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INTERNATIONAL RESEARCH AND DEVELOPMENT CORP. REPORTS RESULTS

 INTERNATIONAL RESEARCH AND DEVELOPMENT CORP. REPORTS RESULTS
 MATTAWAN, Mich., Oct. 28 /PRNewswire/ -- International Research and Development Corp. (IRDC) (NASDAQ: IRDV) announces revenues, earnings before income taxes, net earnings and earnings per share for the third quarter and nine months ended Sept. 30, 1992.
 Revenues for the nine months ended Sept. 30, 1992, were $24,642,103 compared with 1991 nine months revenues of $26,058,334. Earnings before income taxes for this period showed a loss of $938,275 compared with before tax earnings gain of $1,348,671 for the same period in 1991. Net earnings for this period showed a loss of $557,075 (or $0.10 per share) compared with 1991 earnings gain of $812,671 (or $0.15 per share).
 Revenues for the three-month period ended Sept. 30, 1992, were $8,559,659 compared with third quarter revenues of $8,437,286 in 1991. Third quarter earnings before income taxes in 1992 were $71,030 compared with third quarter pre-tax earnings of $205,253 in 1991. Net earnings for this period in 1992 were $50,030 (or $0.01 per share) compared with 1991 third quarter net earnings of $103,453 (or $0.02 per share).
 Although earnings per share for the third quarter of 1992 were slightly less than those for the third quarter of 1991, management is pleased to note that 1992 third quarter per share earnings represent a $0.09 per share turnaround over the $0.08 per share loss experienced in the second quarter of 1992.
 In addition, the research segment of the company presently has the highest level of new study authorizations for any first nine months of any year in its history. Our backlog also is currently the highest of any period in the company's history. These events bode well for the coming year. Product sales in specialty skin care and fiberoptics showed gains in sales and profitability over the second quarter of 1992.
 International Research and Development Corp. (IRDC) is engaged in the safety evaluation of pharmaceutical and veterinary drugs, agricultural products, and chemicals. Studies are performed on behalf of various manufacturers of such products, both foreign and domestic, and on behalf of governmental agencies. Clinical safety evaluation studies are conducted on behalf of clients in the pharmaceutical, chemical and cosmetic-related industries through its subsidiary, IRAD Corp.
 IRDC also is a manufacturer and distributor of cosmetics and skin care products through its subsidiary, Carme' Inc., as well as certain medical and health care products through another of its subsidiaries, Medical Surgical Specialties, Ltd.
 The common stock of International Research and Development Corp. is traded in the Over-The-Counter national market. The NASDAQ symbol for the common stock is IRDV.
 -0- 10/28/92
 /CONTACT: Dr. Francis X. Wazeter, president of International Research and Development Corp., 616-668-3336/
 (IRDV) CO: International Research and Development Corp. ST: Michigan IN: HOU SU: ERN


SM -- NY065 -- 5967 10/28/92 11:58 EST
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Publication:PR Newswire
Date:Oct 28, 1992
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