ICN BIOMEDICALS REPORTS THIRD QUARTER RESULTS
ICN BIOMEDICALS REPORTS THIRD QUARTER RESULTS COSTA MESA, Calif., Nov. 13 /PRNewswire/ -- ICN Biomedicals Inc.
(AMEX: BIM) today reported third quarter sales of $18.4 million, compared to sales of $20.5 million in the third quarter of 1991.
Third quarter results included a loss of $7.6 million, or 39 cents per share. The company recorded charges in the third quarter of approximately $1.1 million for the revaluation of assets held for sale and equity investments and $1.7 million, representing the remaining unamortized portion of the 1992 sales catalog as the company launched its 1993 catalog. "In addition to these actions, the company has taken steps to substitute higher-margin products for less profitable ones and to redirect its marketing and selling efforts. All combined, we expect these actions to return the company to profitability," said Adam Jerney, chief executive officer of ICN Biomedicals. ICN Biomedicals has refocused its marketing efforts on its core of research products sold through worldwide catalog distribution. In support of fourth quarter and 1993 sales increases, the company mailed approximately 700,000 catalogs in North American markets, approximately twice the number mailed in 1991. In addition, the company instituted a novel marketing program in its industry, the Grant Plus program. Customers enrolled in this program build "ICN dollars" with their purchases. "ICN dollars" are redeemed for the purchase of additional catalog products. The net loss for the first nine months of 1992 was $9 million, or 50 cents per share, on sales of $58.8 million, compared to net income of $507,000, or 4 cents per share, on sales of $75.7 million during the first nine months of 1991. The company said it has under development a series of new diagnostic reagents for the rapid detection of infectious disease. New products developed internally by Viratek Inc., an affiliate of the company, for ICN Biomedicals include new serum Elisa non-isotopic diagnostic test kits for prolactin, used to determine infertility, and follicle stimulating hormone (FSH), to determine pituitary dysfunction, were recently approved by the Food and Drug Administration. ICN Biomedicals Inc. is a major world supplier of biotechnology research products and medical diagnostics. ICN BIOMEDICALS INC. Summary Financial Information For the Three and Nine Months Ended Sept. 30, 1992 and 1991 (Unaudited) (Amounts in thousands) Three months ended Nine months ended Sept. 30, Sept. 30, 1992 1991 1992 1991 Sales $18,382 $20,512 $58,829 $75,679 Net income (loss) (7,550) (1,419) (9,000) 507 Earnings per share ($0.39) ($0.12) ($0.50) $0.04 -0- 11/13/92 /CONTACT: Paul Knopick of ICN Biomedicals, 714-545-0100, ext. 2465/ (BIM) CO: ICN Biomedicals Inc. ST: California IN: MTC SU: ERN
JL-JB -- LA013 -- 0509 11/13/92 08:02 EST
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|Date:||Nov 13, 1992|
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