MERIDIAN DIAGNOSTICS ANNOUNCES RECORD FISCAL 1991 OPERATING RESULTS
CINCINNATI, Nov. 21 /PRNewswire/ -- Meridian Diagnostics, Inc. (NASDAQ/NMS: KITS) today reported record sales and improved earnings for the fiscal year ended Sept. 30, 1991. Net sales were $11,085,000 as compared to $8,478,000 during fiscal 1990, an increase of $2,607,000 or 31 percent. Net earnings for fiscal 1991 were $959,000 ($.20 per share) versus $685,000 ($.14 per share) for fiscal 1991, an increase of $274,000 or 40 percent.
Net sales and net earnings for the fourth fiscal quarter ended Sept. 30, 1991 were $3,208,000 and $387,000 ($.08 per share), respectively, as compared to net sales of $2,584,000 and net earnings of $295,000 ($.06 per share) during the same period of the prior fiscal year. These results represent an increase for the fourth fiscal quarter in sales of $624,000 or 24 percent and in earnings of $92,000 or 31 percent over the prior periods.
Jerry L. Ruyan, president and chief operating officer, said, "We have attained significant momentum both in sales and profits which commenced during the third and fourth quarters of fiscal 1990 and have continued through fiscal 1991. Each of the most recent four quarters has been a consecutive record in sales. The company continues to see growth in next year's sales fueled by the introduction of the new products acquired during fiscal 1991. The launch of these products will commence during the latter part of the first quarter of fiscal 1992. We expect to see a six to nine month flattening of our earnings until the start up expenses associated with the introduction of these products have been eliminated."
MERIDIAN DIAGNOSTICS, INC.
FOURTH QUARTER AND YEAR-END RESULTS
The following table sets forth the comparative operating results of Meridian Diagnostics, Inc. for the three months and year ended Sept. 30, 1991 and 1990.
Three Months Ended
Net sales $3,208,000 $2,584,000
Gross profit 2,205,000 1,672,000
Operating income 524,000 412,000
Earnings before income taxes 569,000 481,000
Net earnings 387,000 295,000
Earnings per common share $.08 $.06
Weighted average number of
shares outstanding 4,865,217 4,800,000
Net sales $11,085,000 $8,478,000
Gross profit 7,112,000 5,011,000
Operating income 1,356,000 817,000
Earnings before income taxes 1,518,000 1,076,000
Net earnings 959,000 685,000
Earnings per common share $.20 $.14
Weighted average number of
shares outstanding 4,839,151 4,800,000
Meridian Diagnostics, Inc. develops, manufactures and markets a variety of immunodiagnostic test kits, reagents and related products for use in physicians' offices and in hospital, commercial and research laboratories. The company pioneered one of the most successful rapid strep tests on the market, is a leader in parasite and bacterial collection, preservation and transportation systems, and has a leading market position in fungal serology testing in clinical laboratories. The company's shares are traded through NASDAQ/NMS (Symbol: KITS).
/CONTACT: Jerry L. Ruyan of Meridian Diagnostics, Inc., 513-271-3700/
(KITS) CO: Meridian Diagnostics, Inc. ST: Ohio IN: MTC SU: ERN CG -- CL009 -- 5861 11/21/91 11:57 EST