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FOREST LABORATORIES REPORTS RECORD FISCAL FOURTH QUARTER RESULTS

 NEW YORK, May 4 /PRNewswire/ -- Forest Laboratories, Inc. (AMEX: FRX), an international pharmaceutical manufacturer and marketer, today reported record revenues and earnings for its fourth fiscal quarter and for the year ended March 31, 1993.
 Net income in the current quarter increased 29 percent to $17,802,000 from the $13,841,000 reported in the prior year's fourth quarter. Net income per share equaled $.39 in the quarter as compared to $.31 in last year's fourth fiscal quarter.
 For the quarter, net revenues increased 18 percent to $76,972,000 from $65,120,000, reported in the prior year's quarter.
 For the fiscal year ended March 31, 1993, net income increased 30 percent to $64,307,000 from $49,569,000 in the prior year. Primary net income per share equaled $1.42 and fully diluted net income per share equalled $1.41 versus $1.13 primary and fully diluted net income per share in the prior year.
 Net revenues for the 1993 fiscal year increased 19 percent to $296,434,000 from $248,437,000,
 Howard Solomon, president of Forest, said, "The increase in sales and earnings is a result of the continued strong growth of our branded promoted products, new product line extensions and our specialty controlled release generic products. New prescription growth for Aerobid(R), our largest product, has continued its excellent growth aided by Aerobid(R)-M, the product line extension introduced last fall. Our Lorcet(R) line, following the launch of Lorcet(R) 10/650, also grew strongly. The growth of these products, together with the continued excellent performance of Tessalon(R) and Esgic(R) line give us confidence in our future growth."
 FOREST LABORATORIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statement of Income
 (In thousands, except per share amounts)
 Periods ended Three months 12 months
 March 31 1993 1992 1993 1992
 Net revenues $76,972 $65,120 $296,434 $248,437
 Income before income taxes 27,858 21,296 100,686 77,505
 Income taxes 10,056 7,455 36,379 27,936
 Net income $17,802 $13,841 $64,307 $49,569
 Net income per common
 and common equivalent share:
 Primary $.39 $.31 $1.42 $1.13
 Fully diluted $.39 $.31 $1.41 $1.13
 Weighted average number of
 shares outstanding:
 Primary 45,613 44,496 45,432 43,992
 Fully diluted 45,614 44,496 45,764 44,044
 -0- 5/4/93
 /CONTACT: Kenneth E. Goodman, vice president - finance of Forest Laboratories, 212-421-7850/
 (FRX)


CO: Forest Laboratories, Inc. ST: New York IN: HEA SU: ERN

SH-SM -- NY025 -- 4210 05/04/93 09:58 EDT
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Publication:PR Newswire
Date:May 4, 1993
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