ICN Biomedicals Inc. announced late Thursday that it wouldtake a special, non-cash charge and other adjustments for thefourth quarter totaling about $73 million.
The charge includes the write-off of $35.5 million of goodwillassociated with the company's acquisition of Flow Laboratories,the company said. ICN (ASE:BIM), which is 86 percent ownedby ICN Pharmaceuticals Inc. (NYSE:ICN), acquired Flow in 1989for about $41 million.
ICN Biomedical said the charge also includes the write-down orwrite-off of obsolete and slow-moving inventory.
The company said the charge would have an impact on thefinancial results of ICN Pharmaceuticals.
In March 1992, ICN Biomedical said it was restructuring torefocus business strategies and improve competitiveness. Thecompany had $59 million in sales for the first nine months of1992, according to company spokesman Paul Knopick, and $97million in sales in 1991.
Knopick told BioWorld that the company is optimistic that thiswrite-off will be a positive now that these charges are off thebooks. He added that the company's core products are strong.
ICN Biomedical's stock closed Thursday at $3.63 a share, up 13cents.
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