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LIFECORE REPORTS RECORD SECOND QUARTER RESULTS

 CHASKA, Minn., Feb. 1 /PRNewswire/ -- Lifecore Biomedical, Inc. (NASDAQ: LCBM) today announced record revenues of $1,694,000 for the second quarter ended Dec. 31, 1992, an increase of 123 percent from the same quarter last year. The company also reported a net loss of $1,511,000, or $.21 per share, a decrease of 10 percent when compared to the net loss of $1,674,000, or $.25 per share, of a year ago.
 The increased revenues were the result of strong growth in both the oral restorative and sodium hyaluronate surgical product segments of Lifecore's business.
 The reduced net loss was especially significant because of two cost factors impacting the current period. First, extra costs were associated with the final stages of the move and validation of Lifecore's manufacturing operations from Minneapolis to Chaska during second quarter. The residual portion of this move is expected to be completed early in third quarter. Second, the company accrued $250,000 for potential legal expenses associated with pending shareholder lawsuits. If the lawsuits continue, the accrual is expected to cover the approximate shortfall in legal fees not provided for in the company's insurance coverage. Management believes these lawsuits are without merit.
 James W. Bracke, president and CEO of Lifecore, indicated that, "These quarterly results reflect a marked improvement from the financial performance of first quarter. This trend is expected to be reinforced with the advent of a more versatile and efficient Chaska production capacity coming on line in third quarter."
 Lifecore develops, manufactures and markets sterile medical devices for a variety of surgical applications through both direct sales and OEM supplier relationships.
 LIFECORE BIOMEDICAL, INC.
 INCOME STATEMENT DATA
 Three Months Ended Six Months Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Net sales $1,694,000 $758,000 $2,611,000 $2,096,000
 Cost of goods sold 1,111,000 950,000 1,680,000 1,751,000
 Research & development 352,000 299,000 764,000 510,000
 Marketing & sales 764,000 620,000 1,498,000 1,137,000
 General & administrative 723,000 424,000 1,182,000 843,000
 Manufacturing relocation 362,000 172,000 756,000 351,000
 Other income (expense) 107,000 33,000 187,000 (44,000)
 Net loss (1,511,000)(1,674,000) (3,082,000)(2,540,000)
 Net loss per share $(.21) $(.25) $(.44) $(.40)
 BALANCE SHEET DATA
 12/31/92 6/30/92
 Cash and short-term investments $8,499,000 $10,816,000
 Working capital 8,191,000 9,934,000
 Total assets 26,382,000 27,807,000
 Long-term debt 7,461,000 8,136,000
 Shareholders' equity 14,031,000 15,029,000
 -0- 2/1/93
 /CONTACT: James W. Bracke, president and CEO, or John C. Heinmiller, vice president and CFO, both of Lifecore Biomedical, 612-368-4300/
 (LCBM)


CO: Lifecore Biomedical ST: Minnesota IN: MTC SU: ERN

KH -- MN010 -- 1328 02/01/93 11:27 EST
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Publication:PR Newswire
Date:Feb 1, 1993
Words:493
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