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SYBRON REPORTS RECORD SALES, NET INCOME AND CASH FLOW FOR FISCAL 1992

SYBRON REPORTS RECORD SALES, NET INCOME AND CASH FLOW FOR FISCAL 1992
    MILWAUKEE, Nov. 11 /PRNewswire/ -- Sybron Corp. (NYSE: SYB) today announced its financial results for its fiscal year ended Sept. 30, 1992.  Net sales for fiscal 1992 totaled a record $382.6 million compared to $350.1 million for fiscal 1992, an increase of 9.3 percent.
    Sybron also reported record net income for the current fiscal year of $21.4 million, an $18.9 million increase from fiscal 1991 which reflected income of $2.5 million.  The corresponding fiscal 1991 year reflected a one-time charge of $4.8 million for a change in accounting principle related to post-retirement benefits.
    Cash flow continues to be strong, as earnings before interest, taxes, depreciation and amortization (EBITDA) for fiscal 1992 were $100.4 million, also a record for Sybron, as compared to $87.4 million for fiscal 1991, a 14.9 percent increase.
    Net sales for the fourth quarter totaled $100.1 million compared to $89.4 million for the same period of fiscal 1991, an increase of 12.0 percent.  Operating income for the fourth quarter totaled $20.5 million compared to $16.8 million for the same period of fiscal 1991, an increase of 22.0 percent.
    Sybron Corp. completed an initial public offering in May of this year with proceeds to the company in excess of $109 million.  The company is now listed on the New York Stock Exchange (symbol SYB).
    For comparative purposes, assuming the May 7, 1992, initial public offering had taken place on the first day of each of the 1992 and 1991 periods, net income would have been $21.9 million or $.98 per share on a fully diluted, pro forma basis for the current fiscal year, up $18.4 million from $3.5 million or $.16 per share for the like pro forma period of a year ago.
    Such pro forma results are calculated after giving effect to a reduction in interest expense based upon a repayment of approximately $17.3 million in bank debt and the elimination of preferred stock dividends due to the redemption of $92.5 million of Sybron's senior preferred stock from the proceeds of the initial public offering and conversion of Sybron's junior preferred stock to common stock.
    Kenneth F. Yontz, chairman, president and chief executive officer, said the company's operating results for fiscal 1992 are on target with the company's expectations, and that both gross margins and operating margins for the fiscal year increased to 49.6 percent and 19.4 percent from 48.2 percent and 17.0 percent, respectively from the prior fiscal year.
    Yontz further stated that "strength in both Sybron's domestic and foreign markets bolstered our overall revenues.  It is also important to note that our revenues and earnings were essentially on target for both of our major business segments, dental and laboratory products.  In fact, all of our subsidiaries continue to perform well in spite of the uneven recovery from the recent U.S. recession."
    Sybron Corp.'s subsidiaries design, manufacture and market laboratory and dental supply products worldwide.  Products include Erie Scientific laboratory microscope slides, Nalge Company reusable and high value disposal plastic labware, Barnstead Thermolyne precision heating and stirring apparatus and water purification systems for laboratories, Ormco orthodontic products and Kerr dental materials.
                               SYBRON CORP.
              (Millions of Dollars Except Earnings per Share)
    Year ended
    Sept. 30                   1992                1991
    Net sales                 $382.6              $350.1
    Gross profit               189.9               168.8
    Selling, general and
     adm. expenses             115.6               109.4
    Operating income            74.3                59.4
    Income before taxes         36.0                16.8
    Income taxes                14.6                 9.4
    Cumulative effect of
     accounting change           --                 (4.8)
    Net income                  21.4                 2.5
    Earnings (loss) per share    .61               (1.61)
    Pro forma earnings per share .98                 .16
    Quarter ended
    Sept. 30                    1992                1991
    Net sales                 $100.1              $ 89.4
    Gross profit                51.3                44.8
    Selling, general and
     adm. expenses              30.8                28.0
    Operating income            20.5                16.8
    Income before taxes         11.5                 6.2
    Income taxes                 4.4                 2.9
    Net income                   7.1                 3.3
    Earnings (loss) per share    .32                 (.08)
    Pro forma earnings per share .32                  .16
    -0-                          11/11/92
    /CONTACT:  Donald G. Rackl of Sybron Corp., 414-274-6600; or S. Joseph Moran of Hoffman York & Compton, 414-289-9700, for Sybron/
    (SYB) CO:  Sybron Corp. ST:  Wisconsin IN: SU:  ERN AH -- NY080 -- 9871 11/11/92 16:32 EST
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Publication:PR Newswire
Date:Nov 11, 1992
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