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INNOVEX REPORTS RECORD SECOND QUARTER EARNINGS

 HOPKINS, Minn., April 20 /PRNewswire/ -- Innovex, Inc. (NASDAQ: INVX) today reported earnings of $1,050,000 or $.23 per share for the second quarter of fiscal 1993 ended March 31, up significantly from $5,800 or no per share earnings in the year-earlier period.
 For the first six months of fiscal 1993, net income totaled $1,740,000 or $.39 per share, compared to the net loss of $575,000 or $.13 per share last year. The company's fiscal 1992 results include losses related to the discontinuation of the Mar Engineering subsidiary.
 Reflecting the November 1992 divestiture of the photo equipment group, net sales for the second quarter of fiscal 1993 declined to $7,105,000 from $8,940,000 last year. Net sales of the disk drive group, which now account for all of the company's revenues, rose 55 percent in the second quarter.
 For the first half of fiscal 1993, net sales came to $14,382,000, virtually unchanged from the year-earlier period. Net sales of the disk drive group rose 54 percent in the first half to $12,973,000.
 Thomas W. Haley, Innovex's chairman and chief executive officer, said the record earnings reflect the effectiveness of the company's strategy to focus solely on its fine wire technology in the thin-film lead wire market.
 He said the thin-film segment of the disk drive market is continuing to grow strongly. As the world's leading supplier of lead wire assemblies for thin-film hard drives, the company is a major beneficiary of this market growth.
 Haley said the company's lead wire production rose to 1.7 million pieces per week in April 1993, up approximately 70 percent from the start of fiscal 1993. He said Innovex's profitability is also benefiting from manufacturing efficiencies related to the company's high-speed laser automation.
 Haley said the outlook for the thin-film segment of the disk drive market remains positive. He said this makes him confident that the second half of fiscal 1993 will be a strong period for the company.
 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.
 Six Months Ended
 3/31/93 3/31/92 3/31/93 3/31/92
 Net sales $7,104,900 $8,940,185 $14,381,642 $14,850,089
 Costs and expenses:
 Cost of sales 4,440,838 5,986,074 9,357,506 10,528,450
 Selling, general
 and administrative 855,479 1,651,007 2,117,091 2,859,038
 Engineering 160,290 1,057,599 736,735 1,952,406
 Provision for business
 restructuring -- -- (619,991) --
 Net interest
 (income) expense (34,572) (2,248) (42,699) (27,161)
 Other (income) expense 40,958 (18,828) 40,694 (26,073)
 Income from continuing
 operations before
 income taxes 1,641,907 266,581 2,792,306 (436,571)
 Provision for
 income taxes 592,000 87,000 1,052,000 (145,000)
 Income from continuing
 operations 1,049,907 179,581 1,740,306 (291,571)
 Discontinued operations
 gain (loss) net of
 tax -- (173,782) -- (283,596)
 Net income (loss) $1,049,907 $5,799 $1,740,306 $(575,167)
 Net income (loss) per
 share from continuing
 operations $0.23 $0.04 $0.39 $(0.07)
 Total net income (loss)
 per share 0.23 0.00 0.39 (0.13)
 Weighted average number of
 shares outstanding 4,507,395 4,419,673 4,496,378 4,417,999
 -0- 4/20/93
 /CONTACT: Thomas W. Haley, chairman and CEO of Innovex, 612-938-4155/
 (INVX)


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

AL -- MN008 -- 7954 04/20/93 10:50 EDT
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Date:Apr 20, 1993
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