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INCSTAR REPORTS 26 PERCENT INCREASE IN SECOND QUARTER EARNINGS

 INCSTAR REPORTS 26 PERCENT INCREASE IN SECOND QUARTER EARNINGS
 STILLWATER, Minn., July 15 /PRNewswire/ -- INCSTAR Corporation (AMEX: ISR) today reported income before extraordinary items of $1,427,000, or 9 cents per share for its second quarter ended June 30, 1992, an increase of 26 percent over income before extraordinary items of $1,135,000, or 7 cents per share in last year's second quarter. Net income was also $1,427,000, or 9 cents per share. Net income in last year's second quarter, which included $42,000 from extraordinary items, was $1,177,000, or 7 cents per share.
 Net sales for the second quarter were $12,410,000, an increase of 20 percent over net sales of $10,310,000 for the second quarter of 1991.
 For the first six months of 1992, income before extraordinary items was $2,543,000, or 16 cents per share, compared with $2,023,000, or 13 cents per share in the same period of 1991. Net sales in the first six months of 1992 were $23,299,000, compared with $18,112,000 for the comparable period of 1991. Extraordinary items added one cent per share in last year's first half. There were no extraordinary items in the first half of 1992.
 Orwin L. Carter, president and CEO said, "Sales of INCSTAR's infectious disease and serum protein diagnostic product lines contributed to our growth in the second quarter, as well as initial sales of our Centocor ovarian cancer diagnostic test.
 "Interest expense for both the second quarter and first half of 1992 was less than half of what it was for the same period in 1991 because of a $2.4 million reduction in debt since year-end 1991, as well as our very advantageous borrowing arrangement with Fiat Finance USA. Our ratio of total debt to total capital declined to 29 percent at June 30, 1992, compared with 36 percent at year-end 1991."
 INCSTAR is a Minnesota-based manufacturer and distributor of high quality immunodiagnostic products for health care professionals and manufacturers. The company is an affiliate of the Italian-based Fiat Group (NYSE: FIA).
 INCSTAR CORPORATION
 (Unaudited)
 (In thousands except share and per share data)
 Three months ended Six months ended
 June 30, June 30,
 1992 1991 1992 1991
 Net sales $ 12,410 $10,310 $ 23,299 $ 18,112
 Cost of goods sold 5,865 4,457 10,964 7,221
 Gross margin 6,545 5,853 12,335 10,891
 Selling, general & admin.3,661 3,101 6,948 5,885
 Research & development 785 758 1,527 1,481
 Operating income 2,099 1,994 3,860 3,525
 Interest expense 174 440 374 834
 Other income (expense) - 10 (15) 112
 Income before taxes
 and extraordinary items 1,925 1,564 3,471 2,803
 Income taxes 498 429 928 780
 Income before
 extraordinary items 1,427 1,135 2,543 2,023
 Extraordinary items - 42 - 216
 Net income $ 1,427 $ 1,177 $ 2,543 $ 2,239
 Net income per share:
 Income before
 extraordinary items $ .09 $ .07 $ .16 $ .13
 Extraordinary items - - - .01
 Net income per share $ .09 $ .07 $ .16 $ .14
 Weighted average
 shares 16,371,175 16,193,885 16,345,151 16,155,610
 CONSOLIDATED BALANCE SHEETS
 In thousands
 June 30, December 31
 1992 1991
 Assets
 Total current assets $21,362 $20,559
 Property and equipment, net 18,342 18,822
 Other 4,232 4,604
 $43,936 $43,985
 Liabilities and Shareholders' Equity
 Total current liabilities $ 7,748 $ 8,125
 Long term debt 9,961 12,295
 Other non-current 1,191 1,591
 Stockholders' equity 25,036 21,974
 $43,936 $43,985
 -0- 7/15/92
 /CONTACT: Jack Falker of Swenson Falker Eilertsen, 612-371-0000 or John Booth of INCSTAR, 612-779-1700/
 (ISR FIA) CO: INCSTAR Corporation ST: Minnesota IN: MTC SU: ERN


KH -- MN012 -- 9458 07/15/92 10:35 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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