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MOORE MEDICAL REPORTS 300 PERCENT EARNINGS INCREASE FOR 1992 AND FOURTH QUARTER

 NEW BRITAIN, Conn., Feb. 12 /PRNewswire/ -- Moore Medical Corp. (AMEX: MMD), today reported significantly higher earnings for the year and fourth quarter ending Jan. 2, 1993. Net income for the year increased over 300 percent to $2,293,000 (80 cents per share) from $546,000 (19 cents per share) in 1991. Net income for the 1992 fourth quarter was $618,000 (21 cents per share) compared with $146,000 (5 cents per share) in the quarter a year earlier. Earnings for all periods reflect the retroactive adoption of a new accounting standard on income taxes.
 Sales of $278,450,000 for the year and of $67,131,000 for the fourth quarter were below the sales levels of comparable periods in 1991. The company's decision to reduce sales of low margin brand name pharmaceuticals resulted in the overall sales decrease in 1992. Profits improved as the company increased sales in higher margin generic pharmaceuticals and medical and surgical supplies.
 Commenting on the year and quarter, Mark E. Karp, president and chief executive officer, stated, "We are very pleased with the positive results of our strategies and initiatives to improve profitability. The more favorable sales mix improved our gross profit margin rate and gross profits. We held 1992 operating expenses at 1991 levels and earnings benefited from lower interest expense due to more favorable interest rates and lower debt levels.
 "These 1992 developments reflect our strategic redirection of the business which places greater emphasis on our customers' service needs. Our strategic business plans are designed to cultivate broadened customer loyalty in the value-added areas of our business."
 Moore Medical Corp. is a national wholesale distributor of brand name and generic pharmaceuticals and medical and surgical supplies. Its annual shareholders' meeting is scheduled for May 19, 1993.
 MOORE MEDICAL CORPORATION
 Comparative Results of Operations
 For The Fourth Quarters
 (In thousands, except per share data)
 Percent Pct. of Sales
 1992 1991 Change 1992 1991
 Net sales $67,131 $68,756 (2) 100.0 100.0
 Cost of products
 sold 58,058 61,023 (5) 86.5 88.8
 Gross profit 9,073 7,733 17 13.5 11.2
 Selling, general
 & administrative
 expenses 7,500 6,668 13 11.2 9.7
 Operating income 1,573 1,065 48 2.3 1.5
 Interest expense, net 601 855 (30) .9 1.2
 Income before income
 taxes 972 210 363 1.4 .3
 Income tax provision 354 64 --- .5 .1
 Net income $618 $146 323 .9 .2
 Net income per share 21 cents 5 cents
 Average shares
 outstanding 2,882 2,832
 ----
 Note (a): The fourth quarters of 1992 and 1991 ended on Jan. 2, 1993 (14 weeks) and Dec. 28, 1991 (13 weeks), respectively.
 Note (b): The company adopted FAS 109 - Accounting for Income Taxes - in the fourth quarter of 1992 with retroactive application to prior years, to record deferred tax assets and increase the company's shareholders' equity. Implementing this standard with respect to the 1990 losses of the discontinued operation resulted in the retroactive recording of an income tax benefit which increased shareholders' equity at the end of 1990 by $3,266 ($1.15 per share). Consequently, the extraordinary tax benefit previously recorded in the 1991 quarter has been excluded from the restated statement of operations, thereby decreasing previously reported net income by $41 (2 cents per share). However, there was no change in the previously reported "Income before extraordinary item," now reported as "Net income" in the above restated statement of operations for the 1991 quarter.
 Comparative Results of Operations
 For the Years Ended 1992 and 1991
 (In thousands, except per share data)
 Percent Pct. of Sales
 1992 1991 Change 1992 1991
 Net sales $278,450 $311,254 (11) 100 100
 Cost of products sold 243,857 278,154 (12) 87.6 89.4
 Gross profit 34,593 33,100 5 12.4 10.6
 Selling, general &
 administra ei,Re/\Ys+MiBb * PRNEWSWIRE


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J1 net 2,923 4,468 (35) 1.0 1.4
 Income before income
 taxes 3,575 917 290 1.3 .3
 Income tax provision 1,282 371 -- .5 .1
 Net income $2,293 $546 320 .8 .2
 Net income per share 80 cents 19 cents
 Average shares
 outstanding 2,859 2,844
 ----
 Note(a): The years 1992 and 1991 ended on January 2, 1993 (53 weeks) and December 28, 1991 (52 weeks), respectively.
 Note(b): The company adopted FAS 109 - Accounting For Income Taxes - in the fourth quarter of 1992, with retroactive application to prior years, to record deferred tax assets and increase the company's shareholders' equity. Implementing this standard with respect to the 1990 losses of the discontinued operation resulted in the retroactive recording of an income tax benefit which increased shareholders' equity at the end of 1990 by $3,266 ($1.15 per share). Consequently, the extraordinary tax benefits previously recorded in 1991 and 1992 have been excluded from the restated statements of operations, thereby decreasing previously reported net income by $281 (10 cents per share) for the year 1991 and $798 (28 cents per share) for the first three quarters of 1992. However, there was no change in the previously reported "Income before extraordinary item," now reported as "Net income" in the above restated statements of operations.
 -0- 2/12/93
 /CONTACT: John A. Murray of Moore Medical Corp., 203-826-3677/
 (MMD)


CO: Moore Medical Corp. ST: Connecticut IN: HEA MTC SU: ERN

DH -- NE005 -- 6027 02/12/93 08:30 EST
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Date:Feb 12, 1993
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