ICN BIOMEDICALS REPORTS SECOND QUARTER RESULTS
ICN BIOMEDICALS REPORTS SECOND QUARTER RESULTS COSTA MESA, Calif., Aug. 13 /PRNewswire/ -- ICN Biomedicals Inc.
(AMEX: BIM) today reported a second quarter net loss of $669,000, or 3 cents per share on sales of $19.2 million, compared to net income of $1.4 million, or 11 cents per share on sales of $25.6 million in the second quarter of 1991. The company said the continued weakness of the worldwide economy and subsequent reduction in government funding for capital equipment has had a negative impact on sales.
Net loss for the first six months of 1992 was $1.4 million, or 8 cents per share, on sales of $40.4 million, compared to net income of $1.9 million, or 16 cents per share, on sales of $55 million in the first half of 1991. During the second quarter, ICN Biomedicals, a leading supplier to the worldwide biomedical research community, completed mailing 700,000 copies of its new 1,952-page catalog, printed on recycled paper, to industrial firms, universities, hospitals and laboratory researchers in North America. The catalog is supported by a new ICN Grant Plus Program, which offers continuous discounts for reorders through the catalogs, to enhance its effectiveness as a selling tool. Together, these represent a significant marketing investment by ICN Biomedicals. Also during the second quarter, ICN Biomedicals, which is one of the nation's leaders in manufacturing and marketing of products used to screen newborns for health problems, received approval from the U.S. Food and Drug Administration to market a new, more efficient non-isotopic enzyme-based assay, non-isotopic, for early detection of abnormalities in thyroid functions. Mental retardation could result if such deficiencies are not discovered. ICN Biomedicals currently supplies 17 states with neonatal tests to screen all newborns. Approximately 2 million newborns annually are tested in the United States with ICN Biomedicals' products. ICN Biomedicals Inc. is a major world supplier of biotechnology research products and medical diagnostics. ICN BIOMEDICALS INC. Summary of Financial Information For the three and six months ended June 30, 1992 and 1991 (Unaudited) (Amounts in thousands) Three months ended Six months ended June 30, June 30, 1992 1991 1992 1991 Sales $19,225 $25,623 $40,447 $55,167 Net income (loss) (669) 1,373 (1,450) 1,926 Earnings per share ($0.03) $0.11 ($0.08) $0.16 -0- 8/13/92 /CONTACT: Paul Knopick of ICN Biomedicals, 714-545-0100, ext. 2465/ (BIM) CO: ICN Biomedicals Inc. ST: California IN: MTC SU: ERN
AL-JL -- LA019 -- 9624 08/13/92 12:13 EDT
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|Date:||Aug 13, 1992|
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