ICN Biomedicals of Costa Mesa said its...

ICN Biomedicals of Costa Mesa said its fiscal 1988 third-quarter net income increased 59% to $1.5 million from $936,000 a year ago. Sales for the quarter ended Aug. 31 rose 22% to $13 million from $10.6 million in the same period last year. For the first nine months, net income increased 35%, to $3.5 million from $2.6 million, for the first three quarters last year. Sales for the period increased 23% to $37.6 million from $30.6 million. The company attributed its strong third-quarter performance to demand for its existing research and diagnostic products, as well as to income from its acquisitions. In addition, net income benefited from a reduced tax rate. ICN Biomedicals develops and markets research chemicals and related products for diagnostic testing in clinical laboratories.