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SPI PHARMACEUTICALS REPORTS RECORD NET INCOME AND SALES FOR THE YEAR ENDED 1991

 SPI PHARMACEUTICALS REPORTS RECORD NET INCOME AND SALES
 FOR THE YEAR ENDED 1991
 COSTA MESA, Calif., March 16 /PRNewswire/ -- SPI Pharmaceuticals, Inc. (AMEX: SPI) today reported net income for the calendar year ended Dec. 31, 1991 rose 102 percent to a record $30 million, or $1.73 a share, from net income of $15 million, or 95 cents a share, in 1990. Record sales of $364 million increased 158 percent from $141 million in fiscal 1990.
 As previously announced, SPI switched to a calendar year, ended Dec. 31, in 1991. The company's 1990 results were based on a fiscal year ended Nov. 30. Results for the fourth quarter are not yet available due to the change in fiscal years.
 SPI said that sales and income benefited from the integration of its new Eastern European venture that began operations in May of 1991. SPI also said its top ten products, which account for 34 percent of sales, increased 158 percent in 1991 over 1990. The company registered strong sales gains in antibiotics in Yugoslavia and in its U.S. prescription dermatological business, which increased 22 percent during the year.
 The company said in its continuing efforts to concentrate on high- margin products with the greatest market potential, it eliminated certain nutritional product lines, which resulted in a one-time charge of $11 million in the fourth quarter.
 SPI Pharmaceuticals manufactures, markets and distributes 600 prescription and nonprescription pharmaceuticals in over 60 countries, including the U.S., Canada, Mexico, Eastern and Western Europe and the Far East.
 SPI PHARMACEUTICALS, INC.
 (In Thousands)
 Year ended Dec. 31, 1991 Nov. 30, 1990
 Sales $364,358 $140,716
 Net income 30,126 14,920
 Earnings per share 1.73 0.95
 Average shares 17,427 15,624
 Fourth quarter results are not yet available due to the change from fiscal to calendar year in 1991.
 -0- 03/16/92
 /CONTACT: Paul Knopick of SPI Pharmaceuticals, 714-545-0100, Ext. 2465/
 (SPI) CO: SPI Pharmaceuticals, Inc. ST: California IN: SU:


TS-JP -- NY011 -- 8159 03/16/92 09:15 EST
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Publication:PR Newswire
Date:Mar 16, 1992
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