Printer Friendly

PCI SERVICES, INC. REPORTS RECORD RESULTS FOR THE FISCAL YEAR

 PHILADELPHIA, Nov. 15 /PRNewswire/ -- PCI Services, Inc. (NASDAQ: PCIS) today announced record results for the fiscal year ended Sept. 30, 1993.
 Revenues for the year rose 48 percent to $111,272,000 from $75,430,000 in the prior year. Earnings increased 16 percent to $6,155,000, or $.92 per share, based on 6,726,000 weighted average shares outstanding compared to $5,316,000, or $1.05 per share, based on 5,079,000 shares reported for fiscal 1992.
 For the three months ended Sept. 30, 1993, revenues were $30,888,000, or 45 percent above the comparable year-ago period. Earnings rose 17 percent to $1,884,000, or $.28 per share and is after non-recurring charges of $308,000, or $.05 per share, based on 6,841,000 shares. For the three months ended Sept. 30, 1992, earnings were $1,612,000, or $.26 per share, based on 6,181,000 shares.
 In reviewing the record results of 1993, Richard S. Sauter, chief executive of PCI Services, Inc., observed that although the company encountered a number of product delays in the first six months of fiscal 1993, disappointing results in Germany and non-recurring charges of $308,000 in the fourth quarter, PCI posted record earnings in 1993 with a 16 percent increase over 1992.
 According to Sauter, "The prospects for the company's continuing growth in 1994 are extraordinary. We are expanding single-source partnerships with our pharmaceutical customers and a new and exciting program developed by the company for packaging clinical trials which has received industry accolades is in the early stage of commercialization. The quality of our performance will be more apparent when we report expected record earnings for the first quarter of fiscal 1994."
 PCI SERVICES, INC.
 Operating Results
 (In thousands, except per share data)
 Periods ended Three months 12 months
 Sept. 30 1993 1992 1993 1992
 Revenues $30,888 $21,364 $111,272 $75,430
 Gross profit 7,497 5,151 24,340 17,333
 Income before income tax
 expense 2,665(A) 2,422 8,996(A) 8,430
 Net income 1,884(A) 1,612 6,155(A) 5,316
 Earnings per share $.28(A) $.26 $.92(A) $1.05
 Weighted average shares
 outstanding 6,841 6,181 6,726 5,079
 (A) Includes non-recurring charges of $515,000 ($308,000 or $.05 per share, net of taxes).
 /delval/
 -0- 11/15/93
 /CONTACT: Michael F. Sandler, vice president and chief financial officer of PCI Services, 609-665-9399/
 (PCIS)


CO: PCI Services, Inc. ST: Pennsylvania IN: SU: ERN

JM-LJ -- PH048 -- 4747 11/15/93 18:09 EST
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:Nov 15, 1993
Words:433
Previous Article:MAYNARD OIL COMPANY REPORTS FINANCIAL RESULTS
Next Article:TRITON GROUP ANNOUNCES SECOND QUARTER RESULTS
Topics:

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