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LUMEX REPORTS STRONG INCREASE IN FOURTH QUARTER AND FULL YEAR EARNINGS

 BAY SHORE, N.Y., Feb. 22 /PRNewswire/ -- Lumex, Inc. (AMEX: LUM) today reported higher sales and strong gains in earnings for the fourth quarter and year ended Dec. 31, 1992.
 Net income for the fourth quarter increased 20.6 percent to $1,700,000 or $0.40 per share from $1,410,000 or $0.33 per share in the same period last year. Net sales were up 7.6 percent to $29.7 million compared with $27.6 million in the fourth quarter of 1991.
 Net income for the year rose 17.6 percent, reaching $4,358,000 or $1.01 per share versus $3,707,000 or $0.86 per share in the prior year. Net sales increased to $103.9 million, a gain of 3.5 percent from $100.3 million in 1991.
 Sales growth in the fourth quarter resulted from higher volume in all major product categories at the LUMEX division and increased sales of CYBEX products into the institutional fitness and international markets. Growth at the LUMEX division was especially strong in Akros pressure management products, bathroom safety products and ambulatory/mobility aids, including stainless steel wheelchairs. The LUMEX division began initial shipments in the fourth quarter of its new AKROTECH 4000 low air loss system. The system provides hospital standard low air loss therapy for treatment of pressure sores in a portable, less costly product for the home care market.
 CYBEX continued to increase its leading market share in institutional strength training equipment, reporting record sales of CYBEX Strength Systems and sharply higher sales of CYBEX Modular Strength Systems in the fourth quarter. The new CYBEX Bike, which had initial shipments in September, achieved strong sales in the fourth quarter and is already establishing a solid market position for CYBEX in the cardiovascular equipment category. In the rehabilitation market, CYBEX's new roll up back testing attachment for the CYBEX 6000, the TEF Modular Component, had initial shipments in October and achieved strong sales to both new customers and existing users of the CYBEX 6000.
 Lawrence N. Cohen, chairman and chief executive officer, said, "Lumex ended 1992 on a strong note as we continued to improve profitability and began to see revenue contributions from major new product introductions in the second half of the year. We were especially pleased with the immediate market acceptance of the CYBEX Bike, TEF Modular Component and the AKROTECH 4000, which demonstrates the success of our customer-driven approach to product development. Product development efforts were accelerated in the fourth quarter, particularly at CYBEX where we plan to introduce additional cardiovascular fitness products in 1993. Our initial product for the upscale consumer fitness market, a multi-gym strength training unit, was introduced this month at the Super Show in Atlanta and received an overwhelmingly favorable response. We are currently establishing a network of distributors for the product and expect to begin shipments in the second half of 1993."
 Mr. Cohen added, "We expect improved revenue growth in 1993 from continued volume increases in our major product categories and new product initiatives in the low air loss, cardiovascular and consumer fitness markets. At the same time, we expect earnings to continue to increase at a more rapid rate as we benefit from implementation of advanced manufacturing processes and our ongoing focus on improving productivity."
 Lumex, Inc. is a leading manufacturer of health care products through its LUMEX and CYBEX Divisions, serving extended care, home health care, physical therapy/sports medicine and fitness market segments.
 LUMEX, INC.
 Consolidated Summary of Operations
 (in thousands, except per share data)
 Pct. incr.
 Three Months Ended Dec. 31: 1992 1991 (decrease)
 Net sales $29,705 $27,608 7.6
 Cost of sales 17,052 15,808 7.9
 Selling and administrative expenses 9,032 8,693 3.9
 Product development expenses 1,247 1,018 22.5
 Other (income) (161) (24)
 Income before income taxes 2,535 2,113 20.0
 Income tax provision 835 703 18.8
 Net income $ 1,700 $ 1,410 20.6
 Net income per share $ 0.40 $ 0.33 21.2
 Average shares 4,279 4,351
 Pct incr.
 Twelve Months Ended Dec. 31: 1992 1991 (decrease)
 Net sales $103,888 $100,348 3.5
 Cost of sales 60,559 59,313 2.1
 Selling and administrative expenses 33,666 31,817 5.8
 Product development expenses 3,799 3,855 (1.5)
 Other (income) (579) (230)
 Income before income taxes 6,443 5,593 15.2
 Income tax provision 2,085 1,886 10.6
 Net income $ 4,358 $ 3,707 17.6
 Net income per share $ 1.01 $ 0.86 17.4
 Average shares 4,325 4,318
 LUMEX, INC.
 Consolidated Condensed Balance Sheets
 (Thousands of Dollars)
 Dec. 31 1992 1991
 ASSETS
 Cash and
 temporary investments $ 8,471 $ 9,924
 Accounts receivable 20,002 16,301
 Inventories 14,588 15,806
 Other current assets 2,220 1,385
 Total Current Assets 45,281 43,416
 Property, plant and equipment, net 18,281 18,248
 Note receivable 2,101 2,396
 Intangible assets 2,109 2,338
 Other assets 1,796 489
 Total Assets $69,568 $66,887
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Accounts payable 6,312 5,283
 Other current liabilities 8,110 9,633
 Total Current Liabilities 14,422 14,916
 Deferred income taxes 2,605 2,694
 Long-term debt 5,130 5,935
 Stockholders' equity 47,411 43,342
 Total Liabilities and
 Stockholders' Equity $69,568 $66,887
 -0- 2/22/93
 /CONTACT: June Filingeri or Bernie Kilkelly of Morgen-Walke Associates, 212-986-5900, for Lumex/
 (LUM)


CO: Lumex, Inc. ST: New York IN: HEA SU: ERN

TS -- NY021 -- 8796 02/22/93 08:42 EST
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