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R.P. SCHERER REPORTS RECORD FIRST-QUARTER FINANCIAL RESULTS

 R.P. SCHERER REPORTS RECORD FIRST-QUARTER FINANCIAL RESULTS
 TROY, Mich., July 28 /PRNewswire/ -- R.P. Scherer Corporation (NYSE: SHR) announced today that the company had an excellent first quarter in both sales and operating income compared with the same period a year ago.
 Sales and Backlog
 Sales were $103.4 million for the first fiscal quarter ended June 30, 1992, representing a 23-percent increase over sales of the first quarter last year. Sales backlogs worldwide reached a record $118.2 million as of June 30, 1992, up 31 percent from a year ago.
 The record first-quarter revenue performance was led by the U.S. operations with a significant sales increase of 27 percent over last year. Sales of European operations were also very strong, with a 16-percent increase, as measured in constant dollars, over last year's first quarter. These two market segments currently represent approximately 81 percent of total revenues.
 Operating Income
 The company earned operating income of $26.5 million in the first fiscal quarter, representing an increase of 28 percent compared with the operating income for the same period of last year. Although sales and operating income benefited from the impact of the recent weaker U.S. dollar, on a constant exchange rate basis, sales and operating income increased by 17 percent and 22 percent, respectively, when compared to the same period last year. Operating margins showed good improvement, increasing to 25.7 percent of sales for the first quarter ended June 30, 1992, as compared with 24.6 percent for the same period last year.
 The increase in operating income was achieved in spite of a 27-percent increase in SG&A expenses reflecting costs associated primarily with additional sales and marketing expenditures. The 32-percent increase in R&D expense is the result of ongoing expenditures associated with the development of the company's advanced drug delivery technologies.
 Net Income
 Net income for the first quarter was $8.3 million, or $.35 per share, which represents an increase of 17 percent from the pro-forma net earnings of $.30 per share for the same period last fiscal year.
 The pro-forma June 30, 1991, net results reflect adjustments for the impact of the repayment of debt and the redemption of the company's 17-percent exchangeable preferred stock, both of which are related to the company's October 1991 public stock offering. Further, the pro- forma results exclude the loss on discontinued operations and the one- time charge for the accounting change related to post-retirement benefits.
 R.P. Scherer Corporation, a leading international developer and manufacturer of drug delivery systems, is the world's largest producer of soft gelatin capsules ("softgels"). The company is currently developing and commercializing advanced drug delivery systems, including SCHERERSOL(R), ZYDIS(R) and PULSINCAP(TM) technologies. The company's proprietary drug delivery systems improve the efficacy of drugs by regulating the dosage, rate of absorption and place of release. The company operates a global network of 15 facilities in 11 countries.
 R.P. SCHERER CORPORATION AND SUBSIDIARIES
 SUMMARY OF FINANCIAL RESULTS
 (In thousands, except per-share data)
 Three Months Ended
 June 30,
 1992 1991 Pct.
 SUMMARY FINANCIAL INFORMATION: Actual Pro-forma Change
 Net sales $103,353 $84,367 23
 Operating income $26,527 $20,730 28
 Net income from
 continuing operations $8,332 $7,106 17
 Net income per common share
 from continuing operations $0.35 $0.30 17
 ACTUAL INCOME STATEMENT DATA:
 Net sales $103,353 $84,367
 Cost of sales and
 other operating costs 74,450 61,836
 Research and development expenses 2,376 1,801
 Operating income 26,527 20,730
 Interest expense and other, net 6,683 10,607
 Income (loss) from continuing
 operations before income taxes
 and minority interests 19,844 10,123
 Income taxes and minority interests 11,512 8,212
 Income (loss) from continuing
 operations before accounting change 8,332 1,911
 Loss from discontinued operation --- (16,538)
 Income (loss) before
 accounting change 8,332 (14,627)
 Cumulative effect of accounting change
 for other post-retirement benefits
 (SFAS No. 106) --- (4,917)
 Net income (loss) 8,332 (19,544)
 Preferred stock dividends --- 2,143
 Net income (loss) attributable
 to common shares $8,332 ($21,687)
 Per common share:
 Income (loss) before other items $0.35 ($0.03)
 Loss from discontinued operation --- ($1.86)
 Accounting change (SFAS No. 106) --- ($0.55)
 Net income (loss) per common share $0.35 ($2.44)
 Average number of common shares 24,138 8,887
 -0- 7/28/92
 /CONTACT: Nicole Williams of R.P. Scherer, 313-649-0900/
 (SHR) CO: R.P. Scherer Corporation ST: Michigan IN: MTC SU: ERN


ML-JG -- DE015 -- 4132 07/28/92 13:32 EDT
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Date:Jul 28, 1992
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