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LIFECORE REPORTS PROFITABILITY AND RECORD FIRST QUARTER REVENUE

 CHASKA, Minn., Oct. 19 /PRNewswire/ -- Lifecore Biomedical, Inc. (NASDAQ: LCBM) today announced record revenues of $3,367,000 for the first fiscal quarter ended Sept. 30, 1993. This represents the fourth consecutive quarter of record revenues and a 267 percent increase over first quarter of a year ago. Strong revenue growth occurred in all product segments. the company also recorded a significant improvement in bottom line performance with net earnings of $356,000, or $.05 per share, for the current period, compared to a loss of $1,571,000, or $.23 per share, a year ago. The income improvement was primarily due to increased sales of higher margin hyaluronate products as well as improved operating efficiencies in the Chaska facility.
 Although the company expects total revenues in fiscal 1994 to exceed fiscal 1993 levels, certain hyaluronate clients' purchases for clinical trials and other product development activities will continue to impact quarterly financial results. In addition, Alcon Surgical, Inc., the company's largest client, has indicated that its order for calendar 1994 will be at the contractual minimum of $3.1 million. However, other clients' purchases of hyaluronate for ophthalmic, drug delivery, veterinary, and wound healing applications continue to increase.
 Lifecore Biomedical, Inc., develops, manufactures, and markets sterile medical devices for dental, general, ophthalmic, orthopedic, and veterinary surgical applications through direct sales, and OEM and contract manufacturing alliances.
 LIFECORE BIOMEDICAL, INC.
 STATEMENTS OF OPERATIONS
 Quarter Ended
 9/30/93 9/30/92
 Net sales $3,367,000 $917,000
 Cost of goods sold 1,540,000 569,000
 Gross profit 1,827,000 348,000
 Operating expenses
 Research and development 314,000 412,000
 Marketing and sales 587,000 734,000
 General and administrative 415,000 459,000
 Manufacturing relocation -- 394,000
 -- 1,316,000 1,999,000
 Profit (loss) from operations 511,000 (1,651,000)
 Other income (expense)
 Gain on sale of short-term investment -- 100,000
 Interest income 46,000 186,000
 Interest expense (201,000) (206,000)
 -- (155,000) 80,000
 Net earnings (loss) $356,000 $(1,571,000)
 Net earnings (loss) per common share $.05 $(.23)
 Weighted average shares outstanding 7,155,938 6,821,373
 CONDENSED BALANCE SHEETS
 9/30/93 6/30/93
 Assets
 Current assets
 Cash and cash equivalents $5,392,000 $6,892,000
 Accounts receivable 1,608,000 736,000
 Inventories 3,744,000 2,888,000
 Prepaid expenses 333,000 175,000
 Total current assets 11,077,000 10,691,000
 Property, plant and
 equipment, net 8,596,000 8,581,000
 Other assets 7,929,000 5,213,000
 -- $27,602,000 $24,485,000
 Liabilities and shareholders' equity
 Current liabilities $4,391,000 $3,634,000
 Long-term debt 9,393,000 7,398,000
 Shareholders' equity 13,818,000 13,453,000
 -- $27,602,000 $24,485,000
 -0- 10/19/93
 /CONTACT: James W. Bracke, president and CEO or John C. Heinmiller, vice president and CFO, of Lifecore Biomedical, 612-368-4300/
 (LCBM)


CO: Lifecore Biomedical, Inc. ST: Minnesota IN: MTC SU: ERN

DS-DB -- MN013 -- 3882 10/19/93 10:50 EDT
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Date:Oct 19, 1993
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