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GAMMA BIOLOGICALS REPORTS SALES INCREASED 10.6 PERCENT FOR THE THIRD QUARTER, ENDED DEC. 31, 1991

    GAMMA BIOLOGICALS REPORTS SALES INCREASED 10.6 PERCENT FOR
              THE THIRD QUARTER, ENDED DEC. 31, 1991
    HOUSTON, Feb. 13 /PRNewswire/ -- With a sales increase of 10.6 percent over the third quarter last year, Gamma Biologicals, Inc. (AMEX: GBL) today reported a net loss of $174,000, or four cents per share (three cents before extraordinary item), on net sales of $4,107,000 for the quarter ended Dec. 31, 1991.  For the same period last fiscal year, net income was $172,000, or four cents per share (two cents before extraordinary item), on sales of $3,713,000.  The slight loss was due to a one-time expense of $250,000, a discount which Gamma granted in consideration for a lump-sum payment of approximately $2.2 million, including interest, for the balances due from the 1990 sale of its former Italian subsidiaries.  This early payment was used partly to repay Gamma's $1.35 million line of credit, and the company now is debt- free (exclusive of an $800,000 mortgage).
    The third quarter is traditionally Gamma's weakest, as the company accommodates its foreign customers holiday schedules and stops product shipments by mid-December.
    For the nine months ended Dec. 31, 1991, Gamma earned $609,000, or 13 cents per share (10 cents before extraordinary item), on net sales of $12,319,000.  Net income for the comparable period last year was $930,000, or 21 cents per share (15 cents before extraordinary item), on net sales of $11,343,000.
    The 10.6 percent sales increase reflects the growth in sales of monoclonal-based reagents since their introduction in December 1990.
    The increase was offset somewhat by expenses of a expanded sales staff to support the higher domestic sales volume.  Research and development costs were approximately $100,000 more than third quarter a year ago, reflecting personnel, engineering consultation and other product development expenses related to the bioelectrical sensor technology.
    Gamma Biologicals manufactures and markets a wide range of highly refined and specialized testing products, known as diagnostic reagents, as well as specialized instrument systems. Gamma markets to hospitals, blood banks, medical laboratories, physicians' offices and research institutions.
    -0-                     2/13/91
                        GAMMA BIOLOGICALS, INC.
               Condensed Statements of Consolidated Income
        (In thousands, except per share amounts - Unaudited)
    Periods ended                   Three Months      Nine Months
     Dec. 31,                       1991    1990      1991    1990
    Net sales                     $4,107   $3,713   $12,319  $11,343
    Costs and expenses             4,020    3,558    11,543   10,305
     Discount given on prepayment
      of note receivable             250       --       250       --
    Operating income (loss)         (163)     155       526    1,038
    Other income (expense):
     Gain on liquidation of
      subsidiary                      --       --       178       --
     Other income (expense)          (19)      33       (71)     (20)
     Other income (expense) - net    (19)      33        107     (20)
    Income (loss) before income
     taxes and extraordinary item   (182)     188        633   1,018
    Income taxes (benefit)           (64)      91        168     338
    Income (loss) before
     extraordinary item             (118)      97        465     680
    Extraordinary item -
     utilization of net
     operating loss
     carryforward                    (56)      75        144     250
    Net income (loss)              $(174)    $172       $609    $930
    Income (loss) per common
     and common equivalent share:
     Income (loss) before
     extraordinary item             (.03)     .02        .10     .15
     Extraordinary item -
     utilization of net
     operating loss carryforward    (.01)     .02        .03     .06
     Net income (loss) per
     common and common
     equivalent share              $(.04)    $.04       $.13    $.21
    Weighted average number
     of common and common
     equivalent shares
     outstanding                   4,558    4,551      4,683   4,551
    -0-                  2/13/92
    /CONTACT:  David E. Hatcher, chairman and president, or Margaret J. O'Bannion, chief financial officer, 713-681-8481, both of Gamma Biologicals/
    (GBL) CO:  Gamma Biologicals Inc. ST:  Texas IN:  MTC SU:  ERN SM -- NY058 -- 9734 02/13/92 12:03 EST
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Date:Feb 13, 1992
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