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LIFECORE REPORTS RECORD THIRD QUARTER REVENUES

 CHASKA, Minn., April 21 /PRNewswire/ -- Lifecore Biomedical, Inc. (NASDAQ: LCBM) today announced record revenues of $2,379,000 for the third fiscal quarter ended March 31, 1993, an increase of 88 percent over the previous year's third quarter. The nine-month year-to-date revenues of $4,990,000 exceed those of the comparable nine-month period of a year ago by 49 percent. In addition, the quarterly loss narrowed to $410,000 or $.06 per share for the current period compared to the loss of $1,025,000 or $.15 per share for the period a year ago.
 This represents the second consecutive record quarter for Lifecore, as well as the largest quarterly revenue in the company's history. Nine-month revenues surpass the revenues for the entire previous fiscal year.
 Quarterly revenue growth was primarily due to increased hyaluronate sales. Also, relocation of the company's manufacturing capabilities from Minneapolis to Chaska was completed during third quarter and brought additional customer interest due to more flexible packaging capabilities coming on stream in that facility.
 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.
 Condensed Statements of Operations
 (in thousands, except per share data)
 (Unaudited)
 Three Months Ended Nine Months Ended
 3/31/93 3/31/92 3/31/93 3/31/92
 Net sales $2,379 $1,264 $4,990 $3,360
 Cost of goods sold 1,052 747 2,732 2,578
 Research and development 449 343 1,213 853
 Marketing and sales 679 642 2,177 1,779
 General and administrative 547 416 1,729 1,179
 Manufacturing relocation 575 191 1,331 542
 Other income (expense) 513 50 700 6
 Net loss $(410) $(1,025) $(3,492) $(3,565)
 Net loss per share $(.06) $(.15) $(.50) $(.55)
 BALANCE SHEET DATA
 (in thousands)
 3/31/93 6/30/92
 (Unaudited)
 Cash and short-term investments $7,429 $10,816
 Working capital 707 882
 Total assets $25,619 $27,807
 Long-term debt 7,461 8,136
 Shareholders' equity $13,636 $15,029
 -0- 4/21/93
 /CONTACT: James W. Bracke, president and CEO, or John C. Heinmiller, vice president and CFO, 612-368-4300, both of Lifecore Biomedical/
 (LCBM)


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

AL -- MN006 -- 8613 04/21/93 10:17 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
Words:387
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