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MERIDIAN DIAGNOSTICS ANNOUNCES RECORD SECOND QUARTER AND SIX MONTH RESULTS

 CINCINNATI, May 3 /PRNewswire/ -- Meridian Diagnostics, Inc. (NASDAQ/NMS: KITS), Cincinnati, today announced record net sales for the fiscal 1993 second quarter and six month periods ended March 31, 1993, of $3,894,000 and $6,710,000, respectively, compared to $3,468,000 and $6,438,000 for the same periods during the prior fiscal year. These results represent an increase of 12 percent for the second quarter and 4 percent for the six month period. Net earnings for the fiscal second quarter, which were also a record, and six month periods were $505,000 ($.07 per share) and $698,000 ($.09 per share) compared to $352,000 ($.05 per share) and $638,000 ($.08 per share) earned during the comparable periods of the previous fiscal year, an increase of 43 percent for the second quarter and 9 percent for the six month period. Gross profit as a percent of sales increased in the second quarter and six month periods over the prior periods.
 Jerry L. Ruyan, chief executive officer, said, "We are pleased to see solid growth in the second quarter from our core business and the new product introductions that were made during the first and second quarters of this fiscal year."
 At the April 30, 1993, board of directors meeting, the board declared the regular quarterly cash dividend of $.025 per share payable on May 17, 1993, to shareholders of record at the close of business on May 10, 1993.
 The following table sets forth the unaudited comparative operating results of Meridian Diagnostics, Inc., for the three and six months ended March 31, 1993, and 1992.
 Three Months Ended Six Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Net sales $3,894,000 $3,468,000 $6,710,000 $6,438,000
 Gross profit 2,683,000 2,300,000 4,653,000 4,225,000
 Operating income 819,000 550,000 1,125,000 983,000
 Earnings before income
 taxes 820,000 570,000 1,125,000 1,026,000
 Net earnings 505,000 352,000 698,000 638,000
 Earnings per common
 share $.07 $.05 $.09 $.08
 Weighted average
 number of shares
 outstanding 7,706,702 7,675,162 7,706,364 7,672,779
 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- 5/3/93
 /CONTACT: Jerry L. Ruyan of Meridian Diagnostics, Inc., 513-271-3700/
 (KITS)


CO: Meridian Diagnostics, Inc. ST: Ohio IN: MTC SU: ERN DIV

AR -- CL017 -- 3699 05/03/93 10:37 EDT
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Publication:PR Newswire
Date:May 3, 1993
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