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GULL LABORATORIES REPORTS RECORD $2.2 MILLION FIRST QUARTER SALES

 GULL LABORATORIES REPORTS RECORD $2.2 MILLION FIRST QUARTER SALES
 SALT LAKE CITY, April 20 /PRNewswire/ -- Gull Laboratories Inc. (NASDAQ: GULL) reports record first quarter sales for 1992 of $2,207,545. This represents a 39 percent increase over the same period in 1991, in which sales were $1,591,015. First quarter net income rose 38 percent to $299,015 or $.05 per share from first quarter net income in 1991 of $217,000 or $.04 per share.
 "Sales of the new line of ELISA products have been meeting expectations," said Marketing Vice President, Ernest Sumsion, "The distribution contracts arranged earlier in the year are scheduled to begin contributing to our revenues in the second quarter, so we expect this upward trend to continue." While the company experienced growth in all areas of the business, the significant increase occurred in its core business -- medical diagnostic products. This division recorded steady sales growth in both international and U.S. distributor sales of Gull-labeled products in the first quarter.
 Founded in 1974, Gull Laboratories develops, manufactures and markets high-quality diagnostic test kits for the detection of infectious diseases. The company markets these products for use in hospitals and clinical laboratories around the world. In addition, Gull manufactures natural medicines and performs health product packaging for the natural health products market.
 GULL LABORATORIES INC.
 Summary Statement of Income
 Three Months Ended
 3/31/92 3/31/91
 (unaudited) (unaudited)
 Revenues $2,207,545 $1,591,015
 Income Before Taxes 460,615 356,292
 Income Taxes 161,600 138,954
 Net Income 299,015 217,338
 Earnings Per Common
 Equivalent Share $.05 $.04
 -0- 4/20/92
 /CONTACT: Peter Van Duser of Gull Laboratories, 801-263-3524; or John Metzger of Metzger Associates, 303-786-7000, for Gull Laboratories/
 (GULL) CO: Gull Laboratories Inc. ST: Utah IN: HEA SU: ERN


MM-DG -- DV005 -- 9930 04/20/92 10:04 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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