MERIDIAN ANNOUNCES HIGHER FIRST QUARTER RESULTS
MERIDIAN ANNOUNCES HIGHER FIRST QUARTER RESULTS CINCINNATI, Feb. 4 /PRNewswire/ -- Meridian Diagnostics, Inc.
(NASDAQ: KITS) announced today net sales and net earnings for the fiscal 1992 first quarter ended Dec. 31, 1991 of $2,970,000 and $286,000 ($.06 per share), respectively, as compared to net sales and net earnings of $2,254,000 and $136,000 ($.03 per share), respectively, during the same period of the prior fiscal year.
Sales for the first quarter were up $716,000 or 32 percent, compared to the prior year's first quarter. Net earnings increased by $150,000 or 110 percent compared to the same period of the prior fiscal year. Commenting on the first quarter operating results, Jerry L. Ruyan, president, said, "We are pleased with the continuation of our sales and earnings growth through the first quarter of fiscal 1992. Gross profit margins increased to 65 percent from 62 percent primarily as a result of more favorable product mix and higher net sales." Ruyan went on to say, "Meridian's first quarter results were not influenced by the new products recently acquired in connection with the E-Z-EM, Inc., Texas BioResource Corp. or Disease Detection International, Inc. agreements. These eight new products were introduced to the market in late January 1992." The following table sets forth the comparative operating results of Meridian Diagnostics, Inc. for the three months ended Dec. 31, 1991 and 1990. MERIDIAN DIAGNOSTICS, INC. FIRST QUARTER RESULTS Three Months Ended December 31, 1991 1990 Net sales $2,970,000 $2,254,000 Gross profit 1,925,000 1,400,000 Operating income 433,000 161,000 Earnings before income taxes 456,000 223,000 Net earnings 286,000 136,000 Earnings per common share $.06 $.03 Weighted average number of shares outstanding 4,870,109 4,800,000 Meridian Diagnostics, Inc. develops, manufactures and markets a variety of immunodiagnostic test kits, purified reagents such as antigens and monoclonal and polyclonal antibodies, and related diagnostic products. The company is a leader in the area of rapid diagnosis of infectious human diseases. All Meridian products are used outside the human body and require little or no special instrumentation or equipment. Domestic and international market segments consist of hospital, commercial and reference laboratories and physicians' offices. The company has a leading market position in fungal serology, and is the leader in parasite and bacterial collection, preservation and transportation systems. The company's shares are traded through NASDAQ/NMS (Symbol: KITS). -0- 2/4/92 /CONTACT: Jerry L. Ruyan of Meridian Diagnostics, Inc., 513-271-3700/ (KITS) CO: Meridian Diagnostics, Inc. ST: Ohio IN: MTC SU: ERN
KK -- CL010 -- 6768 02/04/92 13:59 EST
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|Date:||Feb 4, 1992|
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