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CORDIS REPORTS RECORD QUARTER, FISCAL 1993 RESULTS

 MIAMI, Aug. 17 /PRNewswire/ -- Cordis Corporation (NASDAQ-NMS: CORD) today reported record sales and earnings for the quarter and fiscal year ended June 30, 1993.
 For the three months, worldwide sales were up 14 percent (18 percent at constant exchange rates) to $66.8 million, including gains of 15 percent from angiography products and 3 percent from neuroscience. Foreign sales, up 21 percent, continued to lead the way, but U.S. revenues, which had been depressed in recent quarters due to a slowdown in diagnostic angiography sales, rebounded with a 6 percent increase over the corresponding year-ago period. Net income for the quarter rose 16 percent to $8.3 million and earnings per share increased 16 percent to 58 cents.
 Fiscal 1993 revenues were $255.5 million, up 15 percent (14 percent had exchange rates remained unchanged). Foreign sales, helped significantly by the successful introduction of angioplasty products only recently approved for U.S. distribution, rose 22 percent (21 percent at constant rates), increasing to 57 percent of net revenues. US sales rose 6 percent. Net income for the year increased 21 percent to $29.1 million while earnings per share rose 20 percent to $2.00.
 Robert Strauss, president and chief executive officer, called the results "highly gratifying," particularly in view of the turmoil in the U.S. healthcare market during much of the year. "Our pick-up in fourth- quarter sales in the U.S. market, our rapidly improving posture worldwide in angioplasty and our strong performance in terms of new product approvals have served to position Cordis as a formidable competitor for 1994 and beyond," he said.
 Strauss observed that while additional changes are certain to occur in healthcare delivery and financing, with or without added federal legislation, Cordis is increasingly well positioned to maintain both its sales and earnings growth.
 Miami-based Cordis Corporation manufactures and markets a variety of medical devices and systems for the angiographic and neuroscience markets.
 CORDIS CORPORATION
 Condensed Statements of Operations
 Three Months and 12 Months Ended June 30, 1993 and 1992
 (dollars in thousands except per share amounts)
 (Unaudited) (Unaudited)
 Three Months 12 Months
 1993 1992 1993 1992
 Net sales $ 66,753 $ 58,478 $255,458 $222,959
 Income before
 income taxes $ 10,475 $ 9,761 $ 38,715 $ 32,289
 Provision for
 income taxes 2,129 2,537 9,655 8,275
 Net income $ 8,346 $ 7,224 $ 29,060 $ 24,014
 Earnings per share $ .58 $ 0.50 $ 2.00 $ 1.67
 Weighted average shares
 outstanding 14,435,000 14,271,000 14,531,000 14,340,000
 -0- 8/17/93
 /CONTACT: Chick McDowell, vice president, corporate relations and assistant secretary of Cordis Corporation, 305-824-2821/
 (CORD)


CO: Cordis Corporation ST: Florida IN: MTC SU: ER

AW -- FL001 -- 3403 08/17/93 08:50 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
Words:462
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