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MOLECULAR DYNAMICS REPORTS SECOND QUARTER 1993 RESULTS

 SUNNYVALE, Calif., July 26 /PRNewswire/ -- Molecular Dynamics (NASDAQ: MDYN), a leading developer, manufacturer and marketer of high performance image acquisition and analysis instrumentation for the international life science research market, today announced financial results for the second quarter and six months ended June 30, 1993.
 Sales for the second quarter increased 44 percent to $9,646,000 as compared to $6,711,000 reported in the prior year period. Income before income taxes increased 144 percent to $1,436,000 as compared to $589,000 in the prior-year period. Net income for the quarter increased 84 percent to $1,005,000 as compared to net income of $547,000 in the prior-year period. The effective tax rate for the second quarter of 1993 was 30 percent, as compared to 7 percent in 1992. Earnings per share were 10 cents in the second quarter of 1993 as compared to 8 cents in the second quarter of 1992. Weighted average shares outstanding in the second quarter of 1993 were 10.4 million compared to 7.2 million in the second quarter of 1992. The increase resulted principally from an August 1992 private placement and the company's initial public offering which was completed in February of 1993.
 Sales for the six months ended June 30, 1993 rose to $18,259,000, an increase of 46 percent over sales of $12,474,000 in the comparable period in the prior year. Income before taxes increased 126 percent to $2,511,000 as compared to $1,111,000 in the prior year period. Net income for the six months ended June 30, 1993, increased 71 percent,?760,000 f rom $1,032,000 for the first six months of 1992. The effective tax rate for the first six months of 1993 was 30 percent as compared to 7 percent for the comparable period in 1992. Earnings per share were 18 cents for the first six months of 1993 compared to 15 cents for the comparable period of 1992. Weighted average shares outstanding for the six months ended June 30, 1993, were 10.1 million compared to 7.1 million for the first six months of 1992.
 Jay Flatley, Molecular Dynamics president and chief operating officer, said the results were due to positive market response to both existing and new products. "Our flagship product, the Series 425 PhosphorImager(TM), and the recently introduced PhosphorImager SF(TM) continued to be strongly accepted in the life science markets throughout the world," he said. "We are also very pleased with the initial reaction to our Model 575 FluorImager(TM). We introduced the product in the second quarter and we'll begin shipments in the current quarter," Flatley added.
 The Molecular Dynamics FluorImager 575 is targeted at the rapidly expanding fields of DNA, RNA and protein research. Used in conjunction with specially developed Molecular Dynamics FluorKit(TM) reagents and standard protocols, the instrument allows researchers to conduct studies using nonradioactive fluorescence analysis techniques. The FluorImager includes a new generation of Molecular Dynamics developed software called ImageQuant(TM), based on the new Microsoft Windows NT(TM) operating system.
 Headquartered in Sunnyvale, Molecular Dynamics is a leading manufacturer of advanced image acquisition and analysis instrumentation for the life sciences research market. The company's products are marketed worldwide through direct, subsidiary and independent distributor sales organizations.
 MOLECULAR DYNAMICS INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (In thousands, except per-share data)
 Three Months Six Months
 Ended June 30: 1993 1992 1993 1992
 Sales $ 9,646 $ 6,711 $ 18,259 $ 12,474
 Cost of sales 4,102 2,818 7,669 5,169
 Gross profit 5,544 3,893 10,590 7,305
 Operating expenses:
 Research and development 1,078 757 2,036 1,501
 Sales and marketing 2,730 2,152 5,280 3,889
 General and administrative 601 430 1,207 848
 Total operating expenses 4,409 3,339 8,523 6,238
 Operating income 1,135 554 2,067 1,067
 Interest and other income,
 net 301 35 444 44
 Income before income taxes 1,436 589 2,511 1,111
 Income taxes 431 42 751 79
 Net income $ 1,005 $ 547 $ 1,760 $ 1,032
 Earnings per share $ 0.10 $ 0.08 $ 0.18 $ 0.15
 Weighted averages shares
 outstanding 10,407 7,195 10,055 7,105
 Condensed Consolidated Balance Sheets
 (In thousands)
 June 30, Dec. 31,
 1993 1992
 ASSETS
 Current assets:
 Cash and cash equivalents $ 6,239 $ 3,451
 Short-term investments 19,563 4,016
 Accounts receivable, net 7,482 5,914
 Inventories 4,937 3,776
 Prepaid expenses and other
 current assets 463 326
 Total current assets 38,684 17,483
 Property and equipment, net 1,992 1,815
 Other assets 1,719 1,422
 Total assets $ 42,395 $ 20,720
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $ 1,893 $ 1,346
 Accrued expenses 3,511 1,920
 Unearned revenue 458 342
 Total current liabilities 5,862 3,608
 Other liabilities 34 75
 Stockholders' equity:
 Convertible preferred stock, common stock
 and additional paid-in capital 36,893 19,156
 Accumulated deficit (359) (2,119)
 Cumulative translation adjustment (35) ---
 Total stockholders' equity 36,499 17,037
 Total liabilities and
 stockholders' equity $ 42,395 $ 20,720
 -0- 7/26/93
 /CONTACT: Stephen R. Bennion, chief financial officer of Molecular Dynamics, 408-737-3002/
 (MDYN)


CO: Molecular Dynamics ST: California IN: MTC SU: ERN

GT -- SJ006 -- 5852 07/26/93 16:06 EDT
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Date:Jul 26, 1993
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