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HENLEY INTERNATIONAL REPORTS RECORD THIRD QUARTER AND NINE MONTH RESULTS

HENLEY INTERNATIONAL REPORTS RECORD THIRD QUARTER AND NINE MONTH RESULTS
 SUGAR LAND, Texas, Sept. 2 /PRNewswire/ -- Henley International, Inc. (AMEX: HEN), today reported results for the third fiscal quarter and nine months ended July 31, 1992.
 Net income for the third quarter of fiscal 1992 rose by 133 percent to $942,000 from the $404,000 reported in the third quarter of fiscal 1991. Earnings per share increased 36 percent to $0.19, versus earnings of $0.14 per share reported in the same period last year. This includes a 77 percent increase in weighted average shares outstanding in the third quarter of fiscal 1992. The company said that fiscal 1992 third quarter results included approximately $0.02 per share in expenses associated with the previously disclosed terminated merger discussions with Kirschner Medical.
 Income from operations was $1,397,000, up 81 percent from the $773,000 reported in the similar period last year. Net sales were $18,751,000, an 86 percent increase over the $10,072,000 reported in the third quarter of fiscal 1991.
 For the nine month period, net income rose by 115 percent to $2,383,000, or $0.55 per share, from $1,108,000, or $0.40 per share, in the first nine months of fiscal 1991. Income from operations was $4,246,000, up 106 percent from the $2,064,000 reported in the similar period last year. Net sales were $55,490,000, a 102 percent increase over the $27,482,000 reported in the nine month period ended July 31, 1991.
 Weighted average shares outstanding for the first nine months of fiscal 1992 increased 56 percent, primarily as a result of the secondary offering commenced in January. Net proceeds of more than $35 million were realized from the offering, with approximately $17 million being immediately applied to non-trade debt, significantly reducing interest expense and strengthening the company's capital base.
 "Net sales growth was paced by the continued strong performance of our hospital specialties division, with the market reception of Jawz(TM), our heart biopsy forcep, and other new products being particularly encouraging," said Kenneth W. Davidson, Henley's chairman, president and CEO. "The overall business environment for both the hospital specialties division and the physical medicine division continues to be good, and we expect the fourth quarter to provide a strong close to a record fiscal 1992."
 At July 30, 1992, Henley reported that its balance sheet included working capital of more than $43 million, including cash of approximately $19.6 million. The company's book value per share was $11.36, and long-term debt was $2.4 million compared to shareholders' equity in excess of $57.6 million.
 Henley International, Inc., is a diversified medical products manufacturer and supplier, with an emphasis on specialty products for use in the hospital, surgery center and physical medicine markets.
 HENLEY INTERNATIONAL, INC.
 Condensed Consolidated Statement of Operations
 (In thousands except per share amounts)
 (Unaudited)
 Periods ended Three Months Nine Months
 July 31 1992 1991 1992 1991
 Net sales $18,751 $10,072 $55,490 $27,482
 Cost of sales 11,205 5,559 33,059 15,160
 Gross profit 7,546 4,513 22,431 12,322
 Operating expenses 6,149 3,740 18,185 10,258
 Income from operations 1,397 773 4,246 2,064
 Interest expense (143) (180) (928) (488)
 Other income 183 20 344 103
 Income before taxes 1,437 613 3,662 1,679
 Income taxes 495 209 1,279 571
 Net income $ 942 $ 404 2,383 1,108
 Earnings per share $ 0.19 $ 0.14 $ 0.55 $ 0.40
 Weighted average number of
 common shares and common
 stock equivalents
 outstanding 5,074 2,867 4,366 2,802
 HENLEY INTERNATIONAL, INC.
 Condensed Consolidated Balance Sheet
 (In thousands)
 7/31/92 10/31/91
 ASSETS (Unaudited)
 Current assets:
 Cash and cash equivalents $19,590 $ 381
 Accounts receivable, net 13,370 11,253
 Inventory 18,866 19,774
 Prepaid expenses, deferred assets & other 873 716
 Total current assets 52,699 32,124
 Property and equipment, net 14,865 15,330
 Goodwill, net 426 493
 Other assets, net 1,317 357
 Total assets $69,307 $48,304
 LIABILITIES & SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable and accrued liabilities $ 8,869 $ 9,520
 Current maturities of long-term debt 299 1,822
 Current capital lease obligations 76 83
 Total current liabilities 9,244 11,425
 Long-term debt 2,353 22,450
 Long-term obligations under capital leases 51 99
 Total liabilities 11,648 33,974
 Shareholders' equity:
 Preferred stock -- --
 Common stock 5 3
 Additional paid-in capital 51,605 10,661
 Retained earnings 6,049 3,666
 Total shareholders' equity 57,659 14,330
 Total liabilities &
 shareholders' equity $69,307 $48,304
 -0- 9/2/92
 /CONTACT: Lynn Morgen or Robert Borchert, 212-986-5900, or Kenneth E. Pieper, 214-701-8851, all of Morgen-Walke Associates, for Henley/
 (HEN) CO: Henley International, Inc. ST: Texas IN: HEA SU: ERN


GK -- NY012 -- 5760 09/02/92 08:58 EDT
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Date:Sep 2, 1992
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