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INNOVEX REPORTS RECORD THIRD QUARTER EARNINGS

 HOPKINS, Minn., July 20 /PRNewswire/ -- Innovex, Inc. (NASDAQ-NMS: INVX), today reported earnings of $1,106,000 or $.24 per share for the third quarter of fiscal 1993 ended June 30, up 121 percent from $500,000 or $.11 per share in the year-earlier period.
 For the first nine months of fiscal 1993, net income totaled $2,846,000 or $.63 per share, compared to the net loss of $75,000 or $.02 per share last year.
 Of total third quarter earnings, $.23 per share was generated by lead wire operations, while $.01 per share was derived from the company's equity interest in Lucht Engineering, the former photo equipment group. The company completed its divestiture of the photo group in this year's first quarter but retained a minority interest in the unit. Another earnings contribution from Lucht is anticipated in the fourth quarter.
 Reflecting the divestiture of the photo equipment group, net sales for the third quarter of fiscal 1993 declined to $7,143,000, from $9,797,000 last year. Net sales of the disk drive group, which now account for all of the company's revenues, rose 76 percent in the third quarter.
 For the first half of fiscal 1993, net sales came to $21,525,000, down from $24,647,000 last year. Net sales of the disk drive group rose 61 percent in the first nine months to $20,116,000. The balance of the nine-month sales total was derived from the photo group prior to its divestiture.
 Thomas W. Haley, Innovex's chairman and chief executive officer, said the company's record earnings reflect the continued strong growth of the thin-film segment of the disk drive market.
 During the third quarter, the company significantly increased its level of business with Yamaha, Japan's largest manufacturer of thin-film hard drives. The company is Yamaha's sole supplier for thin-film lead wire assemblies.
 Haley said fiscal 1993 will be the strongest year in the company's history by a wide margin. He said turmoil in the low-end segment of the disk drive industry may have a modest impact on the thin-film market during the early stages of the fourth quarter, but strong growth is expected to resume as the quarter progresses.
 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 Nine months ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Net sales $7,143,165 $9,796,723 $21,524,807 $24,646,812
 Costs and Expenses:
 Cost of sales 4,680,108 6,456,121 14,037,614 16,984,571
 Selling, general
 and administrative 654,571 1,630,460 2,771,662 4,489,498
 Engineering 202,368 795,566 939,103 2,747,972
 Provision for
 business restructuring -- -- (619,991) --
 Net interest (income)
 expense (28,357) (12,348) (71,056) (39,509)
 Other (income)
 expense (93,100) (24,449) (52,406) (50,522)
 Income from continuing
 operations before
 income taxes 1,727,575 951,373 4,519,881 514,802
 Provision for income
 taxes 622,000 314,000 1,674,000 169,000
 Income from continuing
 operations $1,105,575 $637,373 $2,845,881 $345,802
 Discontinued
 operations gain
 (loss) net of tax -- (137,095) -- (420,691)
 Net income (loss) $1,105,575 $500,278 $2,845,881 $(74,889)
 Net income (loss)
 per share from
 continuing operations $0.24 $0.15 $0.63 $0.08
 Total net income (loss)
 per share $0.24 $0.11 $0.63 $(0.02)
 Weighted average
 number of shares
 outstanding 4,535,937 4,418,547 4,529,231 4,418,182
 INNOVEX, INC.
 QUARTERLY RESULTS BY SEGMENT
 (Unaudited)
 Nine months ended Three months ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Net sales
 Photo equipment
 group $1,408,437 $12,168,086 -- $5,734,676
 Disk drive group 20,116,370 12,478,726 7,143,165 4,062,047
 Total 21,524,807 24,646,812 7,143,165 9,796,723
 Gross Margin
 Photo equipment
 group 337,246 4,499,753 -- 2,297,953
 Disk drive group 7,149,947 3,162,488 2,463,057 1,042,649
 Total 7,487,193 7,662,241 2,463,057 3,340,602
 Operating Profit
 Photo equipment
 group -- (351,720) -- 727,060
 Disk drive group 5,364,021 1,593,801 1,915,956 464,185
 Other (967,602) (817,310) (309,838) (276,669)
 Total 4,396,419 424,771 1,606,118 914,576
 Other income (expense) 123,462 90,031 121,457 36,797
 Income before taxes 4,519,881 514,802 1,727,575 951,373
 Provision for income
 taxes 1,674,000 169,000 622,000 314,000
 Income from
 operations 2,845,881 345,802 1,105,575 637,373
 Discontinued
 operations gain (loss)
 net of tax -- (420,691) -- (137,095)
 Net income (loss) $2,845,881 $(74,889) $1,105,575 $500,278
 Three months ended Three months ended
 3/31/93 3/31/92 12/31/92 12/31/91
 Net sales
 Photo equipment
 group -- $4,363,634 $1,408,437 $2,069,776
 Disk drive group 7,104,900 4,576,551 5,868,305 3,840,128
 Total 7,104,900 8,940,185 7,276,742 5,909,904
 Gross Margin
 Photo equipment
 group -- 1,692,612 337,246 509,188
 Disk drive group 2,664,062 1,261,499 2,022,828 858,340
 Total 2,664,062 2,954,111 2,360,074 1,367,528
 Operating Profit
 Photo equipment
 group -- (221,663) -- (857,117)
 Disk drive group 2,012,260 745,507 1,435,805 384,109
 Other (363,967) (278,339) (293,797) (262,302)
 Total 1,648,293 245,505 1,142,008 (735,310)
 Other income (expense) (6,386) 21,076 8,391 32,158
 Income before taxes 1,641,907 266,581 1,150,399 (703,162)
 Provision for income
 taxes 592,000 87,000 460,000 (232,000)
 Income from
 operations 1,049,907 179,581 690,399 (471,152)
 Discontinued
 operations gain (loss)
 net of tax -- (173,782) -- (109,814)
 Net income (loss) $1,049,907 $5,799 $690,399 $(580,966)
 -0- 7/20/93
 /CONTACT: Thomas W. Haley, chairman and CEO of Innovex, 612-938-4155/
 (INVX)


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

DB -- MN009 -- 6839 07/20/93 12:46 EDT
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Date:Jul 20, 1993
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