A.L. PHARMA REPORTS THIRD QUARTER AND NINE MONTH RESULTS.FORT LEE, N.J.--(BUSINESS WIRE)--November 1, 1994--A.L. Pharma Inc. (NYSE NYSE See: New York Stock Exchange :ALO) today reported that for the third quarter ended September 30, 1994, revenue increased 22% to $101,180,000 compared with $83,016,000 in 1993. Net income was $3,241,000 compared to $711,000 in the third quarter of last year. Fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per share earnings were $.15 versus $.03 in the same period of 1993. For the nine months ended September 30, 1994, revenue increased 18% to $286,550,000 compared with $242,557,000 in 1993. Net income was $8,068,000 compared to $7,167,000 in the first nine months of 1993. Fully diluted per share earnings were $.37 versus $.33 in the same period of 1993. The results being reported for the period ended September 30, 1994 reflect the financial performance of the Company (formerly known as A. L. Laboratories, Inc.) only, and do not reflect earn- ings of the human pharmaceutical, fine chemical, animal health and aquatic animal health businesses of Apothekernes Laboratorium A.S (of Oslo, Norway) which were acquired by the Company on October 3, 1994. Concurrent with the October 3, 1994 closing, the Company changed its name to "A.L. Pharma Inc." and its trading symbol Trading symbol See: Ticker symbol on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. to "ALO". The accounting for the October 3rd transaction will require the Company to restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state all prior periods to reflect the results of the newly-combined Company. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with applicable accounting rules, however, restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. will first be reflected in the comparisons when the results of the combined Company for the quarter and year ending December 31, 1994 are reported. In connection with the transaction with Apothekernes Laboratorium A.S, and as previously disclosed, the Company estimates it will incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. and charge to earnings, as of October 3rd, non-operating transaction related expenses of approximately $3.6 million after tax. In addition, the Company may take a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. in the fourth quarter of 1994 in connection with the combination. A.L. Pharma is a multinational pharmaceutical company developing, manufacturing and marketing specialty generic and proprietary human pharmaceuticals and animal health products with plant sites in Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. , Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , Maryland, New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Washington State, Denmark, Norway and Indonesia.
A.L. PHARMA INC.
Consolidated Statement of Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1994 1993 1994 1993
Total revenue $101,180 $83,016 $286,550 $242,557
Cost of sales 61,890 53,310 176,481 146,401
Gross profit 39,290 29,706 110,069 96,156
Selling, general and
administrative expenses 31,645 26,936 90,663 79,496
Operating income 7,645 2,770 19,406 16,660
Interest expense (2,240) (1,503) (5,906) (4,758)
Other, net (11) 113 (75) 282
Income before provision
for income taxes 5,394 1,380 13,425 12,184
Provision for
income taxes 2,153 669 5,357 5,017
Net income $ 3,241 $ 711 $ 8,068 $ 7,167
Average common shares
outstanding:
Primary 21,576 21,509 21,562 21,501
Fully diluted 21,633 21,571 21,619 21,585
Earnings per common share:
Primary $ .15 $ .03 $ .37 $ .33
Fully diluted $ .15 $ .03 $ .37 $ .33
Dividends per common share $ .045 $ .045 $ .135 $ .135
-0-
A.L. PHARMA INC.
Financial Position
(In thousands)
September 30, December 31,
1994 1993
(unaudited) (audited)
Current assets $198,070 $176,305
Non-current assets 279,305 246,897
Total assets $477,375 $423,202
Current liabilities $128,957 $124,857
Long-term debt 120,460 81,713
Deferred taxes and other
liabilities 32,062 31,801
Stockholders' equity 195,896 184,831
Total liabilities and
stockholders' equity $477,375 $423,202
CONTACT: A.L. Pharma Inc.
Iris Daniels
Investor Relations Manager
201/947-7774
or
Morgen-Walke Associates, Inc.
Investor Relations Contact:
Donna N. Stein/Lisa Carlton
212/850-5600
Press Contact:
Helen Spanakos
212/850-5631
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