Printer Friendly

IVAX ANNOUNCES RECORD REVENUES AND PRE-TAX EARNINGS

 MIAMI, July 23 /PRNewswire/ -- IVAX Corporation (AMEX: IVX) announced today that it had net income of $17.9 million, or $0.26 per share, for the second quarter of 1993, compared to net income of $5.1 million, or $0.08 per share, for the second quarter of 1992; an increase of 248 percent.
 Net income increased 251 percent for the first six months to $34.3 million, or $0.49 per share, as compared to net income of $9.8 million, or $0.14 per share, for the 1992 period.
 The results of operations and a summary balance sheet are detailed below:
 IVAX CORPORATION
 Results of Operations
 (In thousands, except per share data)
 Three Months Ended June 30,
 1993 1992
 Revenues $143,910 $ 96,375
 Net income before income
 taxes $ 28,608 $ 6,142
 Net income $ 17,863 $ 5,126
 Earnings per share $ .26 $ .08
 Average shares outstanding 69,595 68,138
 Six Months Ended June 30,
 1993 1992
 Revenues $271,888 $200,639
 Net income before income
 taxes $ 55,570 $ 11,813
 Net income $ 34,256 $ 9,770
 Earnings per share $ .49 $ .14
 Average shares outstanding 69,354 68,340
 Balance Sheet
 (In thousands)
 Assets
 June 30, Dec. 31,
 1993 1992
 Current assets $ 273,577 $ 253,303
 Property, plant and equipment,
 net 102,671 88,906
 Other assets 204,775 161,788
 Total assets $ 581,023 $ 503,997
 Liabilities and Stockholders' Equity
 June 30, Dec. 31,
 1993 1992
 Current liabilities $ 108,214 $ 106,458
 Long-term debt 129,698 132,947
 Other long-term liabilities 6,073 5,106
 Shareholders' equity 337,038 259,486
 Total liabilities and
 stockholders' equity $ 581,023 $ 503,997
 IVAX Corporation is a holding company with subsidiaries involved in specialty chemicals, pharmaceuticals and medical diagnostics. IVAX' principal subsidiaries include Baker Norton Pharmaceuticals, Inc., a developer and marketer of unique brand name pharmaceuticals; Norton Healthcare Limited, a leading manufacturer and marketer of generic pharmaceuticals in the United Kingdom, Ireland and other countries; Baker Norton Limited, a marketer of brand name pharmaceuticals in the United Kingdom and other countries; H N Norton & Co, a manufacturer of generic pharmaceuticals in the United States; Goldline Laboratories, Inc., a national marketer of generic prescription and over the counter pharmaceuticals in the United States; Baker Cummins Dermatologicals, Inc., a dermatological products company; Flori Roberts, Inc., a skin care and cosmetics company; DVM Pharmaceuticals Inc., a veterinary products company; Baker Cummins, Inc., a marketer of brand name pharmaceuticals in Canada; Diamedix Corporation, a medical diagnostics company; Delta Biologicals S.r.l., a marketer of medical diagnostic tests and instruments in Italy; and IVAX Industries, Inc., a chemical specialties business.
 -0- 7/23/93
 /CONTACT: F. E. Baxter, senior vice president-finance and chief financial officer of IVAX Corporation, 305-590-2318/
 (IVX)


CO: IVAX Corporation ST: Florida IN: MTC SU: ERN

JB-RC -- FL002 -- 4956 07/23/93 07:29 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 23, 1993
Words:475
Previous Article:DOVATRON INTERNATIONAL ANNOUNCES SECOND QUARTER RESULTS
Next Article:E. W. BLANCH HOLDINGS, INC. ANNOUNCES SECOND QUARTER RESULTS
Topics:


Related Articles
IVAX ANNOUNCES RECORD EARNINGS
IVAX ANNOUNCES RECORD EARNINGS
IVAX ANNOUNCES A 233 PERCENT EARNINGS INCREASE
IVAX ANNOUNCES 1994 FIRST QUARTER EARNINGS
IVAX ANNOUNCES 1994 THIRD QUARTER EARNINGS
IVAX ANNOUNCES 1995 FIRST QUARTER EARNINGS
IVAX ANNOUNCES 1995 SECOND QUARTER EARNINGS
IVAX ANNOUNCES RECORD ANNUAL EARNINGS
IVAX CORPORATION PROVIDES OUTLOOK FOR SECOND QUARTER EARNINGS
IVAX Announces Fourth Quarter and Annual Results

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