $.01 $.33
 Average shares
 outstanding:
 Primary 10,139,662 7,066,916 10,941,841 7,184,740
 Fully diluted 11,871,003 10,728,575 14,314,173 10,815,922
 -0- 3/1/93
 /CONTACT: Sue Goebel of Bindley Western Industries, Inc., 317-298-9900/
 (BIND)


CO: Bindley Western Industries, Inc. ST: Indiana IN: MTC SU: ERN

BM -- CL014 -- 1480 03/01/93 13:52 EST
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Date:Mar 1, 1993
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