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CONMED ANNOUNCES SECOND QUARTER EARNINGS

 UTICA, N.Y., July 15 /PRNewswire/ -- CONMED Corporation (NASDAQ: CNMD) today announced earnings of $170,000 for the quarter ended June 25, 1993. This compares to net income of $1,249,000 in the quarter ended June 26, 1992. Sales for the second quarter 1993 were $10,264,000 compared to $11,070,000 for the second quarter 1992. Earnings per share for the June 1993 quarter were $.04 compared to $.29 in the second quarter of last year.
 For the six months ended June 25, 1993, net income was $622,000 compared to $2,506,000 in the six months ended June 1992. Earnings per share were $.15 for the first six months of 1993 and $.57 in the same period in 1992. Sales for the six months ended June 1993 were $20,872,000 compared to $21,568,000 in the first six months of 1992.
 Eugene R. Corasanti, chairman of the board and chief executive officer, said, "We are very disappointed with these operating results and have already taken action to reduce our cost structure. We believe that uncertainty on the part of our hospital and distributor customers caused by the prospect of national health reform has created a slowdown in the core product buying patterns of our customers. Additionally, our costs in the second quarter were adversely affected by legal fees defending our ability to market specialty coated electrosurgical blades used in open surgical procedures.
 "All of this comes at a time when we continue to remain optimistic about our future results. Our recently concluded acquisition of Andover Medical should have a positive impact on earnings for the remainder of the year. Additionally, we continue to believe sales of our newest laparoscopic surgical products will have a positive impact on our sales in the future."
 CONMED is a manufacturer of electrosurgery, heart monitoring, and other medical products used primarily in hospital operating rooms and other critical care areas. The company distributes its products worldwide from manufacturing and warehousing facilities in Utica, N.Y.; Denver; and Haverhill, Mass.
 CONMED CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME
 (thousands except per share amounts)
 (Unaudited)
 For the three months ended
 June 25, June 26,
 1993 1992
 Net sales $10,264 $11,070
 Cost and expenses:
 Cost of sales 5,706 5,804
 Selling and administrative 3,879 3,050
 Research and development 459 397
 Total operating expenses 10,044 9,251
 Income from operations 220 1,819
 Interest income, net 38 73
 Income before taxes 258 1,892
 Provision for income taxes 88 643
 Net income $ 170 $ 1,249
 Weighted common shares and
 equivalents 4,186 4,361
 Earnings per share $ .04 $ .29
 For the six months ended
 June 25, June 26,
 1993 1992
 Net sales $20,872 $21,568
 Cost and expenses:
 Cost of sales 11,467 11,341
 Selling and administrative 7,550 5,840
 Research and development 993 750
 Total operating expenses 20,010 17,931
 Income from operations 862 3,637
 Interest income net 80 160
 Income before taxes 942 3,797
 Provision for income taxes 320 1,291
 Net income $ 622 $ 2,506
 Weighted common shares and
 equivalents 4,236 4,419
 Earnings per share $ .15 $ .57
 -0- 7/15/93
 /CONTACT: Robert D. Shallish of CONMED Corporation, 315-797-8375, Ext. 2219/
 (CNMD)


CO: CONMED Corporation ST: New York IN: MTC SU: ERN

KL -- CL019 -- 2039 07/15/93 13:55 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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