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BIO-RAD LABORATORIES ANNOUNCES SECOND QUARTER RESULTS

 HERCULES, Calif., Aug. 4 /PRNewswire/ -- Bio-Rad Laboratories, Inc. (AMEX: BIO), announced that sales increased 2 percent to $81.8 million in the second quarter of 1993. Quarterly earnings per share were $0.03 in 1993 compared to $1.07 per share reported in 1992. Several significant non-operating items and restructuring charges had a net impact of increasing 1992 earnings per share $0.97. Slower than anticipated sales growth reduced the company's gross profit which was partially offset by improved control of selling, general and administrative expense. The company is initiating further cost reductions to improve profitability in the remainder of the year.
 Sales for the first six months of 1993 were $162.4 million versus $163.6 million in 1992. Excluding the impact of foreign exchange rates in 1993 compared to 1992 and the disposition of certain business units, sales showed an increase over the prior year. Earnings per share were $0.44 in 1993 and $1.51 in 1992. In addition to the 1992 non-recurring items discussed above, the first quarter of 1993 included gains from sales of securities of $0.25 per share. The slowdown in sales momentum in 1993 created overcapacity in certain manufacturing locations which is reflected in lower gross margins. Weaker European economies and unfavorable foreign exchange rates also negatively impacted sales and profits.
 Several programs have been implemented to improve profitability at the current sales levels. Headcount was frozen earlier in the year and selective workforce reductions have also taken place. Non-essential capital expenditures are being deferred. A concerted effort is also being made to reduce overhead and production costs without jeopardizing projects necessary for future growth.
 Bio-Rad Laboratories is a multinational manufacturer and distributor of life science research products, clinical diagnostics and analytical instruments based in Hercules, Calif.
 BIO-RAD LABORATORIES, INC.
 Operating Results
 (In thousands, except per share data)
 Periods ended June 30 Second Quarter Six Months
 1993 1992 1993 1992
 Sales $ 81,848 $ 80,021 $ 162,352 $ 163,576
 Income from operations 2,749 (3,166) 7,742 6,654
 Net income 277 8,469 3,472 11,976
 Earnings per share $ 0.03 $ 1.07 $ 0.44 $ 1.51
 Weighted average shares 7,975 7,916 7,968 7,910
 -0- 8/4/93
 /CONTACT: James L. Viglienzone, treasurer of Bio-Rad Laboratories, 510-724-5697/
 (BIO)


CO: Bio-Rad Laboratories, Inc. ST: California IN: MTC SU: ERN

LD-TM -- NY007 -- 9175 08/04/93 08:01 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
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