of $215.6 million, more than double the net income of the year before.

The firm explained that the significant improvement of more than 105 percent over 1993's bottom line results of $105.1 million was as a result of a one time restructuring charge of $185.2 million in 1993.

The firm was buoyed by net sales of nearly $3.5 billion, up 7.6 percent.

Income from operations was $415.2 million, after the 1993 restructuring charges left them with $150.4 million in operating income.

The company held the line on operating costs and expenses at $3.0464 billion, marginally down from $3.0663 billion the year before.

Total assets grew to nearly $4 billion from almost $3.6 billion.

Corange said that improved sales and profitability in a year marked by major changes in the health care industry was no mean achievement. More competition and pressure on prices are expected.

But Corange is confident of its future, noting that with improved operational efficiency, as well as technically advanced and unique products, further progress is expected this year.

They continue to place emphasis on investments in research and development, strategic alliances and capital expenditure in ensuring prosperity for the benefit of customers, employees and shareholders. In research and development, they pumped in more than $459 million or more than 13 percent of 1994's net sales.

The company's largest revenue producer comes from a division of one of its two brands, Boehringer Mannheim. The second brand is DePuy.

Accounting for 56 percent of 1994 net sales, Boehringer Mannheim-Diagnostics racked up sales of $1.959 billion, and is the second largest producer of in-vitro diagnostics products and services in the world.

Boehringer Mannheim-Therapeutics had worldwide sales last year of $918 million. It is a core division emphasising unique, advanced products and therapies in the fields of diabetes, cardiovascular diseases, renal anaemia, bone disorders and cancer.

The division is also aiming to be a leader in the field of gene medicine and DNA manufacturing.

Bloomberg Business News reported from the firm's just released annual report that cost reductions at Boehringer Mannheim overall helped it return to profit in 1994. But the annual report warned that sales growth must improve this year to manage even "satisfactory'' 1995 earnings.

The company (Boehringer Mannheim) reported net profit of 106.9 million deutsche marks ($76 million), after a loss of 13.2 million marks in 1993.

Operating profit was 191.2 million marks, after a loss of 65.6 million marks in 1993.

The profit resulted mostly from cost-cutting -- primarily an 8 percent reduction in the work force -- as sales rose two percent to 2.244 billion marks from 2.199 billion marks.

Lower proceeds from licensing and joint ventures weighed sales down, the company said in its annual report.

"We expect the cost reductions undertaken in 1994 to produce another satisfactory earnings performance in 1995, although earnings might not reach 1994 levels,'' the company said.

"Even that goal depends on greater sales growth than that of last year.'' Boehringer Mannheim makes several patented products and operates about 160 companies in the pharmaceutical, biological and chemical industries. In 1994, it generated 57.1 percent of its sales abroad.

Those sales accounted for much of the company's total sales growth, climbing 2.5 percent. German health-care reform continued to hold back domestic sales growth to one percent.

Corange has operating companies in all major countries and operates the largest bio-technology facility in Europe from Penzberg in southern Germany.

DePuy Orthopaedics, Corange's third division, is a world leader in orthopaedics and ancillary products. In 1994, net sales were at $578 million, up 20 percent from 1993, including some newly acquired businesses.

The firm has a high reputation for quality manufacturing and product innovation and is the world's number one supplier of hip implants, having been in business for more than 100 years.

The company remains privately held, having been started more than 140 years ago by the family of Bermuda resident, Mr. Curt Engelhorn.