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MOORE MEDICAL REPORTS THIRD QUARTER RESULTS

 MOORE MEDICAL REPORTS THIRD QUARTER RESULTS
 NEW BRITAIN, Conn., Nov. 7 /PRNewswire/ -- Moore Medical Corp.


(AMEX: MMD), today reported sales of $73,887,000 for the third quarter ending Sept. 28, 1991, compared with $76,904,000 for last year's third quarter. Net income was $239,000 (8 cents per share) for the quarter compared with $196,000 (7 cents per share) for the comparable 1990 quarter. The 1990 third quarter included an unusual income credit from latex gloves sales, substantially offset by losses from a discontinued operation. After these 1990 items and before an extraordinary 1991 tax benefit, income was $151,000 (5 cents per share) in the 1991 quarter compared with $196,000 (7 cents per share) in last year's third quarter.
 Commenting on the quarter, Mark E. Karp, president and chief executive officer, stated, "Implementation of our previously announced plans to provide improved customer service has generated increased sales of higher margin generic pharmaceuticals and medical and surgical supplies, but less than anticipated. In addition and as anticipated, new pricing of the lower margin brand name pharmaceuticals has resulted in lower sales. As a result of the more favorable product mix, our gross margin rose to over 11 percent for the first time in two years. However, improved customer service capabilities have contributed to increased selling, general and administrative expenses.
 The service and price changes have resulted in improved profitability from the second quarter of this year and they are designed to produce better results in the future. Although we expect some seasonal decline in the fourth quarter, we believe we are on the right track, and are continuing to implement our plans to build our generic pharmaceutical and medical and surgical supply product lines."
 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 THIRD QUARTER AND NINE MONTHS
 (In thousands, except per share data)
 Third Quarter
 9/28/91 9/29/90 Pct. Change
 Net sales $73,887 $76,904 (4)
 Cost of products
 sold 65,643 68,961 (5)
 Gross profit 8,244 7,943 4
 Selling, general &
 administrative
 expenses 6,869 6,577 4
 Unusual item, (income) --- (478) ---
 Operating income 1,375 1,844 (25)
 Interest expense,
 net 1,117 1,084 3
 Income from continuing
 operations before
 income taxes and
 extraordinary item 258 760 (66)
 Income tax
 provision 107 265 (60)
 Income from continuing
 operations before
 x?traordinary item 151 495 (69)
 Loss from discontinued
 operation(a) --- (299) ---
 Income before
 extraordinary item 151 196 (23)
 Extraordinary item (b) 88 --- ---
 Net income $239 $196 22
 Income per share:
 Continuing operations 5 cents 17 cents
 Income before
 extraordinary item 5 cents 7 cents
 Net income 8 cents 7 cents
 Average shares
 outstanding 2,846 2,830
 Nine Months Ended
 9/28/91 9/29/90 Pct. Change
 Net sales $242,498 $229,546 6
 Cost of products
 sold 217,131 205,191 6
 Gross profit 25,367 24,355 4
 Selling, general &
 administrative
 expenses 21,047 19,300 9
 Unusual item, (income) --- (749) ---
 Operating income 4,320 5,804 (26)
 Interest expense,
 net 3,613 3,361 8
 Income from continuing
 operations before
 income taxes and
 extraordinary item 707 2,443 (71)
 Income tax
 provision 307 853 (64)
 Income from continuing
 operations before
 extraordinary item 400 1,590 (75)
 Loss from discontinued
 operation(a) --- (891) ---
 Income before
 extraordinary item 400 699 (43)
 Extraordinary item (b) 240 --- ---
 Net income $640 $699 (9)
 Income per share:
 Continuing operations 14 cents 56 cents
 Income before
 extraordinary item 14 cents 25 cents
 Net income 22 cents 25 cents
 Average shares
 outstanding 2,847 2,830
 PERCENTAGE OF SALES
 Third Quarter Nine Months
 1991 1990 1991 1990
 Net sales 100.0 100.0 100.0 100.0
 Cost of products sold 88.8 89.7 89.5 89.4
 Gross profit 11.2 10.3 10.5 10.6
 Selling, general &
 administrative
 expenses 9.3 8.6 8.7 8.4
 Unusual item, (income) --- (.7) --- (.3)
 Operating income 1.9 2.4 1.8 2.5
 Interest expense,
 net 1.5 1.4 1.5 1.4
 Income from continuing
 operations before
 income taxes and
 extraordianry item .4 1.0 .3 1.1
 Income tax provision .2 .3 .1 .4
 Income from continuing
 operations before
 extraordinary item .2 .7 .2 .7
 Loss from discontinued
 operation (a) --- (.4) --- (.4)
 Income before
 extraordinary item .2 .3 .2 .3
 Extraordinary item (b) .1 --- .1 ---
 Net income .3 .3 .3 .3
 ----
 (a) West-ward Pharmaceutical Corp., a manufacturer of generic pharmaceuticals, has been treated as a discontinued operation.
 (b) Extraordinary item reflects tax benefits from utilization of net operating loss carryforwards.
 -0- 11/7/91
 /CONTACT: John A. Murray of Moore Medical Corp., 203-826-3677/
 (MMD) CO: Moore Medical ST: Connecticut IN: MTC SU: ERN DD-KM -- NE016 -- 2346 11/07/91 16:00 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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