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HEALTH-CHEM REPORTS RESULTS; BOARD APPROVES REPURCHASE OF DEBENTURES

 HEALTH-CHEM REPORTS RESULTS; BOARD APPROVES REPURCHASE OF DEBENTURES
 NEW YORK, Aug. 5 /PRNewswire/ -- Health-Chem Corporation (AMEX: HCH) announced today operating results for the second quarter and six months ended June 30, 1992.
 For the three months ended June 30, 1992, revenues were $10,346,000 compared to $10,883,000 in the comparable quarter last year. Loss from continuing operations in the 1992 period was $11,000 versus income from continuing operations of $107,000 for the corresponding earlier year quarter. Net income in the 1992 period was $22,000 or less than $.01 per share compared to net income of $100,000 or $.02 per share for the same period last year, on a fully diluted basis.
 For the six months ended June 30, 1992, revenues were $20,178,000 compared to $18,578,000 for the comparable period last year. Loss from continuing operations was $521,000 compared to losses of $1,265,000 in the first six months of 1991. Net loss for the six-month period of 1992 amounted to $457,000 or $.07 per share compared to a loss of $1,306,000 or $.18 per share for the six-month period of 1991, on a fully diluted basis.
 The company also announced today that its board of directors has approved the purchase, subject to market conditions and prices, of $6 million face amount of the company's 10.375 percent convertible subordinated debentures. Any debentures purchased may be applied to the company's future debenture sinking fund requirements. This authorization is in addition to the aggregate $6 million repurchase authorization announced in early 1989 and in August 1990 under which the company has purchased an aggregate of $4,628,000 principal amount of the debentures through July 31, 1992.
 Health-Chem Corporation manufactures and distributes patented controlled release dispensers for the pharmaceutical industry, along with industrial and health-care synthetic fabrics.
 HEALTH-CHEM CORPORATION
 Results of Operations (Unaudited)
 (In thousands, except per share amounts)
 Periods ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Net sales $10,346 $10,883 $20,178 $18,578
 Cost of goods sold 7,008 7,495 13,667 13,587
 Gross profit 3,338 3,388 6,511 4,991
 Other expenses 3,323 3,213 7,237 6,822
 Income (loss) from continuing
 operations before taxes 15 175 (726) (1,831)
 Income tax provision (benefit) 26 68 (205) (566)
 Income (loss) from continuing
 operations (11) 107 (521) (1,265)
 Loss from discontinued opers. -- (7) -- (41)
 Income (loss) before
 extraordinary gain (11) 100 (521) (1,306)
 Extraordinary gain from
 repurchase of convertible
 subordinated debentures 33 -- 64 --
 Net income (loss) $ 22 $ 100 $ (457) $(1,306)
 Earnings per common share
 (primary and fully diluted):
 Income (loss) from continuing
 operations -- $0.02 $(0.08) $(0.18)
 Loss from discontinued opers. -- -- -- (0.01)
 Extraordinary gain from
 repurchase of convertible
 subordinated debentures -- -- 0.01 --
 Net income (loss) -- $0.01 $(0.07) $(0.18)
 -0- 8/5/92
 /CONTACT: Bruce M. Schloss, vice president of Health-Chem, 212-398-0700/
 (HCH) CO: Health-Chem Corporation ST: New York IN: HEA SU: ERN


GK-KW -- NY036 -- 7057 08/05/92 11:24 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
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