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COPLEY PHARMACEUTICAL, INC. REPORTS YEAR-END RESULTS, SETS 3:2 STOCK SPLIT AND ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON STOCK

 CANTON, Mass., March 25 /PRNewswire/ -- Copley Pharmaceutical, Inc. (NASDAQ: CPLY) announced record results for the fourth quarter and fiscal year ended Jan. 31, 1993. Sales in the fourth quarter increased 131 percent from $8.2 million in fiscal year 1992 to $18.8 million in fiscal 1993. Sales for the fiscal year increased 80 percent, from $28.9 million in 1992 to $52 million in 1993. The sales increase for the fourth quarter and the full year was primarily due to the shipment of new products. Net income for the fourth quarter increased from $1.4 million in 1992 to $4 million in 1993. For the full year, net income rose 156 percent, from $4.8 million in fiscal 1992 to $12.3 million in fiscal 1993.
 Fiscal year 1993 includes $3,000,000 ($1,792,000 after taxes; 17 cents per share) of pre-tax litigation settlement income recognized in the second quarter ended July 31, 1992, and $3,000,000 ($1,792,000 after taxes; 17 per share) of research and development expense in connection with a collaborative arrangement with Ocular Research of Boston, Inc. entered into in the fourth quarter ended Jan. 31, 1993.
 The company also announced that the board of directors had declared a three-for-two stock split, effected in the form of a stock dividend of one share of common stock for every two shares of common stock outstanding. This stock dividend will be distributed on June 8, 1993 to holders of record on May 18, 1993.
 The company also announced that the company intends to file a registration statement for a public offering of 1,825,000 shares of common stock, of which 500,000 will be sold by the company and 1,325,000 will be sold by certain stockholders of the company. The offering will be made only be means of a prospectus.
 The net proceeds to the company of the offering will be used for expansion of facilities, research and development, collaborative arrangements, possible acquisitions and for general corporate purposes.
 Copley Pharmaceutical, Inc. develops, manufactures and markets a broad range of off-patent (generic) prescription and over-the-counter pharmaceutical products in a variety of dosage forms.
 COPLEY PHARMACEUTICAL, INC.
 Results of Operations
 (In thousands, except per share data)
 Three Months Ended Twelve Months Ended
 Jan. 31, Jan. 31,
 (unaudited)
 1993 1992 1993 1992
 Net sales $18,830 $8,152 $51,981 $28,873
 Cost of goods sold 5,199 3,850 19,506 13,209
 Gross profit 13,631 4,302 32,475 15,664
 Research and
 development expenses 4,586 837 8,634 4,156
 Selling, general and
 administrative
 expenses 3,277 1,173 7,660 3,850
 Other income (expense),
 net 638 (15) 3,695 (108)
 Income before income
 taxes 6,406 2,277 19,876 7,550
 Provision for income
 taxes 2,444 849 7,542 2,728
 Net income $3,962 $1,428 $12,334 $4,822
 Primary net income per
 common share 32 cents 15 cents $1.24 42 cents
 Primary weighted
 average common shares
 outstanding 12,220 10,091 10,236 11,731
 Fully diluted net
 income per common
 share 32 cents 15 cents $1.18 42 cents
 Fully diluted
 weighted average
 common shares
 outstanding 12,241 10,108 10,716 11,808
 COPLEY PHARMACEUTICALS, INC.
 Summary Comparative Balance Sheet Data
 (In thousands)
 Jan. 31, Jan. 31,
 1993 1992
 Cash, cash equivalents and
 marketable investments $40,656 $6,175
 Working capital 40,336 12,588
 Total assets 85,099 28,230
 Long-term debt 6,300 16,191
 Total stockholders' equity 64,747 6,209
 -0- 3/25/93
 /CONTACT: Steven N. Tannenbaum, executive vice president of finance of Copley Pharmaceutical, Inc. 617-821-6111/
 (CPLY)


CO: Copley Pharmaceutical, Inc. ST: Massachusetts IN: HEA SU: ERN

DJ-CH -- NE010 -- 9809 03/25/93 17:15 EST
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Publication:PR Newswire
Date:Mar 25, 1993
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