PCI SERVICES REPORTS FIRST QUARTER 1992 RESULTS
PCI SERVICES REPORTS FIRST QUARTER 1992 RESULTS PENNSAUKEN, N.J., Feb. 4 /PRNewswire/ -- PCI Services, Inc.
(NASDAQ: PCIS), a leading contract packager for the pharmaceutical industry, today reported revenues and earnings for the first quarter of fiscal 1992.
For the quarter Dec. 31, 1991, revenues were $15,237,000 as compared to $13,741,000 on a pro-forma basis in the corresponding year-earlier period, an increase of 11 percent. Net income increased 57 percent to $685,000 or 24 cents per share vs. $436,000 or 15 cents per share on a pro-forma basis. The prior year pro-forma results reflect the elimination as of October 1991 of management fees charged by PCI's parent, MEDIQ Incorporated, and the elimination of PCI Virginia operations which were transferred to MEDIQ effective Oct. 1, 1991. Actual results for the first quarter in the prior year before the pro-forma adjustments were revenues of $14,306,000 and a net loss of $480,000 or 17 cents per share. PCI Services, Inc., formerly a wholly owned subsidiary of MEDIQ Incorporated, completed its initial public offering of common stock on Jan. 28, 1992, having sold 2,875,000 shares at $10 per share. All per- share amounts are based on the 2,875,000 shares outstanding prior to the public offering. The company currently is 50 percent owned by MEDIQ Incorporated, which has a portfolio of businesses providing healthcare products and services. PCI SERVICES, INC. Operating Results (Unaudited) Three months ended Dec. 31 1991 1990 (Actual) (Pro-forma) Revenues $15,237,000 $13,741,000 Net income 685,000 436,000 Earnings per share $.24 $.15 Average shares outstanding 2,875,000 2,875,000 /delval/ -0- 2/4/92 /CONTACT: Michael F. Sandler, senior vp-finance of MEDIQ, 609-665-9300, ext. 6005/ (MED) CO: PCI Services, Inc. ST: New Jersey IN: HEA SU: ERN
KA-MP -- PH032 -- 6776 02/04/92 14:04 EST
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|Date:||Feb 4, 1992|
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