ICN Reports Big Quarter in Sales, Earnings

Crediting a recent acquisition and a big increase in international sales, ICN Biomedicals Inc. said Tuesday that its earnings shot up 87% last quarter to $2.8 million, from $1.5 million a year earlier.

The Costa Mesa-based manufacturer of products used for biotechnology research and medical diagnostics said sales for its fiscal 1990 second quarter, ended May 31, rose 149% to $35.3, from $14.2 million a year earlier.

The company credited the strong second-quarter performance to the strength of its core business and operating efficiencies resulting from its acquisition of Flow Laboratories in November, 1989.

Jack Sholl, a company spokesman, said the primary benefit of the Flow Laboratories acquisition was increased access to international markets, particularly in the European Economic Community. ICN Biomedicals’ international sales in the second quarter increased twelve-fold, to $20.8 million from $1.7 million in the year-earlier period.

“The reported results are further tangible evidence of the deeper market penetration the company is making in the worldwide biotechnology research and diagnostic market places,” said Fred Andrea, president and chief operating officer.

For the first half of fiscal 1990, the company earned $4.7 million, up 88% from $2.5 million a year earlier. Sales rose 152% to $68.3 million from $27.1 million.

ICN BIOMEDICALS’ PERFORMANCE

In the second quarter ended May 31, ICN Biomedicals Inc. reported an earnings jump of 78.4%.

Figures are in thousands except per share data. Per share data for 1989 is restated to reflect 20% stock dividend paid in August, 1989.

2nd Qtr 2nd Qtr 6 Months 6 Months 1990 1989 1990 1989 Revenue $35,299 $14,165 $68,268 $27,085 Net income $2,752 $1,543 $4,665 $2,485 Per share $.25 $ .15 $.42 $.23

Source: ICN Biomedicals Inc.