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LEE PHARMACEUTICALS ANNOUNCES YEAR-END RESULTS

 LOS ANGELES, Dec. 29 /PRNewswire/ -- Lee Pharmaceuticals (AMEX: LPH) reported a net loss of $182,000 or 4 cents per share for fiscal year ended Sept. 30, 1992 as compared to a net loss of $3,911,000 or 95 cents per share for fiscal 1991. While gross revenues were lower by 14 percent, during fiscal 1992 vs. fiscal 1991, net revenues for fiscal 1992 of $13,718,000 were up 3 percent when compared to fiscal 1991. In addition, when comparing net revenues for the fourth quarter of fiscal 1992 of $3,346,000 to the comparable quarter of fiscal 1991 of $2,655,000, the increase in revenues was approximately $691,000 or 26 percent. The increase in net revenue, for both the fourth quarter and for the year, was the result of a significant reduction in sales returns, which was because of the finalization of the company's strategic shift in its product mix towards selling a greater variety of lower priced nail products.
 The company reported a net loss of $239,000 or 5 cents per share during the quarter ended Sept. 30, 1992. This compares to a net loss of $1,273,000 or 31 cents per share for the quarter ended Sept. 30, 1991. The 1992 fourth-quarter loss was due in part to the added advertising costs to promote the three-item line of Anti-Fungal Nail Treatment Products, which were launched during the second quarter, and whose sales have continued to improve.
 A comparison of the operating results is as follows:
 LEE PHARMACEUTICALS
 Three Months Ended Fiscal Year Ended
 Sept. 30, Sept. 30,
 (000s omitted) (000s omitted)
 1992 1991 1992 1991
 Gross revenues $3,975 $4,430 $17,263 $20,146
 Net revenues $3,346 $2,655 $13,718 $13,380
 Net loss $239 $1,273 $182 $3,911
 Total assets $9,735 $9,774 $9,735 $9,774
 Total stockholders'
 equity $2,138 $2,320 $2,138 $2,320
 Per share:
 Net loss per share $.05 $.31 $.04 $.95
 Lee Pharmaceuticals is engaged in the research, development, purchase, manufacture and marketing of a range of consumer products, including nail care products, depilatories, eye care products, a feminine hygiene line, over-the-counter drug items and dental products.
 -0- 12/29/92
 /CONTACT: Michael L. Agresti, VP-Finance of Lee Pharmaceuticals, 818-442-3141, ext. 375/
 (LPH)


CO: Lee Pharmaceuticals ST: California IN: HOU SU: ERN

MS-BP -- LA016 -- 0394 12/29/92 16:00 EST
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Publication:PR Newswire
Date:Dec 29, 1992
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