Gelman's Earnings Rise 12% In Quarter

Gelman's earnings rise 12% in quarter

Gelman Sciences Inc. has announced a net earnings increase of 12 percent in its third quarter ending April 30.

Earnings for the period were $551,000, or 22 cents per share, compared with $491,000, or 20 cents per share, for the same period in fiscal 1983. It marked the eighth consecutive quarter in which the company has increased earnings from the same quarter the prior year.

The company reported third-quarter net sales of $10,862,000, up 8 percent from the $10,027,000 reported last year. Net sales for the first nine months of fiscal 1984 were $31,645,000, up 5 percent from the $30,138,000 reported through nine months in the previous year.

Net earnings for the first nine months of this year were $969,000, or 39 cents per share, compared with $872,000, or 36 cents per share for the comparable period last year.

Net earnings for the nine months included a nonrecurring charge $707,000, or approximately 20 cents per share, for litigation expense incurred in the second quarter. Without this one-time charge, the company would have reported nine-month earnings of $1,469,000, or 59 cents per share, President Charles Gelman noted.

"There were several positive developments in our business areas in the third quarter," the president said. Among them were a marked increase in sales by the Gelman Industrial Division, and by the company's Japanese joint venture operation.

Gelman predicted that sales in future quarters would benefit strongly from the company's "excellent position in a fast-growing market" for filtration products in biotechnology research and production.