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INNOVEX REPORTS 1992 EARNINGS

 HOPKINS, Minn., Dec. 1 ~PRNewswire~ -- Innovex, Inc. (NASDAQ-NMS: INVX) today reported net sales of $35,214,000 for the fiscal year ended Sept. 30, up modestly from $34,008,000 in fiscal 1991. The company reported income from continuing operations of $748,000 or $.17 per share, compared to $918,000 or $.21 per share last year. After recording a loss from discontinued operations of $635,000 or $.14 per share, the company reported net income of $113,000 or $.03 per share for fiscal 1992, down from $662,000 or $.15 per share in fiscal 1991.
 The company's results include a $975,000 provision for business restructuring related to the pending sale of a 60 percent interest in the Photo Equipment Market Group to Lucht Acquisition Corporation (LAC). Through this transaction, which is expected to close in December, the company will receive approximately $4,000,000 in cash and a 40 percent ownership interest in LAC. The majority shareholder of LAC will have an option to acquire another 20 percent interest one year from the date of sale.
 The loss from discontinued operations was associated with the discontinuation of the company's Mar Engineering operation. This amount consists of Mar's $538,000 operating loss in fiscal 1992 and a $97,000 net write-down of Mar's remaining assets following the earlier sale of certain assets.
 Thomas W. Haley, Innovex's chairman and chief executive officer, said the ability to post profitable results in spite of the restructuring charges, Mar's operating loss and Mar write-off speaks well of the company's underlying earnings power. He said Innovex's outlook for fiscal 1993 is promising now that the company is positioned to focus solely on its lead wire assembly and wire technology business.
 Sales of the Disk Drive Market Group rose 12 percent in fiscal 1992 to $17,718,000. Sales of the Photo Equipment Market Group declined 4 percent to $17,496,000, but the group posted strong gains in both sales and operating income in the fourth quarter.
 The disk drive group's lead wire production has continued to grow briskly, reflecting the strength of the thin-film segment of the disk drive market. The profitability of the lead wire business was also enhanced by the efficiencies of high-speed laser automation. Three additional laser wire strippers are currently on order.
 Haley said the first quarter of fiscal 1993 ending Dec. 31 is shaping up as a strong period for Innovex. He said lead wire production is at an all-time high and that the profitability of this business remains strong. Haley said the 1992 restructuring charge includes an accrual for the photo group's estimated operating loss through the expected closing date in December. After that time, the company will realize a pro rata share of LAC's quarterly earnings or losses, since the transaction will be accounted for under the equity method.
 Innovex is the nation's leading manufacturer of lead wire assemblies for thin-film disk drives. The company's common stock is traded on the National Market System under the NASDAQ symbol INVX.
 INNOVEX, INC.
 Consolidated Statement of Operations
 (Unaudited)
 Three Months Ended 12 Months Ended
 9~30~92 9~30~91 9~30~92 9~30~91
 Net sales $10,566,991 $8,420,484 $35,213,803 $34,008,231
 Cost and expenses:
 Cost of sales (6,458,853)(5,934,502)(23,443,424)(23,458,171)
 Selling, general
 & administrative (1,791,263)(1,558,016) (6,280,761) (6,175,554)
 Engineering (761,985) (843,411) (3,509,957) (3,414,299)
 Provision for
 business
 restructuring (975,000) -- (975,000) --
 Net interest
 income (expense) 5,483 12,684 44,992 47,845
 Other income (expense) 15,605 17,089 66,127 179,776
 Income from continuing
 operations before
 income taxes 600,978 114,328 1,115,780 1,187,828
 Provision for income
 taxes (199,000) 19,000 (368,000) (270,000)
 Income from continuing
 operations 401,978 133,328 747,780 917,828
 Discontinued operations
 gain (loss) net of tax (214,126) (139,355) (634,817) (255,442)
 Net income $187,852 $(6,027) $112,963 $662,386
 Net income (loss) per
 share from continuing
 operations $0.09 $0.03 $0.17 $0.21
 Total net income (loss)
 per share $0.04 $(0.00) $0.03 $0.15
 Weighted average number
 of shares outstanding 4,418,745 4,414,730 4,418,323 4,417,212
 -0- 12~1~92
 ~CONTACT: Thomas W. Haley, chairman and CEO of Innovex, 612-938-4155~
 (INVX)


CO: Innovex, Inc. ST: Minnesota IN: SU: ERN

AL -- MN015 -- 2631 12~01~92 17:25 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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