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MENTOR REPORTS FISCAL YEAR 1993 RESULTS

 SANTA BARBARA, Calif., May 17 /PRNewswire/ -- Mentor Corp. (NASDAQ: MNTR) today reported a net loss of $2.8 million, or $0.27 per share, for its fiscal year ended March 31, 1993, compared to net income of $4.5 million, or $0.42 per share for the prior year. For the fourth quarter the company reported a net loss of $11.0 million, or $1.03 per share, compared to net income of $0.4 million, or $0.04 a share last year.
 The results for the fourth quarter and the year include a previously announced special one-time charge of $1.26 per share for the settlement of litigation related to breast implants. On a pro forma basis, excluding the litigation settlement charge, the company would have had earnings of $0.99 a share for the year, and $0.23 for the fourth quarter.
 Sales for the year were $115 million, an increase of 29 percent over sales of $89.4 million for the prior year. For the fourth quarter, sales were $27.6 million, an increase of 25 percent over sales of $22.0 million last year.
 Sales growth was attributed to a strong performance in all of the company's major business segments, especially international, which contributed about $26 million in fiscal 1993.
 On May 14, 1993, Mentor Corp. and the Federal Multi-District Plaintiffs National Steering Committee filed in federal court a joint application for preliminary approval of an agreement to settle all breast implant litigation and claims against the company.
 The agreement will establish a settlement fund of $24 million to be funded by the company and its insurers. The agreement will settle all claims alleging injury due to breast implants, asserted now or brought in the future, in federal or state courts, for breast implants sold between March 30, 1984, and June 1, 1993.
 Christopher J. Conway, chairman and chief executive officer of Mentor, stated, "We believe the settlement for breast implant litigation to be in the best interests of the company's shareholders. We anticipate that there will be no further charges to income in this matter, and we can now concentrate our attention on the needs of the markets which we serve."
 Mentor Corp. produces medical and surgical devices for the specialties of urology, ophthalmology and plastic surgery.
 MENTOR CORP.
 Consolidated Statements of Income
 (In thousands, except per share data)
 For the three months ended For the year ended
 March 31, March 31,
 1993 1992 1993 1992
 Net sales $27,589 $22,007 $114,976 $89,422
 Costs and expenses
 Cost of sales 10,083 8,610 39,811 35,607
 Selling, general and
 administrative 11,180 10,521 49,562 38,632
 Research and
 development 2,183 1,665 6,944 6,332
 Special litigation
 charge 21,000 0 21,000 0
 Total 44,446 20,796 117,317 80,571
 Operating income
 (loss) (16,857) 1,211 (2,341) 8,851
 Interest expense (636) (593) (2,505) (2,276)
 Interest income 79 5 423 430
 Other (expense) income (31) (69) (307) (299)
 Income (loss) before
 income taxes (17,445) 554 (4,730) 6,706
 Income tax (benefit)
 expense (6,399) 128 (1,900) 2,196
 Net income (loss) ($11,046) $426 ($2,830) $4,510
 Income per share ($1.03) $0.04 ($0.27) $0.42
 Dividends per share $0.04 $0.04 $0.16 $0.16
 Average common
 shares outstanding 10,676 10,677 10,654 10,789
 The 1993 fourth quarter and year results include a special charge for the settlement of litigation related to breast implants of approximately $1.26 per share.
 -0- 5/17/93
 /CONTACT: Christopher J. Conway, chairman & CEO of Mentor, 805-681-6000; or William F. Coffin of Coffin Communications Group, 818-578-0500, for Mentor/
 (MNTR)


CO: Mentor Corp. ST: California IN: MTC SU: ERN

BP-JL -- LA011 -- 9014 05/17/93 08:32 EDT
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Publication:PR Newswire
Date:May 17, 1993
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