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PERKIN-ELMER REPORTS FIRST-QUARTER RESULTS; OPERATING INCOME INCREASES

PERKIN-ELMER REPORTS FIRST-QUARTER RESULTS; OPERATING INCOME INCREASES
 NORWALK, Conn., Nov. 20 /PRNewswire/ -- The Perkin-Elmer Corporation (NYSE: PKN) today reported operating income for the first quarter which ended Oct. 31 was $16.4 million compared with $16 million in the first quarter a year ago.
 The higher operating income was achieved despite lower net revenues of $198.3 million for the period compared with $204.8 million in the corresponding quarter last year.
 "During the first quarter, operating income of the company's largest business segment, analytical instruments, was up more than 30 percent to $16.7 million on essentially flat revenues as a result of our restructuring actions," said Gaynor N. Kelley, chairman and chief executive officer. "This more than offset a decline in the operating income of the material sciences segment from $5.9 million to $2.7 million due to continued lower demand for coatings and equipment from the turbine jet engine market."
 Net income in the quarter was $9 million, or 27 cents per share, compared with $9.7 million, or 29 cents per share, in last year's first quarter which included approximately $1 million of after-tax one-time gains in miscellaneous other income.
 Near term, the company is optimistic. "Our restructuring program is on schedule. Expense reductions already achieved in both business segments have enabled us to improve consolidated operating performance on lower revenues," Kelley observed. "While business activity in the Soviet Union and some parts of Europe has slowed somewhat, early signs of increased demand in the U.S., particularly for new products, are encouraging.
 "This is a tough environment. Perkin-Elmer is managing effectively because the restructuring actions we have taken will lower our annual costs by at least $25 million," Kelley emphasized. "Longer-term, the biotechnology market offers tremendous growth prospects for us," he noted. "As our planned alliance with Hoffmann-La Roche commences in the second quarter, we foresee expanded opportunities in biotechnology as well as environmental and pharmaceutical applications," Kelley said. "Perkin-Elmer's leadership in analytical instrument systems and our strong global distribution will enable us to be a major player, with Roche, in these faster growing markets."
 Orders for the quarter were $192.8 million compared with $207.4 million a year ago. Backlog at Oct. 31 was $162.9 million vs. $165.8 million last year.
 THE PERKIN-ELMER CORPORATION
 Consolidated Statements of Operations (Unaudited)
 (Dollar amounts in millions except per share amounts)
 Three months ended Oct. 31 1991 1990
 Net revenues $198.3 $204.8
 Cost of sales 102.4 107.3
 Gross margin 95.9 97.5
 Selling, general and administrative 64.9 65.0
 Research, development and engineering 14.6 16.5
 Operating income 16.4 16.0
 Interest expense, net (3.4) (3.6)
 Other income (expense), net (0.5) 1.1
 Income before income taxes 12.5 13.5
 Provision for income taxes 3.5 3.8
 Net income $ 9.0 $ 9.7
 Net income per share $ 0.27 $ 0.29
 Average number of shares, including
 common stock equivalents 33,862,000 33,283,000
 Number of shares outstanding,
 at Oct. 31, 1991 and 1990 33,662,000 33,224,000
 THE PERKIN-ELMER CORPORATION
 Financial Information by Industry Segment
 (Unaudited; dollar amounts in millions)
 Three months ended Net Revenues Operating Income
 Oct. 31 1991 1990 1991 1990
 Instruments $171.1 $169.1 $ 16.7 $ 12.7
 Material sciences 27.2 35.7 2.7 5.9
 Total industry segments $198.3 $204.8 19.4 18.6
 Corporate expense (3.0) (2.6)
 Consolidated $ 16.4 $ 16.0
 THE PERKIN-ELMER CORPORATION
 Condensed Consolidated Statements of Financial Position
 (Dollar amounts in millions)
 10/31/91 7/31/91
 (Unaudited) (Audited)
 Assets
 Cash and short-term investments $ 18.7 $ 18.9
 Accounts receivable, net 185.7 183.7
 Inventories 195.3 179.4
 Other current assets 91.1 88.9
 Marketable securities and time
 deposits maturing beyond one year 16.6 15.8
 Property, plant and equipment, net 163.4 158.0
 Other assets 108.1 107.2
 Total assets $778.9 $751.9
 Liabilities and shareholders' equity
 Loans payable $112.2 $ 98.5
 Other current liabilities 274.4 281.9
 Long-term debt 55.2 54.5
 Other long-term liabilities 60.4 55.5
 Shareholders' equity 276.7 261.5
 Total liabilities and shareholders' equity $778.9 $751.9
 -0- 11/20/91
 /CONTACT: Edward Bloch of Perkin-Elmer, 203-834-6472/
 (PKN) CO: Perkin-Elmer Corporation ST: Connecticut IN: MTC SU: ERN FC-CG -- NY066 -- 5512 11/20/91 15:04 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 20, 1991
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