ICN Biomedicals Reports 43% Rise in 1990 Profits
ICN Biomedicals Inc. on Thursday reported net income of $8.8 million for its 1990 fiscal year, up 43% from $6.1 million a year earlier.
The manufacturer of medical research and diagnostic products said sales for the year ended Nov. 30 more than doubled to $131.3 million, up from $61.4 million the previous year.
However, the company said its fourth-quarter net income fell to $1.3 million, down from $1.8 million during the year-ago period. Sales increased to $31.9 million from $20.8 million.
The company, a subsidiary of ICN Pharmaceuticals in Costa Mesa, attributed its lower fourth-quarter earnings to increased expenses for worldwide marketing and sales efforts, including the publishing of expanded sales catalogues.
It attributed its improved sales and profits for the fiscal year to the successful integration of its Flow Laboratories unit, which ICN bought for $39.7 million in November, 1989.
ICN Biomedicals said that it has expanded its business in Western Europe, which now accounts for 52% of its total sales.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.