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GELMAN SCIENCES INC. REPORTS RECORD EARNINGS AND SALES IN THE THIRD QUARTER

 ANN ARBOR, Mich., May 26 /PRNewswire/ -- Gelman Sciences Inc. (AMEX: GSC) today reported record earnings and sales for the third quarter of its current fiscal year ended April 30, 1993. The company attributes its record growth to greater focus on target market segments in laboratory research, high technology process industries and the health care field, to continued emphasis on corporate-wide cost control, and to improved gross margin.
 Net earnings for the third quarter of the current fiscal year were $855,000 or $.34 per share. This compares with a net loss of $1,952,000 or $.77 per share, which included a pollution reserve, in the prior year. Without that reserve, the company would have reported earnings of $608,000 or $.24 per share. Comparing fiscal 1992 third-quarter earnings without the pollution reserve to fiscal 1993 earnings, the company showed a 41-percent increase.
 Net sales for the third quarter rose 6 percent from $20.9 million in fiscal 1992, to $22.3 million in fiscal 1993. Domestic U.S. sales were up 14 percent. Without the effect of the company's Australian subsidiary, impacted by downsizing and the recession in that country, and the effect of the stronger U.S. dollar, total company sales would have increased 11 percent.
 For the nine months, net earnings were $1,908,000 or $.75 per share vs. a reported net loss of $1,845,000 or $.73 per share for the same period one year prior. The reported net loss included extraordinary item and pollution reserve expenses. Without those expenses, the company would have reported net earnings of $1,067,000 or $.41 per share. Earnings for the first nine months of fiscal 1993 rose 79 percent, compared to fiscal 1992 nine-months earnings without the pollution reserve or the extraordinary non-recurring item.
 During the third quarter, Chairman and Chief Executive Officer Charles Gelman announced the appointment of a new president and chief operating officer, Kim A. Davis, who was formerly chief operating officer of Promega Corporation, a Midwest-based biotechnology company.
 Gelman Sciences manufactures microfiltration products used in laboratory research, high technology process industries and the medical health care field.
 GELMAN SCIENCES INC.
 Third Quarter Ended
 April 30
 1993 1992
 Net sales $22,269,000 $20,931,000
 Earnings (loss) before
 extraordinary item $855,000 ($1,952,000)(a)
 Extraordinary item --- ---
 Net earnings (loss) $855,000 ($1,952,000)
 Earnings (loss) per share before
 extraordinary item $0.34 ($0.77)(a)
 Earnings (loss) per share $0.34 ($0.77)(a)
 Weighted average shares 2,539,000 2,515,000
 Nine Months Ended
 April 30
 1993 1992
 Net sales $63,401,000 $60,125,000
 Earnings (loss) before
 extraordinary item $1,908,000 ($1,493,000)(a)
 Extraordinary item --- $352,000 (b)
 Net earnings (loss) $1,908,000 ($1,845,000)
 Earnings (loss) per share before
 extraordinary item $0.75 ($0.59)(a)
 Earnings (loss) per share $0.75 ($0.73)(a)
 Weighted average shares 2,534,000 2,515,000
 (a) -- Fiscal 1992 includes a $4 million charge for settlement of environmental lawsuits. The after-tax effect on earnings is $2.6 million or $1.01 per share.
 (b) -- The extraordinary item in fiscal 1992 resulted from a product liability settlement of $558,000 before tax.
 -0- 5/26/93
 /CONTACT: Robert Buker, vice president, Corporate Communications, or James Fahrner, chief financial officer and vice president, Finance, Gelman Sciences Inc., 313-665-0651/
 (GSC)


CO: Gelman Sciences Inc. ST: Michigan IN: MTC SU: ERN

JG-KE -- DE011 -- 2395 05/26/93 11:04 EDT
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Publication:PR Newswire
Date:May 26, 1993
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