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LANNETT COMPANY, INC. ANNOUNCES RESUMPTION OF PRODUCTION AND FISCAL 1992 RESULTS

 LANNETT COMPANY, INC. ANNOUNCES RESUMPTION OF PRODUCTION
 AND FISCAL 1992 RESULTS
 PHILADELPHIA, Oct. 14 /PRNewswire/ -- Lannett Company, Inc., a manufacturer and distributor of generic pharmaceutical products, announced today that it has resumed production and distribution at its facility located at 9000 State St., Philadelphia. During August 1991, the company had suspended the manufacture and distribution of all its products in order to renovate its facility, install new equipment, address various environmental concerns, and assure itself that those products the company will continue to manufacture conform to all governmental and industry specifications. That process has been completed and the company has begun producing and shipping product.
 The company also announced sales and earnings for the year ended June 30, 1992 ("Fiscal 1992"). As a result of management's decision to cease production for most of Fiscal 1992, it is not particularly meaningful to compare results of operations between Fiscal 1992 and the year ended June 30, 1991 ("Fiscal 1991"). Net sales for Fiscal 1992 decreased 83.3 percent to $214,000 from $1,282,000 in Fiscal 1991. Substantially all of the company's income during Fiscal 1992 was derived from the company's repackaging of products for others. Operating expenses during Fiscal 1992 exceeded those for Fiscal 1991 due principally to the expense and legal fees involved in removing the Astrochem hazardous waste and the increased compensation for new management. At the same time, utility and certain employee expenses continued even while production was shut down. Consequently, the company recorded a loss of approximately $2,418,000 for Fiscal 1992 as compared to a loss of $160,000 during Fiscal 1991.
 LANNETT COMPANY, INC.
 Year Ended June 30,
 1992 1991
 Net sales $214,244 $1,282,161
 Cost of sales 883,658 1,194,487
 Gross profit (loss) (669,414) 87,675
 Operating expenses 1,454,775 313,095
 Net operating income (loss) (2,124,189) (225,420)
 Other income (expense) (294,545) 65,258
 Net income (loss) ($2,418,734) ($160,162)
 Income (loss) per share(a) ($1.95) ($.13)
 Shares outstanding(a) 1,241,532 1,241,532
 (a) -- Restated to reflect 4-for-1 stock split on April 20, 1992.
 Barry Weisberg, president of the company, said: "We are excited that we have resumed production, although it is on a limited basis. We anticipate further product introductions in the near future as we complete validation studies and gain supplemental approvals from the Food and Drug Administration. We are optimistic that our efforts to rebuild and restructure the company will show positive results in the short term."
 -0- 10/14/92
 /CONTACT: Barry Weisberg, president, Lannett Company, Inc., 215-333-9000/ CO: Lannett Company, Inc. ST: Pennsylvania IN: MTC SU: ERN


KE-SB -- DE026 -- 9916 10/14/92 13:29 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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