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PHARMACEUTICAL RESOURCES REPORTS EARNINGS FOR YEAR ON 53 PERCENT SALES INCREASE

 SPRING VALLEY, N.Y., Nov. 19 ~PRNewswire~ -- Pharmaceutical Resources, Inc. (NYSE-PSE: PRX) today reported earnings on increased sales for its fiscal year ended Oct. 3, 1992.
 Sales for the fiscal year were $52,493,000, an increase of 53 percent over the sales of $34,226,000 in fiscal 1991, reflecting the company's successful rebuilding of its oral solid product business. Net income for the year amounted to $7,945,000, or $.54 per share, as compared with a loss of $42,085,000, or $3.61 per share, for fiscal 1991. The net income for the current year includes an extraordinary tax benefit of $2,150,000 ($0.15 per share) and income from discontinued operations of $1,696,000 ($.11 per share). Of the prior year's net loss, $24,158,000, or $2.07 per share, was attributable to discontinued operations, and the loss from continuing operations included charges of $12,465,000 related to the settlement of certain legal proceedings.
 Fourth quarter sales were $14,776,000, a 48 percent increase over the sales of $9,981,000 for the fourth quarter of the prior fiscal year, and net income was $4,528,000, or $.30 per share, as compared with a net loss of $28,979,000, or $2.48 per share, for the fourth quarter of fiscal 1991. The current fourth quarter includes income from discontinued operations of $1,696,000 ($.11 per share) and an extraordinary tax benefit of $950,000 ($.06 per share), while the 1991 fourth quarter's loss included losses from discontinued operations of $14,144,000 ($1.21 per share), and charges to continuing operations of $12,465,000 related to the settlement of certain legal proceedings.
 In releasing the year-end results, Pharmaceutical Resources Chairman and CEO, Kenneth I. Sawyer, said "While we are pleased with this past year's sales and earnings, it should be noted that these results do not include any sales or profits arising from the recently announced exclusive distribution arrangement with Genpharm, Inc., which will be reflected through significant sales increases in the current quarter ending Jan. 2, 1993." Mr. Sawyer noted, however, that gross margins on sales of products manufactured by Genpharm should not be as great as the overall gross margin on products manufactured by Pharmaceutical Resources.
 Pharmaceutical Resources also announced the election to its board of directors of Robin O. Motz, M.D. Dr. Motz is a practicing physician and an assistant professor of Clinical Medicine at Columbia University.
 Pharmaceutical Resources, Inc., through its subsidiaries, is a manufacturer and marketer of prescription and over-the-counter generic drugs.
 PHARMACEUTICAL RESOURCES, INC.
 Fourth quarter ended 10~3~92 9~28~91
 Net sales from continuing operations $14,776,000 $ 9,881,000
 Income (loss) from continuing operations 1,882,000 (14,835,000)
 Income (loss) from discontinued operations 1,696,000 (14,144,000)
 Income (loss) before extraordinary credit 3,578,000 (28,979,000)
 Extraordinary credit(A) 950,000 --
 Net income (loss) 4,528,000 (28,979,000)
 Income (loss) per share:
 Continuing operations .13 (1.27)
 Discontinued operations .11 --
 Extraordinary credit .06 (1.21)
 Net income (loss) .30 (2.48)
 Average shares and equivalents 14,968,000 11,669,000
 Fiscal year ended
 Net sales from continuing operations $52,493,000 $34,226,000
 Income (loss) from continuing operations 4,099,000 (17,927,000)
 Income (loss) from discontinued operations 1,696,000 (24,158,000)
 Income (loss) before extraordinary credit 5,795,000 (42,085,000)
 Extraordinary credit(A) 2,150,000 --
 Net income (loss) 7,945,000 (42,085,000)
 Income (loss) per share:
 Continuing operations .28 (1.54)
 Discontinued operations .11 (2.07)
 Extraordinary credit .15 --
 Net income (loss) .54 (3.61)
 Average shares and equivalents 14,826,000 11,644,000
 (A) Tax benefit of utilization of net operating loss carryforward.
 -0- 11~19~92
 ~CONTACT: Richard J. Nadler or Richard J. Strobel of Pharmaceutical Resources, Inc., 914-425-7100~
 (PRX)


CO: Pharmaceutical Resources, Inc. ST: New York IN: MTC SU: ERN

LR-OS -- NY095 -- 3049 11~19~92 15:38 EST
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Publication:PR Newswire
Date:Nov 19, 1992
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