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GULL LABORATORIES REPORTS THIRD QUARTER: $.02 EARNINGS VS. LOSS ($.09) FOR THE FIRST NINE MONTHS

 SALT LAKE CITY, Nov. 9 /PRNewswire/ -- Gull Laboratories, Inc. (AMEX: GUL) today reported consolidated earnings for the third quarter ended Sept. 30 of $4,298 or $.00 per share, vs. a loss of ($707,220) or ($.11) per share for the same period a year ago on consolidated sales of $3.8 million compared to $3.8 million in 1992's third quarter.
 For the first nine months, Gull Laboratories reported consolidated sales of $11.7 million compared to $11.3 million in 1992. Earnings for the nine months were $127,549, or $.02 per share compared to a loss of ($544,276) or ($.09) for the same period of 1992. The restated 1992 numbers consolidate results of the Biolab S.A. of Belgium operations, which the company acquired earlier this year.
 Milton Adair, Gull president and CEO, said: "The consolidated figures reflect continued relative strong performance of Gull's U.S. divisions, despite the uncertainty caused by the proposed Clinton Health Plan. As the yearly earnings comparison indicates, we have already made considerable progress in identifying and addressing inefficiencies in the European operation. We expect to accelerate this improvement in the coming months. When the current reorganization is completed by the end of this year, all divisions of the company will be profitable.
 "With the addition of Biolab, the company currently has 75 percent of its business in international sales, making us less vulnerable to changes in the U.S. health care system," Adair added. "This should allow Gull Laboratories to continue the earnings growth demonstrated over the last year."
 Founded in 1974, Gull Laboratories, Inc. develops, manufactures and markets high-quality diagnostic test kits for the detection of infectious diseases and autoimmune disorders. The company markets these products for use in hospitals and clinical laboratories around the world.
 GULL LABORATORIES, INC.
 Consolidating Income Statement
 9 Months Ended Sept. 30, 1993
 9 mos. ended 9/30/93 Gull Biolab Total
 (USA) (Belgium)
 Sales $7,846,595 $4,400,403 $12,246,998
 Cost of goods sold 3,448,839 2,025,765 5,474,604
 Gross profit 4,397,756 2,374,638 6,772,394
 Expenses:
 Selling, gen. & admin. 2,369,759 2,469,418 4,839,177
 Research & development 410,038 563,953 973,991
 Total expenses 2,779,797 3,033,371 5,813,168
 Other
 Interest expense (172,106) (219,571) (391,677)
 Force reduction --- (111,931) (111,931)
 Other 53,115 34,191 87,306
 Total other (118,991) (297,311) (416,302)
 Cont. operations before tax 1,498,968 (956,044) 542,924
 Income taxes 536,500 --- 536,500
 Continuing operations 962,468 (956,044) 6,424
 Discontinued operations --- --- ---
 Net income 962,468 (956,044) 6,424
 Net income per share $ 0.15 $ (0.15) $ 0.00
 9 mos. ended 3 mos. ended
 Sept. 30, 1993 Sept. 30, 1993
 Elimination Gull Gull
 Entries Consolidated Consolidated
 Sales $ 523,941 $11,723,057 $3,803,640
 Cost of goods sold (645,066) 4,829,538 1,646,555
 Gross profit 6,893,519 2,157,085
 Expenses:
 Selling, gen. & admin. 4,839,177 1,578,625
 Research & development 973,991 295,520
 Total expenses 5,813,168 1,874,145

 Other
 Interest expense (391,677) (165,078)
 Force reduction (111,931) (494)
 Other 87,306 107,589
 Total other (416,302) (57,983)
 Cont. operations before tax 664,049 224,957
 Income taxes 536,500 220,659
 Continuing operations 127,549 4,298
 Discontinued operations --- ---
 Net income 127,549 4,298
 Net income per share $ 0.02 $ 0.00
 9 mos. ended 9/30/92 Gull Biolab Total
 (USA) (Belgium)
 Sales $6,742,201 $5,706,640 $12,448,841
 Cost of goods sold 2,246,060 2,560,609 4,806,669
 Gross profit 4,496,141 3,146,031 7,642,172
 Expenses:
 Selling, gen. & admin. 1,618,196 3,261,779 4,879,975
 Research & development 529,768 751,204 1,280,972
 Total expenses 2,147,964 4,012,983 6,160,947
 Other
 Interest expense (185,231) (318,835) (504,066)
 Force reduction --- --- ---
 Other 22,682 62,413 85,095
 Total other (162,549) (256,422) (418,971)
 Cont. operations before tax 2,185,628 (1,123,374) 1,062,254
 Income taxes 772,244 --- 772,244
 Continuing operations 1,413,384 (1,123,374) 290,010
 Discontinued operations (488,876) --- (488,876)
 Net income 924,508 (1,123,374) (198,866)
 Net income per share $ 0.15 $ (0.18) $ (0.03)
 9 mos. ended 3 mos. ended
 Sept. 30, 1992 Sept. 30, 1992
 Elimination Gull Gull
 Entries Consolidated Consolidated
 Sales $(1,112,526)$11,336,315 $3,819,161
 Cost of goods sold (767,116) 4,039,553 1,508,776
 Gross profit 7,296,762 2,310,385
 Expenses:
 Selling, gen. & admin. 4,879,975 1,607,719
 Research & development 1,280,972 705,162
 Total expenses 6,160,947 2,312,881
 Other
 Interest expense (504,066) (218,213)
 Force reduction --- ---
 Other 84,095 3,490
 Total other (418,971) (214,723)
 Cont. operations before tax 716,844 (217,219)
 Income taxes 772,244 307,744
 Continuing operations (55,400) (524,963)
 Discontinued operations (488,876) (182,257)
 Net income (544,276) (707,220)
 Net income per share $ (0.09) $ (0.11)
 -0- 11/9/93
 /CONTACT: Peter Van Duser, communications, Gull Laboratories, 801-263-3524, or Bill Roberts of Cameron Towey Central, 513-469-0202, for Gull Laboratories/
 (GUL)


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

BN-RA -- AT012 -- 2333 11/09/93 14:16 EST
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Date:Nov 9, 1993
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