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UNITED STATES SURGICAL CORPORATION ANNOUNCES 98 PERCENT INCREASE IN NET INCOME ON SALES INCREASE OF 64 PERCENT FOR YEAR ENDED DEC. 31, 1991

UNITED STATES SURGICAL CORPORATION ANNOUNCES 98 PERCENT INCREASE IN NET

INCOME ON SALES INCREASE OF 64 PERCENT FOR YEAR ENDED DEC. 31, 1991
 NORWALK, Conn., Jan. 16 /PRNewswire/ -- United States Surgical Corporation (NYSE: USS) today reported record sales of $844 million and record earnings of $1.58 per share in 1991. Sales increased 64 percent over 1990 sales of $514 million. Net income and net income per share rose 98 percent and 78 percent, respectively, over the 1990 period. Net income was $91.2 million compared with $46.0 million or $.89 per share in 1990.
 Sales for the fourth quarter rose 57 percent to $243 million, compared to $154 million in the comparable 1990 quarter. Net income and net income per share in the fourth quarter rose 96 percent and 78 percent, respectively, over the 1990 fourth quarter. Net income was $28.6 million or $.48 per share, compared with $14.6 million or $.27 per share in the comparable 1990 quarter.
 Leon C. Hirsch, Chairman, stated, "The explosive growth of USSC's new laparoscopic line, coupled with continuing strength in its core surgical stapling products, propelled sales and earnings to new highs for both the fourth quarter and year ended 1991.
 "Earlier in 1991, USSC introduced a new laparoscopic stapler to expand the benefits of minimally invasive surgery to hysterectomy, appendectomy and lung and bowel procedures. Hysterectomy is one of the most commonly performed procedures in the United States. Women who have a hysterectomy typically spend three to six days in the hospital and an additional three to six weeks at home recuperating. The laparoscopic approach greatly reduces blood loss and tissue trauma and allows patients to return home one to two days following surgery and resume full activity within a week or two.
 "The company's laparoscopic line was expanded further in November with the introduction of a fully automatic instrument for minimally invasive hernia repair. These products, together with several additional instruments planned for 1992, will bring the benefits of minimally invasive procedures to patients worldwide and solidify the company's leadership position in this rapidly growing area," said Hirsch.
 United States Surgical Corporation is the world's largest manufacturer and marketer of surgical staplers and the leader in the growing field of minimally invasive surgery.
 UNITED STATES SURGICAL CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Income
 (In thousands, except per share data)
 Periods ended: Year Three months
 Dec. 31: 1991 1990 1991 1990
 (Unaudited)
 Net sales $843,551 $514,137 $242,736 $154,139
 Costs and expenses:
 Cost of products sold 346,005 198,414 99,391 56,566
 Research and development 30,630 20,911 9,320 8,631
 Selling, administrative
 and general 324,644 218,766 89,620 65,450
 Interest 12,008 9,794 3,513 2,457
 Total costs and
 expenses 713,287 447,885 201,844 133,104
 Income from operations
 before income taxes 130,264 66,252 40,892 21,035
 Income taxes 39,079 20,207 12,267 6,416
 Net income $ 91,185 $ 46,045 $ 28,625 $ 14,619
 Average number of common
 shares and common share
 equivalents outstanding 57,836 51,902 59,753 54,235
 Net income per common
 share and common
 share equivalent $1.58 $.89 $.48 $.27
 Dividends paid per
 common share $.2875 $.2375 $.075 $.0625
 NOTE: All previously reported per share amounts and average number of common shares have been restated to reflect the two for one stock split declared on May 15, 1991.
 Consolidated Balance Sheets
 (In thousands)
 Dec. 31: 1991 1990
 ASSETS
 Cash $ 2,653 $ 2,963
 Receivables (net) 184,057 119,326
 Inventories 166,007 80,924
 Other current assets 33,689 15,299
 Total Current Assets 386,406 218,512
 Property, plant, and equipment (net) 305,720 197,428
 Other assets 49,502 44,942
 Total Assets $741,628 $460,882
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $122,440 $ 90,236
 Long-term debt 251,641 131,000
 Deferred income taxes 37,639 14,660
 Stockholders' equity:
 Common stock 6,079 2,845
 Additional paid-in capital 192,760 154,055
 Retained earnings 208,207 131,700
 Installment receivables from
 sale of common stock (8,051) (8,918)
 Treasury stock (71,087) (57,454)
 Other 2,000 2,758
 Stockholders' equity 329,908 224,986
 Total Liabilities and
 Stockholders' Equity $741,628 $460,882
 -0- 1/16/92
 /CONTACT: Marianne Scipione of United States Surgical, 203-845-1404/
 (USS) CO: United States Surgical Corporation ST: Connecticut IN: HEA SU: ERN


TS -- NY012 -- 0361 01/16/92 09:15 EST
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Date:Jan 16, 1992
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