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GAMMA BIOLOGICALS REPORTS EARNINGS FOR SECOND QUARTER AND SIX MONTHS

 GAMMA BIOLOGICALS REPORTS EARNINGS FOR SECOND QUARTER AND SIX MONTHS
 HOUSTON, Oct. 30 /PRNewswire/ -- Gamma Biologicals, Inc. (AMEX: GBL) reported today that net income for the quarter ended Sept. 30, 1992 was $36,000 (1 cent per share) on net sales of $4,060,000. For the same period a year ago, net income was $436,000 (9 cents per share; 7 cents before extraordinary item) on net sales of $4,165,000.
 For the six months ended Sept. 30, 1992, Gamma earned $125,000 (3 cents per share) on net sales of $8,126,000. A year ago, net income was $782,000 (17 cents per share; 13 cents before extraordinary item) on net sales of $8,212,000.
 As previously reported, development expenses continued to grow for both monoclonal products and the bioelectrical sensor technology. Utilization of net operating loss carryforward, an extraordinary item that enhanced income in fiscal 1991, had negligible effect on this quarter's results.
 David E. Hatcher, chairman and CEO of Gamma Biologicals, said, "Domestic sales continued to rise, with a 5 percent increase in reagent sales over the second quarter last year. The major increases were sales of monoclonal reagents and reagent red cell products. While monoclonal reagent exports were up slightly, total export sales for the quarter were down nearly 20 percent, due primarily to the volatile nature of single-bid bulk sales. Such contracts are awarded to the lowest bidder, regardless of historical supplier relationships.
 "In addition, increased competition from European manufacturers, who do not need FDA approval to market monoclonal reagents or new testing techniques, contributed to the decline," Hatcher said. "With the availability of clone-based technology, the overseas markets no longer rely entirely on U.S. companies such as Gamma for human-source serum. The continuing economic downturn, especially in Italy, has also curtailed purchases by major government customers.
 "While the current economic and market dynamics have had negative impact on our operating results, continuing development of new clone- based reagents, in addition to our bioelectrical sensor technology, should maintain our position as a major player in the blood banking market," Hatcher concluded.
 Gamma Biologicals manufactures and markets a wide range of highly refined and specialized testing products, known as diagnostic reagents, as well as sophisticated instrument systems. The company markets to hospitals, blood banks, medical laboratories, physicians' offices and research institutions. Gamma's common stock trades on the American Stock Exchange using the symbol GBL.
 GAMMA BIOLOGICALS, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited -- In thousands)
 September 30 March 31
 1992 1992
 Assets
 Current Assets $12,079 $12,132
 Property and equipment - net 3,541 3,663
 Note receivable - long-term 89 --
 Cash value of life insurance 1,226 1,126
 Excess of cost over net assets
 acquired - net 368 441
 Other assets 384 438
 Total $17,687 $17,800
 Liabilities
 Current liabilities $ 1,332 $ 1,589
 Long-term obligations 815 815
 Shareholders' equity 15,540 15,396
 Total $17,687 $17,800
 GAMMA BIOLOGICALS, INC.
 CONDENSED STATEMENTS OF CONSOLIDATED INCOME
 (Unaudited -- In thousands, except per share amounts)
 Three Months Ended Six Months Ended
 September 30 September 30
 1992 1991 1992 1991
 Net sales $4,060 $4,165 $8,126 $8,212
 Costs and expenses 4,037 3,867 8,002 7,523
 Income from operations 23 298 124 689
 Other income (expense)-net 18 150 36 125
 Income before income
 taxes and extraordinary
 item 41 448 160 814
 Income taxes 15 106 56 232
 Income before extraordinary
 item 26 342 104 582
 Extraordinary item-utilization
 of net operating loss
 carryforward 10 94 21 200
 Net income $ 36 $436 $125 $782
 Income per common and common
 equivalent share:
 Income before extraordinary
 item $ .01 $ .07 $ .03 $ .13
 Extraordinary item-utilization
 of net operating loss
 carryforward -- .02 -- .04
 Net income per common and
 common equivalent share $ .01 $ .09 $ .03 $ .17
 Weighted average number of
 common and common equivalent
 shares outstanding 4,640 4,551 4,639 4,551
 -0- 10/30/92
 /CONTACT: David E. Hatcher, chairman and CEO, or Margaret J. O'Bannion, chief financial officer of Gamma Biologicals, 713-681-8481/
 (GBL) CO: Gamma Biologicals, Inc. ST: Texas IN: MTC SU: ERN


PS -- NY041 -- 7057 10/30/92 11:01 EST
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Date:Oct 30, 1992
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