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BIOWHITTAKER ANNOUNCES RESULTS FOR SECOND QUARTER AND FIRST SIX MONTHS OF FISCAL 1992

 BIOWHITTAKER ANNOUNCES RESULTS FOR SECOND QUARTER
 AND FIRST SIX MONTHS OF FISCAL 1992
 WALKERSVILLE, Md., May 26 /PRNewswire/ -- BioWhittaker, Inc. (NYSE: BWI), today announced the results of its operations for the second quarter and first six months of fiscal 1992, which ended April 30, 1992.
 -- Actual Results for the Second Quarter and Six Months Ended April 30, 1992
 Net income for the second quarter and first six months of 1992 amounted to 1,238,000 or 11 cents per share, and $2,316,000, or 21 cents per share, respectively. Sales for the second quarter and first six months of 1992 were $13,616,000 and $25,716,000, respectively, compared to $10,281,000 and $18,821,000 for the comparable periods a year ago.
 Commenting on the results, Joseph F. Alibrandi, chairman and chief executive officer of BioWhittaker, stated, "These results show significant improvement for the first six months over the same period last year. We are extremely pleased."
 -- Pro Forma Results for the Second Quarter and Six Months Ended April 30, 1991
 BioWhittaker was a wholly owned subsidiary of Whittaker Corporation (NYSE: WKR) through the end of fiscal 1991. Whittaker spun off all of its interests in BioWhittaker to Whittaker's stockholders of record on Nov. 14, 1991.
 If BioWhittaker had been an independent company during the second quarter and first six months of 1991 and if the September 1991 acquisition of the assets and business of 3M Diagnostic Systems, Inc., had occurred at the beginning of fiscal 1991, results of operations on a pro forma basis for the second quarter and six months ended April 30, 1991, would have reflected net income of $1,111,000, or 10 cents per share, and $1,614,000, or 15 cents per share, respectively. Pro forma sales for the second quarter and six months ended April 30, 1991 would have been $12,211,000 and $22,640,000, respectively.
 These pro forma figures are derived from the historical financial statements as adjusted for the pro forma results of operations of 3M Diagnostic Systems prior to its acquisition by BioWhittaker, the elimination of Whittaker corporate charges, the addition of estimated expenses that BioWhittaker would have incurred as a stand alone entity, and estimated income tax provisions related to the historical results and the foregoing adjustments. They are presented for illustrative purposes only and are not necessarily indicative of the operating results had the spin off of BioWhittaker and the acquisition of 3M Diagnostic Systems occurred at the beginning of the periods indicated.
 BIOWHITTAKER, INC.
 Consolidated Statements of Income
 (Unaudited)
 (Dollars in Thousands, Except Share Data)
 For the Three Months Ended April 30,
 1992 1991
 Sales $13,616 $10,281
 Costs and expenses
 Cost of sales 6,593 5,096
 Research and development 587 501
 Selling, general and administrative 4,079 2,602
 Interest on long-term debt 208 63
 Total 11,467 8,262
 Income Before Corporate Charges
 and Income Taxes 2,149 2,019
 Corporate charges
 Administrative charge -- 148
 Asset utilization charge -- 740
 Total -- 888
 Income Before Provision
 for Income Taxes 2,149 1,131
 Provision for income taxes(A) 911 --
 Net Income $ 1,238 $ 1,131
 Earnings Per Share(B) $ .11 $ --
 For the Six Months Ended April 30,
 1992 1991
 Sales $25,716 $18,821
 Costs and expenses
 Cost of sales 12,491 9,753
 Research and development 1,233 910
 Selling, general and administrative 7,671 4,987
 Interest on long-term debt 387 127
 Total 21,782 15,777
 Income Before Corporate Charges
 and Income Taxes 3,934 3,044
 Corporate charges
 Administrative charge -- 273
 Asset utilization charge -- 1,441
 Total -- 1,714
 Income Before Provision
 for Income Taxes 3,934 1,330
 Provision for income taxes(A) 1,618 --
 Net Income $ 2,316 $ 1,330
 Earnings Per Share(B) $ .21 $ --
 Average Common and Common
 Equivalent Shares Outstanding
 (in thousands) 11,182 --
 (A) BioWhittaker, as a wholly owned subsidiary of Whittaker Corporation during fiscal 1991, was included in Whittaker Corporation's consolidated income tax returns. Since Whittaker Corporation does not have a tax sharing agreement with its subsidiaries, the above historical statements of income for the second quarter and six months ended April 30, 1991, do not reflect a provision for income taxes. If income taxes for BioWhittaker were calculated using the separate return method, the provision for income taxes for the second quarter and six months ended April 30, 1991, would be approximately $441,000 and $519,000, respectively.
 (B) Prior to the spin-off, BioWhittaker did not have a meaningful capital structure for purposes of computing earnings per share. Accordingly, earnings per share data for the second quarter and six months ended April 30, 1991, are not presented.
 Consolidated Balance Sheet
 April 30, 1992
 (Unaudited)
 (Dollars in thousands)
 ASSETS
 Current Assets
 Cash $ 576
 Accounts receivable 9,398
 Inventories 17,918
 Prepaid expenses 527
 Deferred income taxes 335
 Total Current Assets 28,754
 Property, Plant and Equipment 25,632
 Less accumulated depreciation and amortization 12,774
 Total Property, Plant and Equipment 12,858
 Other Assets
 Intangibles 8,492
 Miscellaneous 60
 Total 8,552
 Total Other Assets $50,164
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities
 Current portion of long-term debt $ 8,400
 Accounts payable 3,606
 Accrued liabilities 3,601
 Income taxes payable 147
 Total Current Liabilities 15,754
 Long-Term Debt 2,332
 Deferred Income Taxes 835
 Stockholders' Equity 31,243
 Total Liabilities $50,164
 -0- 5/26/92
 /CONTACT: Philip L. Rohrer of BioWhittaker, 301-898-7025, ext. 2352/
 (BWI WKR) CO: BioWhittaker, Inc. ST: Maryland IN: MTC SU: ERN


DC-MH -- DC003 -- 3585 05/26/92 08:03 EDT
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Date:May 26, 1992
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