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IGI, INC. REPORTS 22 PERCENT GAIN IN 1993 FIRST QUARTER REVENUES

 /NOTE TO EDITORS: This release was issued to some points earlier today by a representative of the company in a version that contained some erroneous figures. The following version is correct./
 BUENA, N.J., May 6 /PRNewswire/ -- IGI, Inc. (AMEX: IG), today reported a 22 percent increase in first quarter 1993 revenues, a company record. All the company's divisions had significant increases over 1992 levels, led by international sales which increased by 40 percent.
 IGI reported that its first quarter 1993 revenues were $6,934,000, up from $5,684,000 in the first quarter of 1992. Net income for the quarter was $47,445, or 1 cent per share versus $41,672, or 1 cent per share in 1992. The increase in gross profits was offset due to an increase in research and development expenses from $396,833 to $823,394.
 First quarter results exceeded management's expectations in several areas:
 -- The company's animal care products operating profits were up 31 percent.
 -- International sales of poultry vaccines and small animal products increased by 40 percent, and accounted for 36 percent of the company's sales.
 "All of the company's operating divisions, particularly the cosmetics and animal care areas, posted better than anticipated revenues for the quarter and continue to support the company's ongoing research and development programs," the company said.
 "We believe our long-term strategy for the commercialization of Novasome(R) technology across an array of industries from foods to pharmaceuticals to animal care to cosmetics continues to be in line with our long-term plans and expectations."
 Among the milestones in the quarter:
 -- The announcement of a new cosmetics line from Revlon based on Novasome encapsulates. The line will be introduced in the third quarter and supported by a national advertising and marketing campaign.
 -- The naming of the Honorable Dick Cheney, former Secretary of Defense and White House Chief of Staff, and Terrence O'Donnell, Esq., former general counsel to the Department of Defense to the company's board of directors.
 -- The introduction of a second Estee Lauder Prescriptives "All You Need" Novasome-based cosmetics product.
 In the human pharmaceutical segment, the company greatly expanded its research in human vaccines through its majority-owned subsidiary, Novavax, Inc. This segment increased spending to $855,000, an 88 percent increase over first quarter 1992. This increase is largely due to spending on preparation of its human triple influenza vaccine for which an IND filing is planned to be made with the Food and Drug Administration. The company expects that spending will continue to increase as commercialization and human clinical trials commence.
 IGI, Inc., is a diversified company engaged in the development, production and marketing of animal care products, cosmetics, consumer products and human pharmaceuticals.
 IGI, INC. AND SUBSIDIARIES
 Consolidated Statement of Income
 (Unaudited)
 Three months ended March 31 1993 1992
 Net sales $6,933,933 $5,683,854
 Cost of sales 3,199,898 2,715,642
 Gross profits 3,734,035 2,968,212
 Selling, general and admin. expenses 2,738,834 2,398,081
 Research and development expenses, net 823,394 396,833
 Operating profit 171,807 173,298
 Interest expense (173,530) (159,195)
 Interest income 66,168 37,569
 Income before provision for income taxes 64,445 51,672
 Provision for income taxes 17,000 10,000
 Net income $ 47,445 $ 41,672
 Net income per common and common
 equivalent share $.01 $.01
 Average number of common and
 common equivalent shares 9,014,071 9,156,395
 -0- 5/6/93
 /CONTACT: Michael Dodge of IGI, 609-697-1441; or Steven Bruce or Rick Stockton of the Abernathy/MacGregor Group, 212-371-5999, for IGI/
 (IG)


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

GK-TS -- NY089 -- 5533 05/06/93 14:16 EDT
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Publication:PR Newswire
Date:May 6, 1993
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