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Eckert & Ziegler: Double-Digit Growth in First Quarter

Berlin, 28 May 2002. Eckert & Ziegler AG of Berlin, a specialist for medical and industrial isotope applications, grew in the double digits in the first fiscal quarter. Sales increased 13% to EUR 8.1 million (prior year: EUR 7.2 million), while earnings before taxes and share of loss from its involvement in the Immunology division (NEMOD AG) climbed 33% to EUR 1.1 million (prior year: EUR 0.8 million). The Cardiology division posted the biggest percentage increase in revenues surging 118% to EUR 0.9 million (prior year: EUR 0.4 million). Above-average growth was also recorded by Nuclear Imaging with 15% to EUR 2.9 million (prior year: EUR 2.5 million) and Oncology with 21% to EUR 1.6 million (prior year: EUR 1.3 million). Industrial Sources improved by 2% to EUR 2.6 million (prior year: EUR 2.5 million).

The Neuer Markt offers very few precedents for reporting the atypical silent participation in NEMOD according to US-GAAP. For this reason, and in the interest of prudence, KPMG as auditor chose a very conservative accounting of the NEMOD holdings. In it, the expenses (TEUR 731) for the first quarter reported in the Eckert & Ziegler AG income statement clearly exceeded what was actually paid to (TEUR 600) or consumed by (TEUR 540) NEMOD. These reported expenses result in earnings per share of 3 euro cents (or earnings of 19 euro cents per share before deducting expenses for NEMOD). According to the auditor, these accounting methods may change in the course of the year since new US-GAAP rules on this issue are currently being prepared.

The Board of Directors