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NAMIC U.S.A. CORPORATION REPORTS FIRST QUARTER RESULTS

 NAMIC U.S.A. CORPORATION REPORTS FIRST QUARTER RESULTS
 GLENS FALLS, N.Y., Sept. 24 /PRNewswire/ -- NAMIC U.S.A. Corporation (NASDAQ: NUSA) reports its financial results for the thirteen weeks ended Aug. 28, 1992. The company, a manufacturer and marketer of single-patient use medical products, posted increases in both sales and net earnings for the period.
 Unaudited results; all figures in
 thousands, except per share data
 Thirteen Weeks Ended
 Aug. 28, 1992 Aug. 30, 1991
 Net Sales 13,106 12,135
 Operating Income 1,999 2,215
 Earnings Before Taxes 2,011 1,780
 Net Earnings 1,267 1,121
 Earnings Per Share 0.14 0.16
 Weighted Average Common Shares
 Outstanding 9,359 6,581
 Net sales for the thirteen weeks ended Aug. 28, 1992 were $13.11 million, an increase of $970,700 or 8.0 percent over the comparable period in the 1992 fiscal year. Strong sales of the Perceptor and MORSE Y-adaptor product lines, and increased customer acceptance of closed fluid systems were offset by the effects of price reductions to customers, a planned downsizing of the company's electronics division, a slower rate of procedure growth, and slight delays in new product introductions. The company achieved an 11.3 percent sales increase in its core worldwide healthcare business during the period.
 Net earnings for the thirteen weeks ended Aug. 28, 1992 were $1.27 million, an increase of $145,400 or 13.0 percent over the comparable period last fiscal year. The increase was influenced by an improvement in the company's gross profit margin as a percent of sales from 50.8 percent of net sales in the thirteen weeks ended Aug. 30, 1991 to 52.3 percent in the current period due to cost reductions and operating efficiencies. Net earnings were also influenced by start-up costs and operating expenses of NAMIC Caribe (f/k/a Novoste Puerto Rico Inc.), which are not yet offset by increases in revenue from sales of the products acquired from Novoste.
 Chief Executive Officer Cynthia L. Morris commented, "Sales were short of our expectations, but not surprising in light of our efforts to protect market share. In mid-1992, we made a decision to sacrifice a portion of our historical price premium in selected situations. This was to preserve relationships with customers who have gradually become more price sensitive. The price reductions have been well-received, and often have been in exchange for multi-year commitments to purchase NAMIC products. However, the cumulative effects of the price reductions affected our first quarter results and slowed our overall sales growth.
 "We are seeing fine initial results with the new Aria Inflation Device and Selector Catheters, and as we gain market share with these new lines and other focus products, we anticipate sales will meet our expectations. Given our shortfall in sales, and the start-up expenses of NAMIC Caribe, we're pleased with our net earnings for the quarter, as well as our earnings per share. It also bears stating that as a result of our initial public offering, there are over 42 percent more shares outstanding than one year ago. Our EPS on last year's weighted average shares outstanding would have been $0.19."
 NAMIC U.S.A. Corporation designs, manufactures and markets a broad range of single-patient use medical products used in angiography and angioplasty. Hospital customers in North America are served by a direct sales force and elsewhere by medical products distributors. Corporate headquarters is located in Glens Falls, New York. The company's stock is traded on the NASDAQ National Market System under the symbol "NUSA."
 -0- 9/24/92
 /CONTACT: Jeanne Wehnau of NAMIC U.S.A. Corporation, 518-798-0067/
 (NUSA) CO: NAMIC U.S.A. Corporation ST: New York IN: MTC SU: ERN


BM -- CL004 -- 3051 09/24/92 11:20 EDT
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Date:Sep 24, 1992
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