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ICN PHARMACEUTICALS REPORTS PROFIT IN THE FIRST QUARTER; DECONSOLIDATES SPI

 COSTA MESA, Calif., May 21 /PRNewswire/ -- ICN Pharmaceuticals Inc. (NYSE: ICN) today reported its financial results for the first quarter of 1993. ICN holds 43 percent of the outstanding shares of SPI. The investment in SPI is currently accounted for using the equity method of accounting. 1992 results have not been restated.
 Under the equity method, SPI is carried on ICN's consolidated financial statements as a long-term investment. Thus, sales, other operating and non-operating items and balance sheet items, are not, as of the first quarter of 1993, incorporated into ICN's statement of operations or balance sheet. Instead, ICN's proportionate share of SPI's net income is included as a separate item in ICN's statement of operations. The equity method does not impact net income or earnings per share, rather it impacts the presentation of the reported amounts.
 ICN's financial statements for the first quarter of 1993 continue to consolidate Viratek Inc. and ICN Biomedicals Inc. in addition to non-operating income and expenses at ICN.
 Reflecting the change to the equity method for SPI, ICN Pharmaceuticals had first quarter 1993 net income of $1 million, or 6 cents a share, on sales of $17 million. This compares to net income of $6.6 million, or 46 cents a share, on sales of $142 million in the first quarter of 1992.
 ICN's 1993 first quarter income reflects lower translation gains on the company's foreign public debt than in 1992. In addition, gains from the sale of subsidiary company stock was lower in the first quarter of 1993, compared to the first quarter of 1992.
 ICN's total liabilities declined by $19 million in the first quarter of 1993, declining to $224 million from $243 million at year- end. The company had cash and cash equivalents totaling $39.6 million at the end of the first quarter.
 SPI previously reported first quarter 1993 sales of $120 million and net income of $5.7 million. Solid gains by SPI's U.S. and Latin American subsidiaries, as well as other international businesses, helped to offset declining results of the company's Yugoslav joint venture, which has been impacted by expanded United Nations sanctions, devaluations of the dinar and hyperinflation.
 ICN Biomedicals Inc., one of the world's leading suppliers of biotechnology research products and medical diagnostics, previously reported earnings in the first quarter of 1993 of $1 million, on worldwide sales of $16 million. ICN Biomedicals is 88 percent-owned by ICN Pharmaceuticals.
 Viratek Inc., ICN Pharmaceuticals' 70 percent-owned research and development company, specializing in the development and licensing of new pharmaceutical compounds from nucleic acid research, as well as development of new biomedical products, previously reported net income in the first quarter of 1993 of $287,000, on revenues of $1.4 million.
 ICN PHARMACEUTICALS INC.
 Consolidated Condensed Statements of Operations
 For the three months ended March 31, 1993 and 1992
 (Unaudited - 000s omitted except for per share amounts)
 Three months ended
 March 31,
 1993 1992
 Net sales $16,632 $142,328
 Cost of sales 7,376 68,208
 Gross profit 9,256 74,120
 Selling, general and
 administrative expenses 8,648 57,359
 Research and development costs 1,036 2,161
 Interest expense, net 4,997 7,291
 Translation and exchange (gains) (636) (7,576)
 Equity in earnings of SPI (3,183) ---
 Gain on sales of subsidiaries
 common stock owned by ICN (3,732) (24,280)
 Other expense, net 816 19,571
 Income before income taxes
 and minority interests 1,310 19,594
 Income taxes 35 6,234
 Minority interests 212 6,770
 Net income $1,063 $6,590
 Per share information:
 Net income per share $.06 $.46
 Shares used in per share
 computation 18,772 13,878
 -0- 5/21/93
 /CONTACT: Jack Sholl of ICN Pharmaceuticals, 714-545-0100, ext. 3013/
 (ICN)


CO: ICN Pharmaceuticals Inc. ST: California IN: MTC SU: ERN

JL-LS -- LA032 -- 1395 05/21/93 19:15 EDT
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Date:May 21, 1993
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