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 UTICA, N.Y., Oct. 21 /PRNewswire/ -- CONMED Corporation (NASDAQ: CNMD) today announced earnings of $417,000 for the quarter ended Sept. 24, 1993. This compares to net income of $695,000 in the quarter ended Sept. 25, 1992. Sales for the third quarter 1993 increased to $14,941,000 compared to $10,095,000 in the third quarter of 1992 reflecting the acquisition of Andover Medical on July 12, 1993. Earnings per share for the September 1993 quarter were $.10 compared to $.16 in the third quarter of 1992.
 For the nine months ended Sept. 24, 1993, net income was $1,038,000 compared to $3,201,000 in the nine months ended Sept. 25, 1992. Earnings per share were $.25 for the first nine months of 1993 and $.73 in the same period in 1992. Sales for the nine months ended September 1993 were $35,813,000 compared to $31,663,000 in the first nine months of 1992.
 As previously reported, a trial in U.S. District Court in Salt Lake City found on Oct. 13, 1993, that the company infringed a patent held by a competing company with respect to the company's line of specialty coated electrosurgical accessory blades and awarded damages of approximately $1,000,000. Additionally, the court could treble the damage award and order CONMED to pay the other company's legal fees. CONMED management is currently exploring all of its options, which include appeal. No provision for possible loss has been recorded in the financial statements for the period ended Sept. 24, 1993, although the company has expensed $509,000 of its own legal fees in the September 1993 quarter and $281,000 in the quarter ended June 25, 1993.
 Eugene R. Corasanti, chairman of the board and president, said, "With the exception of the outcome of the patent infringement matter, I am encouraged by the company's performance in the third quarter. The Andover Medical acquisition has been a positive force and we are improving our cost control activities throughout the company. We have improved our earnings from the second quarter of 1993 and would have surpassed the earnings of the third quarter of 1992 had it not been for the expense of defending ourselves in the patent litigation."
 CONMED, headquartered in Utica, N.Y., also has manufacturing facilities in Denver and Haverhill, Mass. CONMED Corporation develops, manufactures and markets medical products for surgery and critical care use in hospitals and other health facilities in the United States and foreign markets.
 Consolidation Statements of Income
 (thousands except per share amounts)
 For the three months ended
 Sept. 24, Sept. 25,
 1993 1992
 Net sales $14,941 $10,095
 Cost and expenses:
 Cost of sales 8,540 5,372
 Selling and administrative 4,597 3,243
 Litigation expense 509 ---
 Research and development 541 481
 Total operating expenses 14,187 9,096
 Income from operations 754 999
 Interest income
 (expense), net (122) 71
 Income before taxes 632 1,070
 Provision for income taxes 215 375
 Net income $ 417 $ 695
 Weighted common shares and
 equivalents 4,133 4,215
 Earnings per share $ .10 $ .16
 For the nine months ended
 Sept. 24, Sept. 25,
 1993 1992
 Net sales $35,813 $31,663
 Cost and expenses:
 Cost of sales 20,007 16,713
 Selling and administrative 11,867 9,083
 Litigation expense 790 ---
 Research and development 1,534 1,231
 Total operating expenses 34,198 27,027
 Income from operations 1,615 4,636
 Interest income
 (expense), net (42) 231
 Income before taxes 1,573 4,867
 Provision for income taxes 535 1,666
 Net income $ 1,038 $ 3,201
 Weighted common shares and
 equivalents 4,204 4,370
 Earnings per share $ .25 $ .73
 -0- 10/21/93
 /CONTACT: Robert D. Shallish of CONMED Corporation, 315-797-8375, Ext. 2219/

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

KL-AR -- CL013 -- 5051 10/21/93 10:06 EDT
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Publication:PR Newswire
Date:Oct 21, 1993

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