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IMCERA REPORTS INCREASE IN PER-SHARE EARNINGS FROM CONTINUING OPERATIONS OF 12 PERCENT IN SECOND QUARTER

 NORTHBROOK, Ill., Jan. 19 /PRNewswire/ -- IMCERA Group Inc. (NYSE: IMA) today reported earnings from continuing operations for the second quarter of $28.5 million, or 37 cents per share, a 12 percent improvement in per share earnings compared with $25.9 million, or 33 cents per share, a year ago.
 Net earnings for the second quarter were $27.2 million, or 35 cents per share, compared with $25.7 million, or 33 cents per share, last year.
 Sales for the second quarter were $441.2 million, compared with $420.2 million last year, a 5 percent increase.
 For the six months, reported earnings from continuing operations were $56.7 million, or 73 cents per share, compared with $53.4 million, or 68 cents per share, a year earlier. Excluding a nonrecurring after- tax gain of $4.4 million, or 5 cents per share, from the sales of an investment in last year's first quarter, per-share earnings from continuing operations increased 16 percent.
 Net earnings for the first six months were $55.2 million, or 71 cents per share, compared with $51.4 million, or 66 cents per share, last year.
 Six months sales were $858.0 million, compared with $801.5 million a year ago, an increase of 7 percent.
 "Mallinckrodt Medical continued its excellent performance, recording second quarter operating earnings of $43.9 million, up 48 percent from last year on a sales increase of 32 percent," said C. Ray Holman, IMCERA president and chief executive officer. "All major segments were factors in the improved performance, with key contributions coming from Optiray(R) and nuclear medicine products.
 "Mallinckrodt Specialty Chemicals, including its equity investment share of earnings from its flavors joint venture, reported second quarter earnings of $12.7 million, a 3 percent improvement over last year," Holman said. "Second quarter sales were below the corresponding prior-year quarter. It is, however, important to note that during last year's second half, Mallinckrodt Specialty Chemicals' flavors business was joint ventured and other businesses were divested. On an ongoing basis, without flavors sales and sales and operating earnings of divested businesses, quarter-to-quarter sales performance was slightly improved, while earnings increased significantly.
 "Pharmaceutical specialties and catalysts, performance and lab chemicals businesses were both strong contributors to that ongoing earnings improvement," Holman added. "These gains were partially offset by lower earnings from our flavors operations which experienced higher manufacturing costs during consolidation of major U.S. production facilities. Although the joint venture' quarterly earnings were below last year, we believe that this business will meet expectations for the year.
 "Pitman-Moore's second quarter operating earnings were $11.0 million, $5.0 million lower than last year," Holman said. "Sales were up slightly. The earnings decline resulted primarily from higher costs and lower volumes for most of North America's product lines and price pressures and higher cots for feed ingredients. In addition, recessionary conditions in Europe negatively impacted results. Earnings in Latin America improved, principally due to favorable pricing and volume in Brazil. IMCERA's second quarter corporate expense was $5.1 million above last year's quarter because of changes related to recently announced executive resignations resulting from the performance of Pitman-Moore."
 A Fortune 250 company with fiscal 1992 net sales of more than $1.7 billion, IMCERA provides human and animal health care products and specialty chemicals through its three international, technology-based businesses -- Mallinckrodt Medical of St. Louis; Mallinckrodt Specialty Chemicals of Chesterfield, Mo., and Pitman Moore of Lake Forest, Ill.
 IMCERA GROUP INC.
 ($ In millions except per share amounts)
 Quarter ended Dec. 31 1992 1991
 Sales $441.2 $420.2(B)
 Earnings from continuing operations 28.5(A) 25.9
 Discontinued operations (1.3)(D) (.2)(D)
 Net earnings 27.2 25.7
 Preferred stock dividends .1 .1
 Amount available for common shareholders 27.1 25.6
 Earnings per common share
 Continuing operations $.37 $.33
 Discontinued operations (.02) --
 Net earnings $.35 $.33
 Average number of common
 shares outstanding 77,476,000 78,018,000
 ($ In million except per share amounts)
 Six months ended Dec. 31 1992 1991
 Sales $858.0 $801.5(B)
 Earnings from continuing operations 56.7(A) 53.4(C)
 Discontinued operations (1.5)(D) (2.0)(D)
 Net earnings 55.2 51.4
