GULL LABS REPORTS 1991 SALES OF $6.9 MILLION
GULL LABS REPORTS 1991 SALES OF $6.9 MILLION SALT LAKE CITY, Feb. 20 /PRNewswire/ -- Gull Laboratories Inc.
(NASDAQ: GULL), a Salt Lake City-based manufacturer and marketer of diagnostic test kits and health products today reported total sales of $6.9 million, a 24 percent increase over the 1990 figure of $5.6 million. Net income for the year was $522,000 or 10 cents per share, compared to a loss of $59,000 or 1 cent per share in 1990. The earnings for the fourth quarter of 1991 were lower than expected due to inventory adjustments and losses in the Natural Products division of the company.
The company reported that the revenue and profit increases were virtually all attributable to the strength of Gull's Diagnostic division, which grew at a faster rate than the industry average. "Both the domestic and international markets demonstrated the growth we had expected for 1991," said Myron Wentz, Ph.D., president of Gull Laboratories. "Our strategic emphasis in 1992 is to build market position in the U.S. by expanding our distribution channels for the diagnostic products. We know we have to be more effective in getting our products to the customers and are working toward an early solution. The other important goal for the company is to bring the Health Products divisions to the breakeven point by the 2nd or 3rd quarter of 1992. "The results from the new operations, while dampening our earnings, have not lessened our enthusiasm for the new divisions," said Dr. Wentz, "and the company overall is on a sounder financial basis than ever before." 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. GULL LABORATORIES INC. Results of Operations Twelve Months Ended Dec. 31, 1991 1990 (unaudited) Net sales $6,951,500 $5,582,771 Cost of sales 4,895,572 2,782,812 Income before taxes 752,077 (182,783) Net income (loss) 522,280 (58,783) Income (loss) per share .10 (.01) Weighted average number of shares outstanding 5,383,398 5,154,916 -0- 2/20/92 /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: MTC HEA SU: ERN
BB -- DV003 -- 0860 02/20/92 10:54 EST
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|Date:||Feb 20, 1992|
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