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DAVSTAR ANNOUNCES YEAR-END RESULTS

 NEWPORT BEACH, Calif., Sept. 29 /PRNewswire/ -- Davstar Industries Ltd. (AMEX: DVS) announced today a net loss for the fiscal year ended June 30, 1993, of $5,858,000, or $0.52 per share, compared to a net loss of $2,816,000, or $0.34 per share, for the year ended June 30, 1992. The increased net loss was principally attributable to increases of $1,725,000 in product design and testing expenses relating to the company's medical products, a reduction in revenues of approximately $720,000 due to reduced orders for non-medical plastic injection-molded products sold by the company's Gates Plastics subsidiary, and a related $563,000 non-recurring charge to goodwill associated with Gates Plastics. Jerry Silver, president of Davstar, stated: "In fiscal 1993, we invested heavily in our medical products business, funding approximately $2 million of research and development expenses and approximately $1.4 million of tooling and equipment costs. These expenditures were necessary to put us in position to generate increased medical products sales in fiscal 1994. We remain confident that early indications of market acceptance of the CEN-SLIDE(R) urinalysis system, in major hospitals and laboratories throughout the U.S., along with anticipated introduction of our other proprietary products, including the Molecular Adsorber and non-U.S. sales of the Dristar(R) Incontinent Management System, will translate to substantial revenue increases and improved operating results during this fiscal year."
 Direct all inquires to Roberta LeGendre, c/o Davstar Industries Ltd., One Newport Place, 1301 Dove St., Suit 360, Newport Beach, CA 92660, or call 714-852-8492.
 -0- 9/29/93
 /CONTACT: Roberta LeGendre, 714-852-8492/
 (DVS)


CO: Davstar Industries Ltd. ST: California IN: MTC SU: ERN

JB-LS -- LA026 -- 6968 09/29/93 16:33 EDT
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Publication:PR Newswire
Date:Sep 29, 1993
Words:286
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