ICN Biomedicals Inc. earned $1.5 million in its second quarter ended May 31, up 18% from the $1.3 million earned in the year-earlier period.
Revenue for the Costa Mesa firm, which makes clinical diagnostic equipment, increased 7% to $14.2 million from $13.2 million.
For the six months of its fiscal 1989, the company's net income increased to $2.5 million, from $2 million in the same period a year ago. Revenue for the six months was $27.1 million, up 10% compared to $24.5 million.
ICN Biomedicals, a subsidiary of drug maker ICN Pharmaceuticals Inc., attributed the quarterly increases to strong sales and cost reductions.
The company also declared a 20% stock dividend, which will give shareholders an extra share of stock for every five shares they own on July 10. The dividend will be paid on July 31. ICN Biomedicals stock closed Thursday at $10.50 per share, up 50 cents on the American Stock Exchange.