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DIANON SYSTEMS, INC. REPORTS FOURTH QUARTER SALES AND EARNINGS

 STRATFORD, Conn., March 2 /PRNewswire/ -- DIANON Systems, Inc. (NASDAQ: DIAN) today reported financial results for the quarter and year ended Dec. 31, 1992. For the fourth quarter of 1992, sales were $8,730,000 up $739,000 or 9 percent over the fourth quarter of 1991. As previously reported, both revenues and cost of sales were reduced by essentially equal amounts during the quarter due to a changed arrangement with a reference laboratory. On a pro forma basis, reported sales would have been $9,704,000, representing an increase of over $1,713,000 or 21 percent from the fourth quarter of 1991. Fourth quarter 1992 gross profit was $5,903,000 up $1,094,000 or 23 percent from the fourth quarter of 1991. Pre-tax income was $1,155,000, up $373,000 or 48 percent. Net income was $656,000, up $121,000 or 23 percent. Earning per share were $.12, up $.02 or 20 percent.
 For the year ending 1992, sales were $34,129,000, up $6,771,000 or 25 percent over 1991. On a pro forma basis, before the change noted above, reported sales would have been $35,476,000, an increase of $8,118,000 or 30 percent over 1991. Operating income before international operating loss and international restructuring reserve was $4,159,000, up $1,445,000 or 53 percent. Pre-tax income was $1,790,000 up $58,000, or 3 percent. Net income was $1,014,000, down $318,000 or 24 percent. Earnings per share were $.19, down $.10 or 34 percent.
 As previously reported, during the first three quarters of 1992, the Company recorded international operating losses of over $900,000 and in the third quarter, a one-time charge to operations of $1,674,000 for the restructuring of its European operations. The affect of these charges for European activities represents approximately a $1,500,000 decrease in 1992 net income or a $.27 decrease in 1992 earnings per share.
 These results are preliminary and subject to final audit.
 DIANON SYSTEMS, INC.
 Percent
 Year ended Dec. 31 1992 1991 Change
 Net Sales $34,128,730 $27,357,959 25
 Gross Profit 21,722,383 17,126,439 27
 Percent to Sales 64 63 --
 Operating Income (before
 international operating loss
 and restructuring reserve 4,159,353 2,713,587 53
 International Operating Loss 918,504 1,076,574 --
 International Restructuring
 Reserve 1,673,965 -- --
 Income from Operations 1,566,884 1,637,013 (4)
 Net Interest Income 223,288 95,150 135
 Pre-Tax Income 1,790,172 1,732,163 3
 Provision for Taxes 776,000 400,000 (94)
 Net Income $ 1,014,172 $ 1,332,163 (24)
 Weighted Average Common
 Shares Outstanding 5,451,153 4,565,377 --
 Primary and Fully Diluted
 Earnings Per Share $ .19 $ .29 (34)
 International Operating results for the fourth quarter of 1992 have been included in operating income before international operating loss and international restructuring reserve listed above.
 In reviewing the company's financial results, Richard Sandberg, co- chief executive officer, commented, "As we have indicated in the past, year-to-year comparisons of net income and earnings per share have been substantially affected by the exhaustion of our tax loss carry forwards in 1991, the large charges for international losses and restructuring in 1992 and the larger share base outstanding as a result of our public offering in August of 1991."
 DIANON Systems, headquartered in Stratford, is a leading provider of oncology testing services and diagnostic information to a focused audience of cancer treating physicians and gynecologists in the United States and Europe.
 -0- 3/2/93
 /CONTACT: Richard A. Sandberg, chairman and co-chief executive officer, 203-381-4022, or John P. Davis, president and co-chief executive officer, 203-381-4033/
 (DIAN)


CO: DIANON Systems, Inc. ST: Connecticut IN: MTC SU: ERN

SM -- NY100 -- 2113 03/02/93 16:14 EST
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Publication:PR Newswire
Date:Mar 2, 1993
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