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PHARMACEUTICAL FORMULATIONS, INC. ANNOUNCES YEAR-END PROFITS

 EDISON, N.J., Sept. 29 /PRNewswire/ -- Pharmaceutical Formulations, Inc. (PFI) (formerly PharmaControl Corp.)(OTC Pink Sheets: PHFR) announced today that revenues for the fiscal year ended June 30, 1993, were $45.5 million with income of $1.7 million compared to sales of $30.4 million and a loss of $2.3 million for the prior fiscal year. Profits from operations were $4.4 million compared to $.8 million representing a $3.6 million (450 percent) improvement over the prior year.
 Earnings per share were $.09 for the 1993 fiscal year compared with a loss of $.45 for the prior year.
 The increase in revenues of $15.1 million (50 percent) over the previous fiscal year resulted from the continuous addition of new private-label customers and the expansion of sales of existing and newly developed products to various drug and food chains and mass merchandisers who are already the company's customers. A growing segment of the company's business, which is expected to contribute even more significantly in the future to PFI's profits, is the contract manufacturing of name-brand products on behalf of the pharmaceutical companies with a major presence in the over-the-counter marketplace.
 Dr. Max A. Tesler, president of Pharmaceutical Formulations, Inc. and its wholly owned subsidiary, Private Formulations, Inc. (collectively PFI), stated that "PFI is strategically situated to take advantage of the dramatic changes taking place in the healthcare industry since it provides the most economical products for the consumer in the rapidly expanding, over-the-counter marketplace where private label is gaining increasing consumer acceptance."
 PFI is primarily engaged in the manufacture and distribution of more than 80 different types of generic over-the-counter solid dosage pharmaceutical products in tablet, caplet and capsule form (including analgesics, antacids, cough-cold preparations, antihistamines and laxatives), which are sold under its customers' store-brand labels or in bulk form to repackers and distributors.
 ICC Industries Inc., holder of approximately 16 million shares (66 percent) of Pharmaceutical Formulations, is a major international manufacturer and marketer of chemical, plastic, and pharmaceutical products with 1992 sales of $615 million.
 -0- 9/29/93
 /CONTACT: Lyne Ricciardelli, shareholder relations of Pharmaceutical Formulations, 201-567-9004/
 (PHFR)


CO: Pharmaceutical Formulations, Inc. ST: New Jersey IN: MTC SU: ERN

WB-PS -- NY032 -- 6786 09/29/93 11:39 EDT
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Publication:PR Newswire
Date:Sep 29, 1993
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