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BINDLEY WESTERN INDUSTRIES ANNOUNCES RECORD FIRST QUARTER RESULTS - EARNINGS UP 12 PERCENT ON 19 PERCENT SALES INCREASE

BINDLEY WESTERN INDUSTRIES ANNOUNCES RECORD FIRST QUARTER RESULTS -
 EARNINGS UP 12 PERCENT ON 19 PERCENT SALES INCREASE
 INDIANAPOLIS, April 22 /PRNewswire/ -- Bindley Western Industries, Inc. (NASDAQ: BIND) announced today that results for the first quarter of 1992 were the best ever recorded for any quarter of the company's history.
 Sales increased by 19 percent to $647.1 million from $545.5 million in 1991, while earnings increased by 12 percent to $3.1 million from $2.8 million in the 1991 quarter. Fully diluted earnings per share amounted to $.35 versus $.33 in 1991.
 In commenting on the results, Chairman and CEO William E. Bindley stated that management was pleased with the continued progress of the company's program to increase the level of higher margin direct store delivery sales. These sales increased by 29 percent over the 1991 quarter and accounted for 20 percent of total sales. He also reported that the full benefit of reduced interest expense resulting from the company's successful debenture conversion will not be experienced until the second quarter.
 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 distribution 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)
 Three months ended
 March 31
 1992 1991
 Net sales $647,113 $545,459
 Other income 810 1,228
 Total 647,923 546,687
 Cost of products
 sold 631,850 532,223
 General and
 administrative 7,330 6,239
 Depreciation and
 amortization 967 889
 Interest Expense $2,994 $2,967
 Total 643,141 542,318
 Earnings before income
 taxes $4,782 $4,369
 Provision for Income
 taxes 1,674 1,598
 Net earnings $3,108 $2,771
 Earnings Per share:
 Primary .41 .40
 Full diluted .35 .33
 Average shares
 outstanding:
 Primary 7,641,333 6,909,173
 Fully diluted 10,930,885 10,632,764
 -0- 4/22/92
 /CONTACT: Sue Goebel of Bindley Western Industries, Inc., 317-298-9900/
 (BIND) CO: Bindley Western Industries, Inc. ST: Indiana IN: REA SU: ERN


LC -- CL022 -- 1420 04/22/92 15:55 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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