ROBERTS PHARMACEUTICALS ANNOUNCES THIRD QUARTER RESULTS
EATONTOWN, N.J., Nov. 15 /PRNewswire/ -- Roberts Pharmaceutical Corporation (NASDAQ: RPCX) today reported that revenues for the quarter ended Sept. 30, 1991 were $3.4 million consisting primarily of product sales of $2.7 million. The third quarter revenues were an increase of $2.8 million from the $600,000 reported for the comparable period in 1990. For the nine month period ended Sept. 30, 1991, revenues of $8.8 million were $7.4 million greater than the $1.4 million recorded during the same period in 1990.
Commenting on the results, Robert A. Vukovich, chairman and president, said, "The increase in product sales of $6.7 million for the first nine months of this year compared to the same period last year is a positive reflection of Roberts' continued growth in all aspects of the company's operational capability and capacity. The programs we have implemented to enhance the growth of our various product lines are demonstrating clear results. As a result, product revenue is contributing to the funding requirements of our Phase III product development programs. In addition, our balance sheet is strong with almost $20 million in cash and marketable securities which is available to meet the future needs of the company."
The company's operating expenses of $4.9 million for the quarter ended Sept. 30, 1991 were $2.8 million above the $2.1 million incurred during the comparable period in 1990.
The increased level of operating expenses for 1991 reflect the company's continued investment in product development programs and substantially increased marketing and promotional expenditures in support of the company's currently marketed products.
The net loss of $1.610 million for the quarter ended Sept. 30, 1991, was substantially equivalent to the $1.573 million loss in the 1990 quarter. The loss per common share was $.16 on 9.9 million average shares outstanding as compared to $.22 per share on 7.2 million average shares outstanding for the comparable period in 1990.
Operating expenditures of $12.9 million were $7.2 million above the $5.7 million recorded in the same period in 1990. For the nine month period ended Sept. 30, 1991, the net loss of $4.2 million was $100,000 less than the $4.3 million loss recorded in the same period of 1990. The loss per common share of $.49 on 8.5 million average shares outstanding was $.14 below the loss of $.63 per share on 7.0 million average shares outstanding for the comparable period in 1990.
In other news, the company reported on the following unrelated events:
-- On Oct. 12-13, 1991, Roberts sponsored a Shy-Drager Support Group Medical Meeting at Vanderbilt Medical Center. The meeting was organized by David Robertson, M.D., director, Clinical Research Center, Vanderbilt, and involved several internationally recognized experts in the field of neurogenic orthostatic hypotension. Roberts is currently developing Amatine, a new drug to treat low blood pressure in these seriously debilitated patients. A New Drug Application has been filed with the Food and Drug Administration for Amatine in the United States. Roberts has received approval for this product in Canada and the Republic of Ireland.
-- The spiromustine (Speratine) program has been discontinued from active development because the product did not meet the company's efficacy and safety expectations. Efforts previously dedicated to this program will be focused on the company's Phase III Anagrelide program.
-- Roberts Pharmaceuticals announced several appointments to its growing managerial staff.
Roberts Pharmaceutical Corporation is engaged in the business of acquiring, developing and marketing human pharmaceuticals in the United States and abroad. The company is developing late stage pharmaceuticals for the treatment of cancer, respiratory disease, endocrine disorders, pain management, cardiovascular and urologic conditions. Roberts currently markets a line of prescription and non-prescription pharmaceuticals in the United States and abroad.
ROBERTS PHARMACEUTICAL CORPORATION
Summary Consolidated Financial Information
(All amounts in thousands except per share data)
Balance Sheet Data
Cash and marketable securities $19,939 $ 9,545
Other current assets 4,395 2,218
Other assets 14,556 4,557
Total assets $38,890 $16,320
Liabilities and stockholders' equity:
Current liabilities $ 7,051 $ 3,133
Long-term debt 5,945 5,842
Stockholders' equity 25,894 7,345
Total liabilities and stockholders' equity $38,890 $16,320
Operating Statement Data
Periods ended Nine Months Three Months
Sept. 30 1991 1990 1991 1990
Revenues $ 8,814 $ 1,414 $ 3,351 $ 590
Net loss $(4,185) $(4,268) $(1,610) $(1,573)
Net loss per common share $(.49) $(.63) $(.16) $(.22)
Weighted average common
shares outstanding 8,479 6,985 9,916 7,194
/CONTACT: Anthony P. Maris of Roberts Pharmaceuticals, 908-389-1182/
(RPCX) CO: Roberts Pharmaceutical Corporation ST: New Jersey IN: MTC SU: ERN GK-OS -- NY030 -- 1487 11/15/91 11:17 EST