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--Profitability Restored Following Restructuring of Operations --
 NORCROSS, GA, Nov. 4 /PRNewswire/ -- International Murex Technologies Corporation (AMEX, TSE: MXX) today reported net income of U.S. $1.3 million, or $.08 per share, for the third quarter ended Sept. 30, 1993, compared with a net loss of U.S. $(7.3) million, or $(0.47) per share, in the third quarter last year. Total revenues in the third quarter 1993 were U.S. $20 million, up from U.S. $19.5 million in the comparable 1992 period.
 For the nine months ended Sept. 30, 1993, the company reported net income of U.S. $902,000, or $.06 per share, on total revenues of U.S. $61 million, compared with a net loss of U.S. $(6.2) million, or $(0.42) per share, on total revenues of U.S. $53.l million for the nine months 1992. These numbers reflect six-month revenues generated by the company's blood typing and grouping business which was sold effective June 30, 1993.
 "We are extremely gratified that International Murex has been restored to profitability following the acquisition and subsequent integration of Wellcome Diagnostics into the company during the past 20 months," said J. David Tholen, International Murex president and chief executive officer. "Gross margin improvement from 64 percent in the first quarter of 1993 to 70.5 percent in the second quarter and 71.5 percent this quarter are reflective of our efforts. This example of improved performance exhibits restructured operations in which we have upgraded the company's information management systems and human resource programs, introduced entrepreneurial objectives at every layer of management, and established new facilities. Having ensured the company's operating efficiency and international competitiveness, we can now build on our momentum for future growth," Tholen added.
 International Murex management noted that among the operating efficiencies to date this year were reductions in sales and marketing, general and administrative, and research and development expenses. Third quarter results also included an adverse movement in exchange rates relative to the dollar of approximately 17 percent vs. the third quarter of 1992. This negative variance had a direct impact on all non-U.S. sales, which comprised approximately 77 percent of company revenues during the third quarter 1993.
 International Murex Technologies Corporation is a medical diagnostic products company dedicated to the research, manufacture and marketing of products for the detection, monitoring and screening of infectious diseases and other medical conditions. The company manufactures and markets on a worldwide basis more than 600 products.
 International Murex Technologies Corporation
 Selected Balance Sheet Items
 Sept. 30, 1993 Dec. 31, 1992
 Total Current Assets $51,535 $49,764
 Total Assets 60,130 59,844
 Total Current Liabilities 20,364 23,012
 Long-Term Debt 0 0
 Shareholders' Equity $39,055 $34,862
 Selected Consolidated Statements of Operations Items
 (In thousands of U.S. dollars, except per share data)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Total Revenues $20,008 $19,473 $61,030 $53,064
 Cost of product
 sales 5,702 7,642 19,130 16,707
 Research and
 development 1,466 2,430 4,937 5,883
 General and admin. 4,088 5,150 12,717 12,284
 Sales and marketing 5,129 8,040 17,475 19,540
 Other expenses 2,140 621 5,236 1,891
 Restructuring costs 0 3,286 0 3,286
 Total Costs and
 Expenses $18,525 $27,169 $59,495 $59,591
 Inc. (Loss)
 From Oper. $ 1,483 $(7,696) $ 1,535 $(6,527)
 NET INCOME (LOSS) $ 1,331 $(7,273) 902 $(6,159)
 Net Income (Loss)
 Per Common share $ .08 $ (.47) $ .06 $ (.42)
 Weighted Avg. Common
 Shares Outstng. 16,581 15,404 16,199 14,789
 -0- 11/4/93
 /CONTACT: Marcia M. Young, director of corporate communications for International Murex Technologies, 800-322-1332 or 404-662-0660; or Ellen T. Corliss, Media Contact at Feinstein Partners, 617-577-8110, for International Murex Technologies/

CO: International Murex Technologies ST: Georgia IN: MTC SU: ERN

JL -- NE001 -- 0581 11/04/93 09:42 EST
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Publication:PR Newswire
Date:Nov 4, 1993

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