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ROBERTS PHARMACEUTICAL CORPORATION REPORTS PROFITABLE FIRST QUARTER RESULTS

 EATONTOWN, N.J., May 13 /PRNewswire/ -- Roberts Pharmaceutical Corporation (NASDAQ: RPCX) reported today a first quarter net profit of 5 cents per share on 14.7 million average shares outstanding compared to a loss of 10 cents per share on 10.8 million average shares outstanding for 1992, an overall improvement of 15 cents per share.
 Roberts reported that total revenues for the three-month period ended March 31, 1993, reached a record level of $16.9 million, an increase of 241 percent, or $12.0 million above the $4.9 million achieved in the comparable 1992 period. For the first three months of 1992, product sales were $11.2 million, an increase of $6.7 million or 148 percent from the $4.5 million recorded in 1992. Prescription product sales accounted for $8.5 million or 76 percent of the total product sales.
 Roberts reported a net profit of $721,000 for the first quarter compared with a loss of $1,095,000 for the comparable 1992 period, a profit improvement of $1.8 million. Net income as a percentage of revenue amounted to 4.3 percent, a significant improvement compared to the loss of 22 percent of revenue for the comparable 1992 period.
 As of March 31, 1993, the company had total assets of $188.3 million with $44.8 million in cash and liquid investments compared with $185.4 million total assets and $43.9 million in cash and liquid assets at year end 1992. The company's operating expenses of $15.6 million for the first quarter of 1993 were $11.2 million above the $4.4 million incurred for the same period in 1992. The increased level of expenditure is the result of increased investment in many areas of the company necessary for the continuing support for the expanding product sales base and enhanced product development activities. The primary operating expense increases were as follows: $1,200,000 in increased marketing and sales programs, $639,000 increase in product development programs, and $663,000 increase in non-cash charges related to amortization of intangibles from recent acquisitions.
 Dr. Robert A. Vukovich, chairman and CEO of Roberts, commented on the financial performance of the company by stating, "We are very pleased with the continuing progress and improvement in Roberts' overall performance. The first quarter sales increase of $5 million represents an increase of 37 percent above the fourth quarter 1992 sales of $12 million and is the fourth consecutive quarterly increase in sales. I am most pleased with the achievement of our net profit results which represents a significant milestone in the history of Roberts. Our first quarter profit represents the first time Roberts has reported a profit since we became a public company in January 1990. The first quarter profit of 5 cents per share is a significant improvement and continues the favorable profit improvement trend of the past three quarters as second, third, and fourth quarter per share losses were 25 cents, 20 cents, and 8 cents, respectively."
 Roberts Pharmaceutical Corporation is an international pharmaceutical company focusing on the acquisition and development of high-potential, undervalued, late-stage development products and the acquisition of currently marketed prescription and nonprescription products. Roberts' products are currently marketed in seven countries with operating subsidiary companies in the United States, Canada, and the United Kingdom. Roberts has six drugs in late stage clinical development and currently markets over 100 different products for urological therapy, pain management, cough/cold, gastrointestinal disease, endocrine disorders and dermatological conditions.
 ROBERTS PHARMACEUTICAL CORPORATION
 Summary Consolidated Financial Information
 First Quarter ended March 31, 1993
 (All amounts in thousands except per share data)
 (Unaudited)
 OPERATING STATEMENT DATA
 Three Months Ended March 31 1993 1992
 Revenues $16,887 $ 4,948
 Operating Expenses:
 Cost of Sales 3,855 1,865
 Clinical Studies 3,334 286
 Reserach and Development 1,898 1,259
 Marketing and Administration 6,516 2,515
 Total 15,603 5,925
 Net Income (Loss) $ 721 $(1,095)
 Income (Loss) Per Common Share $.05 $(.10)
 Weighted Average Common Shares
 Outstanding 14,699 10,843
 BALANCE SHEET DATA
 3/31/93 12/31/92
 Assets:
 Cash and marketable securities $ 44,831 $ 43,901
 Other current assets 16,439 14,439
 Other assets 127,018 127,083
 Total assets $188,289 $185,423
 Liabilities & stockholders' equity:
 Current liabilities $ 37,777 $ 33,980
 Long-term debt 28,221 29,849
 Stockholders' equity 122,290 121,593
 Total liabilities & stockholders'
 equity $188,289 $185,423
 -0- 5/13/93
 /CONTACT: Anthony P. Maris of Roberts, 908-389-1182/
 (RPCX)


CO: Roberts Pharmaceutical Corporation ST: New Jersey IN: MTC SU: ERN

GK -- NY055 -- 8153 05/13/93 13:33 EDT
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Publication:PR Newswire
Date:May 13, 1993
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