Printer Friendly

IGI, INC. THIRD QUARTER REVENUES UP NINE PERCENT OVER 1991

 IGI, INC. THIRD QUARTER REVENUES UP NINE PERCENT OVER 1991
 BUENA, N.J., Nov. 13 /PRNewswire/ -- IGI, Inc. (AMEX: IG) reported


third quarter 1992 revenue of $6,215,657, up nine percent from $5,772,175 to 1991. Revenue for the nine months ended Sept. 30, 1992 was $18,185,440 , up nine percent from $16,636,833 a year earlier.
 Net income for the third quarter was $50,344 or one cent per share versus $88,659 or one cent a share for the same period a year ago. Net income for the nine months just ended was $137,296, compared with $211,211 for the first nine months of 1991. These results reflect continuing development efforts related to the company's Novasome(R) lipid vesicle and Ultrasponge(TM) technologies. Net expenditures related to these development efforts have increased by $381,000 (96 percent) and $917,000 (79 percent) for the three and nine month periods ended Sept. 30, 1992, respectively when compared to the same periods a year ago.
 A company spokesperson said, "The nine percent revenue increase in 1992 is primarily the result of increased international sales. These increases reflect the success of our expanded international marketing efforts supported by an aggressive program to increase the number of foreign product registrations.
 "Increased sales of vaccines continue to produce tight production schedules. Our construction program to double the production capacity of our vaccine facility is nearing completion and is planned to be operational this year. Profitable core business operations continue to support the commercial development programs of our three majority-owned human pharmaceutical subsidiaries, Micro Vesicular Systems, Inc., Blood Cells, Inc. and Lipovax, Inc., using Novasome(R) lipid vesicle and Ultrasponge(TM) hydrogel technologies.
 Micro Vesicular Systems, Inc. has commenced commercial production and packaging of a 100 percent Novasome(R) lipid vesicle finished product for a major cosmetic company and component products for two additional cosmetic and personal care products companies.
 Lipovax's preclinical animal studies of human Novasome(R)-based vaccines including hepatitis B, influenza A and others continue to show promising results.
 IGI is a diversified biotechnology company with a strong core business in pet pharmaceuticals and poultry vaccines. IGI manufactures and markets a broad range of animal health products used in pet care and production of poultry. The company sells these products in the United States and 55 other countries principally under two trade names: Vineland Laboratories and EVSCO Pharmaceuticals.
 Novasome and Ultrasponge are trademarks of a subsidiary of IGI, Inc.
 IGI, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited)
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Net sales $6,215,657 $5,722,175 $18,195,440 $16,636,833
 Cost of sales 2,874,711 2,819,392 8,550,315 7,984,617
 Gross profit 3,340,946 2,902,783 9,645,125 8,652,216
 Selling, general
 and administrative
 expenses 2,602,832 2,350,895 7,665,600 6,934,462
 Research and
 development
 expenses, net 595,228 268,401 1,532,155 932,339
 Operating profit 142,886 283,487 447,370 785,415
 Interest expense,
 net 102,542 141,323 310,074 445,211
 Other (income)
 expense, net -- (1,495) -- (1,007)
 Income before
 provision for
 income taxes 40,344 143,659 137,296 341,211
 (Benefit) provision
 for income taxes (10,000) 55,000 -- 130,000
 Net income 50,344 88,659 137,296 211,211
 Net income per
 common and common
 equivalent share: .01 .01 .02 .03
 Average number
 of common and
 equivalent
 shares 8,891,233 8,437,088 8,964,589 8,325,967
 -0- 11/13/92
 /CONTACT: Michael Dodge of IGI, Inc., 609-697-1441 or Thomas Redington, 203-222-7399 or 212-926-1733, for IGI, Inc./
 (IG) CO: IGI, Inc. ST: New Jersey IN: MTC SU: ERN


LD-SM -- NY076 -- 0924 11/13/92 17:27 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 13, 1992
Words:643
Previous Article:TUESDAY MORNING CORPORATION REPORTS THIRD QUARTER RESULTS
Next Article:ULTRA PAC, INC. EXPRESSES CAUTION REGARDING ANALYSTS' EARNINGS ESTIMATES
Topics:


Related Articles
LIPOSOME COMPANY REPORTS THIRD QUARTER RESULTS; THIRD QUARTER REVENUES UP 151.6 PERCENT
IGI THIRD QUARTER REVENUE SIGNIFICANTLY HIGHER; ADVANCES CITED IN LIPOSOME DEVELOPMENTS ON SEVERAL FRONTS
FOREST LABORATORIES REPORTS RECORD FISCAL THIRD QUARTER RESULTS
T CELL SCIENCES REPORTS THIRD QUARTER RESULTS
IGI FIRST QUARTER REVENUE UP 7 PERCENT: ADVANCES CITED IN COSMETIC, VACCINE, PHARMACEUTICAL DEVELOPMENTS
SECOND QUARTER REVENUES UP 12 PERCENT OVER 1991
THE LIPOSOME COMPANY, INC. REPORTS THIRD QUARTER RESULTS; THIRD QUARTER REVENUES UP 11 PERCENT
IGI, INC. REPORTS 11 PERCENT GAIN IN 1992 REVENUES
IGI, INC. REPORTS 14 PERCENT GAIN IN 1993 THIRD QUARTER NET SALES, 16 PERCENT FOR THE FIRST NINE MONTHS
IGI, INC. REPORTS RECORD THIRD QUARTER REVENUES

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters