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BIOWHITTAKER ANNOUNCES RESULTS

 WALKERSVILLE, Md., Feb. 23 /PRNewswire/ -- BioWhittaker, Inc. (NYSE: BWI), today announced the results of its operations for the first quarter of fiscal 1993 which ended Jan. 31, 1993.
 Net income for the quarter amounted to $535,000 or 5 cents per share compared to $1,078,000 or 10 cents per share for the same quarter a year ago. Sales for the quarter amounted to $11,850,000 compared to $12,100,000 for the same quarter a year ago.
 Commenting on the results, Noel L. Buterbaugh, president and chief executive officer, stated: "Sales of clinical diagnostic testing products were lower in November and December for various reasons which we have been addressing aggressively. In January we saw clearly that our efforts in clinical diagnostic products are succeeding. Our overall sales for the month of January were ahead of the same period last year. We expect this trend to continue for the year as a whole."
 BioWhittaker, Inc., develops and produces clinical diagnostic testing systems, cell culture products and endotoxin detection assays for the international health care and biotechnology markets.
 BIOWHITTAKER, INC.
 Consolidated Statements of Income
 (Unaudited)
 (Dollars in Thousands, Except Per Share Data)
 For the Three Months Ended Jan. 31,
 1993 1992
 Sales $11,850 $12,100
 Costs and expenses
 Cost of sales 6,538 5,898
 Research and development 750 646
 Selling, general and administrative 3,371 3,592
 Total 10,659 10,136
 Income from operations 1,191 1,964
 Other Expenses
 Equity in loss of joint venture 35 --
 Interest 226 179
 Total 261 179
 Income before income taxes 930 1,785
 Provision for income taxes 395 707
 Net Income $ 535 $ 1,078
 Net Income Per Share $ 0.05 $ 0.10
 Average Common and Common
 Equivalent Shares Outstanding
 (in thousands) 11,087 11,169
 Consolidated Balance Sheets
 Jan. 31, 1993
 (Unaudited)
 (Dollars in thousands)
 ASSETS
 Current Assets
 Cash $ --
 Accounts receivable 8,355
 Inventories 20,933
 Prepaid expenses 861
 Deferred income taxes 121
 Total Current Assets 30,270
 Investments
 Investment in joint venture 1,225
 Property, plant and equipment 28,982
 Less accumulated depreciation and amortization (14,292)
 Total Investments 14,690
 Other Assets
 Intangibles 7,897
 Miscellaneous 86
 Total 7,983
 Total Assets $54,168
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities
 Notes payable $ 5,294
 Current portion of long-term debt 1,153
 Accounts payable 3,474
 Accrued liabilities 3,346
 Income taxes payable 129
 Total Current Liabilities 13,396
 Long-term debt 5,544
 Deferred Income Taxes 859
 Stockholders' Equity 34,369
 Total Liabilities $54,168
 -0- 2/23/93
 /CONTACT: James D. Werner Jr., chief financial officer, BioWhittaker, 301-898-7025, ext. 2330/
 (BWI)


CO: BioWhittaker, Inc. ST: Maryland IN: MTC SU: ERN

DC -- DC003 -- 9240 02/23/93 08:19 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Date:Feb 23, 1993
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