 Preferred stock dividends .2 .2
 Amount available for common shareholders 55.0 51.2
 Earnings per common share
 Continuing operations $.73 $.68
 Discontinued operations (.02) (.02)
 Net earnings $.71 $.66
 Average number of common
 shares outstanding 77,437,000 77,856,000
 See notes to interim financial results.
 IMCERA GROUP INC.
 Consolidated Sales And Earnings
 ($ In millions except per share amounts)
 Quarter Six months
 Periods ended Dec. 31 1992 1991 1992 1991
 Sales
 Mallinckrodt Medical $193.2 $146.8 $368.7 $281.6
 Mallinckrodt
 Specialty Chemicals 91.1 117.3(B) 184.2 212.2(B)
 Pitman-Moore 156.9 156.2 305.2 307.8
 Intersegment sales -- (.1) (.1) (.1)
 Total 441.2 420.2 858.0 801.5
 Operating earnings
 Mallinckrodt Medical 43.9 29.7 84.0 57.6
 Mallinckrodt
 Specialty Chemicals 11.8 12.3(B) 18.3 18.3(B)
 Pitman-Moore 11.0 16.0 22.7 34.0
 Corporate (12.0)(A) (6.9) (18.5)(A) (14.0)
 Eliminations -- (.4) -- (.4)
 Equity in pretax earnings
 of joint venture .9(B) -- 2.8(B) --
 Interest and other
 nonoperating income, net .2 1.6 .5 11.5(C)
 Interest charges (9.8) (10.1) (19.0) (20.8)
 Earnings from
 continuing operations
 before income taxes 46.0 42.2 90.8 86.2
 Income taxes 17.5 16.3 34.1 32.8
 Earnings from continuing
 operations 28.5 25.9 56.7 53.4
 Discontinued operations (1.3)(D) (.2)(D) (1.5)(D) (2.0)(D)
 Net earnings 27.2 2.7 55.2 51.4
 Preferred stock dividends .1 .1 .2 .2
 Amount available for
 common shareholders 27.1 25.6 55.0 51.2
 Earnings per common share
 Continuing operations $.37 $.33 $.73 $.68
 Discontinued operations (.02) -- (.02) (.02)
 Net earnings $.35 $.33 $.71 $.66
 Average number of common
 shares outstanding 77,476,000 78,018,000 77,437,000 77,856,000
 See notes to interim financial results.
 Notes to Interim Financial Results
 (A) Corporate expense for the second quarter of fiscal 1993 included $5.5 million, $3.4 million after taxes, or $.04 a share, from recently announced executive resignations resulting from the performance of Pitman-Moore.
 (B) Effective Feb. 1, 1992, the Fries & Fries, Inc. unit of Mallinckrodt Specialty Chemicals Company and Hercules Incorporated's flavors businesses were combined to form a 50/50 joint venture partnership. Results subsequent to the formation of the joint venture were recorded on a pretax equity basis. Related income taxes were included in IMCERA's consolidated income tax provision.
 Additionally, certain non-strategic businesses were divested. Given these changes, operating results have been restated below to an ongoing basis to better characterize performance.
 IMCERA GROUP INC.
 Quarter Six months
 Period ended Dec. 31 1992 1991 1992 1991
 Net sales
 Ongoing operations $91.1 $89.3 $184.2 $157.4
 Divested operations
 and Flavors business -- 28.0 -- 54.8
 Total 91.1 117.3 184.2 212.2
 Operating earnings:
 Ongoing operations 11.8 6.9 18.3 7.7
 Divested operations
 and Flavors business -- 5.4 -- 10.6
 Total 11.8 12.3 18.3 18.3
 (C) Results for the first quarter of fiscal 1992 included a pretax gain of $7.0 million, $4.4 million after taxes, or $.05 a share, from the sale of an investment.
 (D) Fiscal 1993 net charges for discontinued operations were for litigation and benefit-related costs for previously discontinued operations. Fiscal 1992 net charges were primarily from the effects of the disposal of the balance of IMCERA's investment in IMC Fertilizer Group, Inc.
 IMCERA GROUP INC.
 Net Sales
 (Dollars in millions)
 Quarter Six months
 Periods ended Dec. 31 1992 1991 1992 1991
 Mallinckrodt Medical
 Radiology & Cardiology $95.7 $68.5 $185.2 $132.8
 Nuclear Medicine 46.5 38.0 89.2 73.3
 Anesthesiology
 & Critical Care 51.0 40.3 94.3 75.5
 Total 193.2 146.8 368.7 281.6
 Mallinckrodt Specialty Chemicals(A)
 Ongoing operations
 Pharmaceutical Specialties 45.2 43.1 95.7 74.4
 Catalyst, Performance
 & Lab Chemicals 45.9 46.2 88.5 83.0
 91.1 89.3 184.2 157.4
 Divested operations and
 Flavors business -- 28.0 -- 54.8
 91.1 117.3 184.2 212.2
 Pitman-Moore
 Animal Productivity 14.5 14.0 24.1 27.4
 Antimicrobials 14.9 19.3 31.4 38.2
 Biologicals 25.4 22.7 49.5 44.8
 Parasiticides 35.4 36.3 73.5 73.8
 Veterinary
 Specialties & other 20.1 19.4 40.4 38.3
 Total Animal Health 110.3 111.7 218.9 222.5
 Feed Ingredients 46.6 44.5 86.3 85.3
 156.9 156.2 305.2 307.8
 Intersegment sales -- (.1) (.1) (.1)
 $441.2 $420.2 $858.0 $801.5
 (A) Prior year amounts for Mallinckrodt Specialty Chemicals have been restated for comparability.
 -0- 1/19/93
 /CONTACT: Dave Prichard of IMCERA, 708-205-2270/
 (IMA)


CO: IMCERA Group Inc. ST: Illinois IN: CHM SU: ERN

SH-LS -- NY002 -- 6214 01/19/93 10:17 EST
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