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MOORE MEDICAL REPORTS INCOME IMPROVEMENT IN FIRST QUARTER

 MOORE MEDICAL REPORTS INCOME IMPROVEMENT IN FIRST QUARTER
 NEW BRITAIN, Conn., April 22 /PRNewswire/ -- Moore Medical Corporation (AMEX: MMD), today reported results for its first quarter ending March 28, 1992. Sales of $76,138,000 were 10 percent lower than in the first quarter a year ago. Net income was $746,000 (26 cents per share) for the quarter compared with $257,000 (9 cents per share) in the 1991 quarter. Before an extraordinary tax benefit, income per share was 17 cents in the 1992 quarter compared with 6 cents in the prior year's quarter.
 Commenting on the quarter, Mark E. Karp, president and chief executive officer, stated, "Sales increased from the previous quarter. However, compared with last year's first quarter, sales volume decreased as expected in line with our decision in mid-1991 to curtail sales of brand-name pharmaceuticals at unacceptably low margins. Emphasis on customer service and sales programs have yielded increased sale in our more profitable market areas. Sales to pharmacy customers participating in our generic pharmaceutical line were particularly strong during the first quarter. In addition, higher sales to healthcare professionals resulted in greater sales volume of medical and surgical supplies. The more favorable sales mix in the first quarter of 1992 resulted in a gross profit margin rate of 11.5 percent, which was the highest quarterly rate in over two years. Income for the quarter also benefited from lower operating expenses and lower interest expense. We are encouraged that the first quarter results reflect actions designed to improve the financial performance of the company."
 Moore Medical Corp. is a national wholesale distributor of brand name and generic pharmaceuticals and medical and surgical supplies.
 MOORE MEDICAL CORP. Comparative Results of Operations for the First Quarters Ended
 March 28, 1992 and March 30, 1991
 (In thousands, except per share data)
 1992 1991 Percentage Percentage of
 Change Sales
 1992 1991
 Net sales $76,138 $84,302 (10) 100 100
 Cost of
 products sold 67,406 75,634 (11) 88.5 89.7
 Gross profit 8,732 8,668 1 11.5 10.3
 Selling, general
 & administrative
 expenses 7,053 7,189 (2) 9.3 8.5
 Operating income 1,679 1,479 14 2.2 1.8
 Interest expense,
 net 910 1,198 (24) 1.2 1.5
 Income before
 income taxes and
 extraordinary item 769 281 174 1.0 .3
 Income tax provision 277 119 -- .4 .1
 Income before
 extraordinary item 492 162 -- .6 .2
 Extraordinary
 item-(a) 54 95 -- .4 .1
 Net Income 746 257 190 1.0 .3
 Income per share:
 Income before
 extraordinary item 17 cents 6 cents
 Net Income 26 cents 9 cents
 Average shares
 outstanding 2,841 2,843
 Note (a)-Extraordinary item reflects tax benefits from utilization of net operating loss carryforwards.
 -0- 4/22/92
 /CONTACT: John Murray of Moore Medical, 203-826-3677/
 (MMD) CO: Moore Medical Corp. ST: Connecticut IN: MTC SU: ERN


TM -- NE015 -- 1448 04/22/92 16:30 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
Words:492
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