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BINDLEY WESTERN INDUSTRIES ANNOUNCES THIRD QUARTER RESULTS

 BINDLEY WESTERN INDUSTRIES ANNOUNCES THIRD QUARTER RESULTS
 INDIANAPOLIS, Oct. 23 /PRNewswire/ -- Bindley Western Industries, Inc. (NASDAQ: BIND), announced today that sales for the quarter ending Sept. 30, 1992 were the best ever recorded for a third quarter and earnings exceeded the prior year.
 Sales of $731 million were 24 percent ahead of the $588 million recorded in 1991. Net earnings increased by 18 percent to $3.33 million in 1992 from $2.81 million in 1991. Fully diluted per share earnings of $.30 in 1992 compared to $.33 in 1991.
 For the nine months, sales increased by 23 percent to $2.07 billion from $1.68 billion in 1991. Net earnings of $10.23 million were 21 percent ahead of the 1991 nine-month period. Fully diluted per share earnings amounted to $.99 and $1.00, respectively.
 In commenting on the results, Chairman and CEO William E. Bindley indicated that management was satisfied with the gain in sales and earnings but concerned about the softness in certain operating areas. He attributed the softness to a decline in forward purchasing opportunities, start-up costs for new divisions and an overall competitive pricing environment. He indicated, though, that management was hopeful that the 1992 plan would be met.
 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)
 Nine-month period Three-month period
 ended ended
 September 30 September 30
 1992 1991 1992 1991
 Net sales $2,065,382 $1,679,887 $731,429 $588,486
 Other income 3,252 3,287 357 1,024
 Total 2,068,634 1,683,174 731,786 589,510
 Cost of products
 sold 2,014,819 1,636,972 714,094 573,566
 General and
 administrative 26,607 20,021 9,815 7,103
 Interest expense 6,507 10,195 1,596 3,605
 Depreciation and
 amortization 3,261 2,755 1,163 945
 Write-down of
 account receivable 1,700 -- -- --
 Total 2,052,894 1,669,943 726,668 585,219
 Earnings before
 income taxes 15,740 13,231 5,118 4,291
 Provision for income
 taxes 5,509 4,754 1,791 1,483
 Net earnings $10,231 $8,477 $3,327 $2,808
 Earnings per share:
 Primary $ 1.04 $ 1.21 $ .30 $ .40
 Fully diluted $ .99 $ 1.00 $ .30 $ .33
 Average shares
 outstanding:
 Primary 9,828,469 6,986,323 10,996,133 7,095,662
 Fully
 diluted 11,010,432 10,646,637 11,245,313 10,755,976
 -0- 10/23/92
 /CONTACT: Sue Goebel of Bindley Western Industries, Inc., 317-298-9900/
 (BIND) CO: Bindley Western Industries, Inc. ST: Indiana IN: REA SU: ERN


BM -- CL016 -- 4359 10/23/92 17:22 EDT
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Date:Oct 23, 1992
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