PHARMACONTROL ANNOUNCES FIRST-TIME PROFITS
PHARMACONTROL ANNOUNCES FIRST-TIME PROFITS ENGLEWOOD CLIFFS, N.J., Nov. 13 /PRNewswire/ -- PharmaControl Corp.
(OTC: Pink Sheets) announced today that revenues for the three months ended Sept. 30, 1992 (first quarter, fiscal 1993) were $9,621,000 with pretax net income of $500,000 compared to sales of $6,495,000 and a loss of $809,000 for the same quarter in the prior fiscal year. Profits from operations were $1,113,000 compared to a loss of $145,000 representing an improvement of $1,258,000 compared to the prior period. Earnings per share were $.03 for the first quarter of fiscal 1993 compared with a loss of $.28 for the same period in fiscal 1992.
The increase in revenues of $3,126,000 (48 percent) for the first quarter of fiscal 1993, compared to the prior period, resulted from a combination of higher sales to existing customers, sales to new customers, and the introduction of new products to the company's existing product line. A new and growing dimension to the company's existing private label business is the addition of significant contract manufacturing of branded products for a variety of major significant contract manufacturing of branded products for a variety of major pharmaceutical manufactures. Further sales growth was fueled by an expanded business in the bulk manufacturing area to other private label companies and repackers. Dr. Max A. Tesler, president of PharmaControl and its wholly owned subsidiary, Private Formulations, Inc. (PFI) stated that, "We are excited by the profitable growth of PharmaControl and PFI and believe that the company will continue to prosper with the assistance of ICC Industries, the company's majority stockholder." ICC Industries Inc., is a major international manufacturer and marketer of chemical, plastic and pharmaceutical products with sales of almost $600 million in 1991. PharmaControl and PFI are primarily engaged in the manufacture and distribution of more than sixty 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 customer's private labels or in bulk form to repackers and distributors. -0- 11/13/92 /CONTACT: Lyne Ricciardelli, shareholder relations, of PharmaControl, 201-567-9004/ CO: PharmaControl Corp. ST: New Jersey IN: MTC SU: ERN
TS-LR -- NY025 -- 0621 11/13/92 11:00 EST
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|Date:||Nov 13, 1992|
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