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IGI, INC. REPORTS 11 PERCENT GAIN IN 1992 REVENUES

 BUENA, N.J., March 31 /PRNewswire/ -- IGI, Inc. (AMEX: IG), today reported an 11 percent increase in 1992 revenues, led by solid growth in animal health products as well as the initial commercial production and sale of Novasome(R) lipid vesicle products to three cosmetic and personal care products companies.
 IGI reported that its 1992 revenues were $24,434,638, up from $22,008,644, in 1991. Net income for the year increased to $66,032, or $.01 per share versus $44,885, or $.01 per share in 1991.
 These results are in line with IGI's long-term strategy which is to:
 -- Continue expanding its animal health care business, especially in international markets.
 -- Generate revenue streams from applications of its Novasome and Ultrasponge(TM) technologies in non-regulated or semi-regulated product segments.
 -- Increase development efforts to apply the Novasome technology to human pharmaceuticals.
 As in previous years, cash generated by the profitable animal health care segment was employed to fund expanded commercialization and development activities, resulting in a nominal reported profit for the year.
 In 1992, the company experienced solid growth in its animal health care products especially in foreign markets. International sales increased by $2,451,715 or 43 percent and accounted for $8,119,305, or 33 percent of the company's total sales.
 In the company's cosmetic, consumer products and OTC preparations segment, the company recognized revenues of $442,862 in 1992, primarily from initial consumer sales of products utilizing the company's proprietary technologies. These sales helped reduce the operating loss in this division by 37 percent to $156,958.
 In the human pharmaceutical segment, expanded development efforts resulted in an operating loss of $2,205,418, an increase of approximately $720,000 or 48 percent over 1991. The company expects that the level of spending on human pharmaceuticals and vaccines will increase in 1993 as commercialization efforts and human clinical trials commence.
 During 1992, the company retroactively adopted the provisions of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes." This did not have a significant impact on the results of the company's operations in 1992, 1991 or 1990.
 IGI, INC.
 Consolidated Statements of Income
 Year ended Dec. 31 1992 1991(A) 1990(A)
 Net sales $24,434,638 $22,008,644 $20,055,849
 Cost of sales 11,291,609 10,590,082 9,393,111
 Gross profit 13,143,029 11,418,562 10,662,738
 Selling, general and
 administrative expenses 10,808,949 9,433,882 8,432,004
 Research and development
 expenses, net 1,872,678 1,353,895 1,304,965
 Operating profit 461,402 630,785 925,769
 Interest expense (651,695) (673,186) (838,049)
 Interest income 219,124 83,648 71,074
 Other expense, net (25,276) (650) (269,475)
 Income (loss) from continuing
 operations before credit for
 income taxes 3,555 40,597 (110,681)
 Credit for income taxes (62,477) (4,288) (250,331)
 Income from continuing opers. 66,032 44,885 139,650
 Loss from discontinued opers.,
 net of income tax benefits -- -- (89,155)
 Net income $ 66,032 $ 44,885 $ 50,495
 Income (loss) per common
 and common equivalent share:
 From continuing operations $.01 $.01 $ .02
 From discontinued operations -- -- (.01)
 Net income $.01 $.01 $ .01
 Average number of common
 and common equivalent shares 8,999,182 8,408,769 8,223,812
 (A) -- Restated for adoption of SFAS No. 109.
 -0- 3/31/93
 /CONTACT: Michael Dodge of IGI, 609-697-1441/
 (IG)


CO: IGI, Inc. ST: New Jersey IN: MTC SU: ERN

GK-OS -- NY064 -- 1640 03/31/93 16:03 EST
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Date:Mar 31, 1993
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