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GULL LABORATORIES REPORTS RECORD SALES AND EARNINGS FOR 1992; FORECAST RECORD FIRST QUARTER

 SALT LAKE CITY, April 1 /PRNewswire/ -- Gull Laboratories, Inc., (NASDAQ: GULL), a leading manufacturer and marketer of high-quality medical products, today confirmed a 100 percent increase in 1992 fiscal year-end earnings over 1991. Audited financial statements showed 1992 annual sales of $9.4 million and earnings of $1.1 million or $0.20 per share, a 100 percent increase over 1991's $0.10 per share.
 Milton Adair, Gull Laboratories president and CEO, said, "We're pleased to report that all segments of Gull's markets for medical diagnostics increased in 1992. Additional distribution channels and product line extension were major factors in the increased sales in 1992. The company is continuing its strong performance and we expect to see record earnings in the first quarter of 1993."
 Effective Jan. 1, 1993, Gull Laboratories spun off its Natural Products operations into a separate company, USANA, Inc. Without the Natural Products operation Gull would have reported sales of $8.6 million and net income per share of $.32 rather than $.20.
 Gull recently acquired Biodesign International, a bioreagents distributor and manufacturer in Kennebunkport, Maine. Founded in 1974, Gull Laboratories, Inc., 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.
 GULL LABORATORIES, INC.
 STATEMENT OF INCOME
 Twelve Months Ended
 12/31/92 12/31/91
 Sales $9,395,223 $6,951,500
 Cost of Sales 3,883,194 3,047,496
 Expenses 3,789,364 2,848,358
 Other Income (Expense)
 Interest 245,868 292,778
 Other 43,124 18,081
 Income Tax
 (Expense) Benefit (455,000) (241,000)
 Net Income (Loss) 1,064,921 539,949
 Net Income per Share .20 .10
 Weighted Avg. Number of
 Shares Outstanding 5,449,817 5,383,398
 -0- 4/1/93
 /CONTACT: Peter Van Duser, communications, Gull Laboratories, Inc., 801-263-35r Bill Roberts of Cameron Towey Central, 513-891-1818, for Gull Laboratories, Inc./
 (GULL)


CO: Gull Laboratories, Inc. ST: Utah IN: MTC SU: ERN

BM -- CL018 -- 2092 04/01/93 14:07 EST
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Publication:PR Newswire
Date:Apr 1, 1993
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