Printer Friendly

BIOWHITTAKER ANNOUNCES THAT IT WILL INCUR A $1.1 MILLION NONRECURRING CHARGE IN SECOND QUARTER

 WALKERSVILLE, Md., April 19 /PRNewswire/ -- BioWhittaker, Inc. (NYSE: BWI) today announced that it will incur a nonrecurring charge of $1.1 million in its second quarter which will end April 30, 1993 to write down the value of the inventory of its diagnostic products group. The write down results principally from outdated and expiring inventory which accumulated because of delays in the introduction of the company's new automated test system.
 The company expects, exclusive of the nonrecurring charge, to have income for the second quarter of approximately $0.08 per share compared to $0.11 per share for the second quarter last year.
 Commenting on the charge, Noel L. Buterbaugh, president and chief executive officer, said, "Although the introduction of our new automated system has been slower than anticipated, we are now seeing widespread acceptance of the system and growing sales. The new management of our diagnostic products group has carried out thorough analysis of the inventory to assure that there are no further problems with the inventory. We have an adequate supply of high quality products to serve our customers."
 -0- 4/19/93
 /CONTACT: James D. Werner, Jr., chief financial officer of BioWhittaker, 301-898-7025, ext. 2330/
 (BWI)


CO: BioWhittaker, Inc. ST: Maryland IN: HEA SU:

SM -- NY014 -- 7127 04/19/93 07:45 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 19, 1993
Words:216
Previous Article:INTER-REGIONAL FINANCIAL GROUP REPORTS BEST QUARTER IN COMPANY HISTORY; EARNINGS PER SHARE UP 28 PERCENT ON 12 PERCENT NET REVENUE GAIN
Next Article:PARAGON TRADE BRANDS TO ANALYZE PROCTER & GAMBLE'S PRICE REDUCTIONS
Topics:


Related Articles
BIOWHITTAKER ANNOUNCES FIRST QUARTER RESULTS
BIOWHITTAKER ANNOUNCES RESULTS FOR SECOND QUARTER AND FIRST SIX MONTHS OF FISCAL 1992
BIOWHITTAKER ANNOUNCES THIRD QUARTER RESULTS
BIOWHITTAKER REPORTS PROJECTED EARNINGS
BIOWHITTAKER ANNOUNCES RESULTS
AMERICAN STUDIOS, INC. ANNOUNCES THIRD QUARTER RESULTS
TREDEGAR REPORTS FOURTH-QUARTER, YEAR-END RESULTS; ALSO PLANS TO DIVEST PLASTIC FILMS PLANT, OIL AND GAS PROPERTIES
PANAMCO RELEASES SUPPLEMENTAL 1993 FINANCIAL DATA, NOTES 1994 SECOND QUARTER TRENDS
BioWhittaker Announces Record Quarterly Sales and Earnings
Superior TeleCom Announces 2000 Second Quarter Results Revenues Increase 6% To Record $547 Million Net Earnings of $0.50 Per Share Cash Earnings of...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters