ICN BIOMEDICALS REPORTS FIRST QUARTER RESULTS
ICN BIOMEDICALS REPORTS FIRST QUARTER RESULTS COSTA MESA, Calif., May 14 /PRNewswire/ -- ICN Biomedials Inc.
(AMEX: BIM) today reported a first quarter net loss of $781,000, or 5 cents a share, compared to net income of $553,000, or 5 cents a share, in last year's first quarter. The company said it expected that its previously announced restructuring would return it to profitability in the latter part of 1992.
The company's strategy to discontinue a number of lower-margin products and the effects of continued worldwide recession on laboratory research supplies resulted in first quarter sales of $21.2 million, compared to $29.5 million in 1991. Sales, however, of the company's core products were up. Sales of tritium-labeled compounds increased 43 percent over last year's first quarter. Labeling biochemicals with tritium enables medical researchers to study the basic mechanisms of cell growth and metabolism. ICN Biomedicals is one of the largest suppliers of radio-tagged biochemicals. Significant sales gains were also made in the ultra-pure line of biochemical laboratory reagents, which were up 62 percent in sales compared to last year. These are used in genetic and molecular biology research such as protein separations and analyses. The company's environmentally safe liquid scintillation reagents, used to measure radioactivity in laboratory experiments using radiochemicals, increased 45 percent over the first quarter of 1991. Both product lines increased their market share as the results of intensified marketing efforts, including direct mailings to universities, research laboratories and industry. Another product showing significant growth in the quarter was the company's unique 96 channel microplate washer. The product is used in a wide range of diagnostic laboratories, including those doing cancer research. During the first quarter, a non-isotopic neonatal test system used to screen newborns for congenital hypothyroidism was introduced worldwide. The test, which replaces an earlier product, meets the demand for non-isotopic tests and is in line with the company's strategy to replace older, lower-margin products with more advanced technology. The company continued to significantly eliminate debt, reducing total liabilities in the first quarter by $18 million. ICN Biomedicals Inc. is a major world supplier of biotechnology research products and medical diagnostics. ICN BIOMEDICALS INC. Summary Financial Information For the periods ended March 31, 1992 and 1991 (Amounts in thousands) First quarter 1992 1991 Sales $21,222 $29,544 Net income (loss) (781) 553 Earnings per share ($.05) $.05 -0- 5/14/92 /CONTACT: Jack Sholl of ICN Biomedicals, 714-545-0100, ext. 3013/ (BIM) CO: ICN Biomedicals ST: California IN: MTC SU: ERN
JL-EH -- LA014 -- 0059 05/14/92 09:15 EDT
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|Date:||May 14, 1992|
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