BAXTER REPORTS STRONG FIRST QUARTERBaxter International of Deerfield, Ill., Chairman and ChiefExecutive Officer Vernon R. Loucks Jr. said: "The strong increasein operating income is a result of excellent sales growth, both inthe U.S. and overseas, as well as continued operatingefficiencies. Research and development spending increased 15percent in the quarter. We will continue to make theappropriate investments in research and development and newbusiness opportunities in such areas as cardiovascular devices,blood products, renal therapy, hospital distribution, diagnosticsand alternate-site businesses."

First quarter ended March 31

(Figures in thousands except per-share data.)

1991 1990 Percent change

Revenues $2,122,000 1,903,000 +12Operating expenses 1,899,000 2,310,000 +18Operating income (loss) 223,000 (407,000) +155Net income (loss) 110,000 (383,000) +129Net income per share (loss) .37 (1.59) +123Outstanding shares 283,000 250,000 +13

DEKALB SAYS SEASONAL FLUCTUATION HURT REVENUES

DeKalb Genetics Corp. (NASDAQ:SEEDB) of DeKalb, Ill., saidexcellent results from swine operations and improvedinternational seed earnings were offset by lower revenues andearnings from U.S. seed, which the company said is subject toseasonal fluctuations.

Second quarter ended Feb. 28

(Figures in thousands except per-share data.)

1991 1990 Percent change

Revenues $129,400 136,200 -5Net income (loss) 14,500 16,500 -12Net income per share (loss) 1.44 1.64 -12

TOCOR DEEPENS LOSS

Tocor Inc. (NASDAQ:TOCRZ) of Malvern, Pa., which together withCentocor Inc. completed a public offering in August 1989, islimited to conducting research and development under itsagreements with Centocor and does not expect to generate anyrevenues other than interest income. The company anticipatesthat it will incur net losses for the foreseeable future.

Fourth quarter ended Dec. 31

(Figures in thousands except per-share data.)

1990 1989 Percent change

Interest income 331 544 -39R&D costs 7,735 2,439 217Net income (loss) (7,577) (2,141) -254Net income per share (loss) (2.64) (0.74) -257Outstanding shares 2,875 2,875 0

Year ended Dec. 31

(Figures in thousands except per-share data.)

1990 1989 Percent change

Interest income 1,539 982 57R&D costs 18,739 7,105 164Net income (loss) (17,904) (6,516) -175Net income per share (loss) (6.23) (2.32) -169Outstanding shares 2,875 2,808 2

Note: 1989 results from inception March 2, 1989.

CAMBRIDGE BIOTECH CUTS LOSS

Cambridge Biotech Corp. (NASDAQ:CBCX) of Worcester, Mass.,President and Chief Executive Officer Patrick J. Leonard saidthe yearly results "reflect a reduction in sales from the prioryear, primarily due to a transition period as Biotech Research'sblood screening business was transferred from Du Pont toOrtho Diagnostics in the beginning of 1990, and by somereduction in sales of veterinary products acquired fromAngenics Inc. in 1989, which we are phasing out because theydo not fit the company's primary focus."

Fourth quarter ended Dec. 31

(Figures in thousands except per-share data.)

1990 1989 Percent change

Revenues $5,768 5,118 +13Net income (loss) (1) (1,728) (4,024) +57Net income per share (loss)(1) (0.10) (0.24) +58Outstanding shares 16,966 16,565 +2

(1) Reflects a quarterly merger-related expense of $513,158, or3 cents per share.

Year ended Dec. 31

(Figures in thousands except per-share data.)

1990 1989 Percent change

Revenues $21,854 23,243 -6Net income (loss) (2) (10,396) (6,993) -49Net income per share (loss)(2) (0.61) (0.42) -45Outstanding shares 16,966 16,565 +2

(2) Reflects a yearly merger-related expense of $2.5 million, or14 cents per share.

(c) 1997 American Health Consultants. All rights reserved.

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