VIRATEK REPORTS SECOND QUARTER SALES AND EARNINGS
VIRATEK REPORTS SECOND QUARTER SALES AND EARNINGS COSTA MESA, Calif., Aug. 7 /PRNewswire/ -- Viratek Inc.
(NASDAQ: VIRA) said today an increase in research and development expenses reduced net income in the second quarter.
Net income of $152,000, or 1 cent a share, on revenues of $265,000 in the second quarter, compared to net income of $269,000, or 2 cents a share, on revenues of $260,000 in the second quarter of 1991. Net income of $1.5 million, or 11 cents a share, on revenues of $2.3 million for the first six months of 1992 compared with net income of $628,000, or 4 cents a share, on revenues of $1.5 million for the first half of 1991. The company said research and development expenses increased as a result of its decision to accelerate R&D programs this year, following a reduction in recent years. As part of its renewed research activities in 1992, Viratek is developing new biomedical and diagnostic products. Viratek will receive royalties on any future sales of products developed under this program. Viratek currently receives royalties from SPI Pharmaceuticals Inc. for worldwide sales of the antiviral Virazole, for which Viratek holds the patent. Virazole is authorized in more than 40 nations for a total of eight indications, including hepatitis, herpes, childhood diseases such as chicken pox and measles, and influenza. In the United States, it is authorized in aerosol form for the treatment of infants hospitalized with severe lower respiratory tract infection cause by respiratory syncytial virus. Viratek Inc. specializes in the development and licensing of new pharmaceutical compounds from nucleic acid research. Viratek is a subsidiary of ICN Pharmaceuticals Inc., as is ICN Biomedicals and SPI Pharmaceuticals. VIRATEK INC.
Summary Financial Information for the Three and Six Months Ended
June 30, 1992 and 1991 (000s omitted except per share amounts) (Unaudited) Three months ended Six months ended June 30, June 30, 1992 1991 1992 1991 Total revenues $265 $260 $2,258 $1,504 Net income $152 $269 $1,540 $628 Per share information: Net income $0.01 $0.02 $0.11 $0.04 Shares used in per share computation 14,507 14,358 14,541 14,318 -0- 8/7/92 /CONTACT: Jack Sholl of Viratek, 714-545-0100, ext. 3013/ (VIRA) CO: Viratek Inc. ST: California IN: MTC SU: ERN
JB-EH -- LA006 -- 8050 08/07/92 13:32 EDT
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|Date:||Aug 7, 1992|
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