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ALLERGAN REPORTS FIRST QUARTER OPERATING RESULTS.

(EDITORS: We have been advised by the company that editors should disregard the previous correction. The following (original) version is correct.)
 ALLERGAN REPORTS FIRST QUARTER OPERATING RESULTS
 IRVINE, Calif., April 21 /PRNewswire/ -- Allergan, Inc. (NYSE: AGN) announced sales of $210.1 million for the first quarter of 1992 ending March 31. This represents an increase of 7.1 percent over the first quarter of 1991. Excluding the impact of unfavorable foreign currency exchange, sales for the first quarter increased 9.7 percent over the first quarter of 1991. Net earnings for the quarter amounted to $20.1 million, a 28 percent increase over the same period in 1991. Earnings per share for the quarter were $0.30, which represents an increase of 30 percent over the first quarter of 1991.
 William C. Shepherd, President and Chief Executive Officer, said, "The significant changes Allergan underwent in 1991 have allowed our team to concentrate their activities on our customers and controlling costs. Our focus is on maintaining our leadership position in eye care, expanding our skin care business, pursuing opportunities in adjacent markets, and investing in our novel technologies--Oculinum(R)/Botox(TM) and receptor-selective retinoids."
 Worldwide Business Unit Performance
 Worldwide sales for the specialty pharmaceutical business (eye and skin care) were $91.9 million for the first three months of 1992--a 14 percent increase over the same period last year. Ophthalmic pharmaceutical sales reached $86.0 million during the quarter, an $11 million or 14.7 percent increase over the first quarter of 1991. Included in these sales are over $4 million in sales of Oculinum(R)/Botox(TM) (botulinum toxin type A). Sales for Allergan Herbert (skin care) products were $5.9 million in the first quarter, up 5.4 percent over the first quarter of 1991.
 Worldwide sales for the ophthalmic surgical business were $26.1 million for the first quarter, a $2.5 million or 10.6 percent increase over 1991.
 Worldwide sales for the Optical, Consumer/OTC Group (contact lenses and lens care lines) were $92.1 million in the first quarter, essentially flat over the same period last year.
 Recent Developments
 To date this year, Allergan has signed a collaborative research agreement with IOMED, Inc., a world leader in iontophoretic drug delivery technology; entered into an agreement with Gensia Pharmaceuticals, Inc. to evaluate its proprietary adenosine regulating agents (ARA) and related technology for ophthalmic disease; acquired substantially all the assets of Entravision, Inc., a manufacturer of ophthalmic surgery products; received marketing approval in the U.S. for UltraCare(TM) disinfectant/neutralizer, a one-step hydrogen peroxide disinfection system; and in April, dedicated a new state-of- the-art automated manufacturing facility for intraocular lenses in Puerto Rico.
 Robert C. Bishop, Ph.D., President of Allergan's Therapeutics Group, has tendered his resignation effective April 30, 1992, to become the President and CEO of AutoImmune, Inc. Dr. Bishop joined Allergan in connection with the acquisition of American Medical Optics (AMO) in May 1986, and has provided valuable leadership in his role as a Corporate Officer and key executive providing direction to the Therapeutics business groups.
 Additional Financial Details
 Shepherd, commenting on the first quarter results, stated that, "Compared with the first quarter of 1991, our sales increased 7 percent, our gross profit margin continued past trends, and our operating expense ratio to sales improved by almost a full point. Our operating income increased 12 percent from the first quarter of 1991, even though we increased R&D investments by over 14 percent.
 "These important ratios reflect the positive results of our efforts to reduce costs through plant consolidation and G&A (general and administrative) cost reduction programs, allowing us to redeploy the spending into R&D and other opportunities. These cost containment measures and increased investment in new technology are generating the expected favorable impact.
 "Our cash flow continues strong and we will continue to invest in major projects, such as the new R&D facility on the Irvine campus. Total funded debt declined to a level of $140 million, and debt, net of our cash balances, was a modest $11 million compared to $90 million a year ago."
 Allergan, Inc., headquartered in Irvine, California, is a global provider of specialty therapeutic products; is expanding beyond skin care and its leadership position in eye care into adjacent markets; and is pursuing opportunities driven by core technologies.
 The following tables represent unaudited condensed consolidated statements of income, condensed consolidated balance sheets, and a statement of sales by business segment.
 ALLERGAN, INC.
 Condensed Consolidated Statements of Income
 (Unaudited)
 in millions, Three Months
 except Ended March 31,
 per share
 pct Inc
 1992 1991 (Dec)
 Net Sales $210.1 $196.2 7 pct
 Costs and
 expenses
 Cost of sales 66.6 63.2
 Selling,
 general
 and
 administra-
 tive 94.6 89.8
 Research &
 development 20.0 17.5
 Operating
 Income 28.9 25.7 12 pct
 Interest and
 other, net (1.7) (2.5)
 Total costs
 and expenses 182.9 173.0
 Earnings from
 continuing
 operations
 before income
 taxes and
 minority
 interest 27.2 23.2
 Provision for
 income taxes 6.5 5.5
 Minority
 interest 0.6 0.9
 Earnings from
 continuing
 operations 20.1 16.8 20 pct
 Earnings from
 discontinued
 operations, net
 of income taxes - (1.1)
 Net Earnings $ 20.1 $ 15.7 28 pct
 Net earnings
 per common
 share:
 Continuing
 operations $ 0.30 $ 0.25
 Discontinued
 operations - (0.02)
 Total $ 0.30 $ 0.23
 Weighted
 average
 number of
 common shares
 outstanding 67.8 67.3
 ALLERGAN, INC.
 Condensed Consolidated Balance Sheets
 (Unaudited)
 in millions March 31, December 31,
 1992 1991
 Assets
 Cash and equivalents $128.7 $127.4
 Trade receivables, net 148.5 164.6
 Inventories 104.3 93.1
 Other current assets 32.0 37.3
 Total current assets 413.5 422.4
 Property, plant and equipment,
 net 239.1 237.2
 Other noncurrent assets 173.0 174.0
 Total assets $825.6 $833.6
 Liabilities and stockholders'
 equity
 Notes payable $ 37.9 $ 47.9
 Accounts payable 46.2 48.0
 Accrued expenses and
 income taxes 155.1 173.2
 Total current liabilities 239.2 269.1
 Long-term debt 102.0 97.2
 Other liabilities 12.3 11.4
 Minority interest 11.5 11.0
 Stockholders' equity 460.6 444.9
 Total liabilities and
 stockholders' equity $825.6 $833.6
 ALLERGAN, INC.
 Net Sales by Division
 (Unaudited)
 Three Months
 in millions Ended March 31,
 1992 1991
 Specialty Pharmaceuticals
 Eye Care $ 86.0 $ 75.0
 Skin Care 5.9 5.6
 Total 91.9 80.6
 Surgical 26.1 23.6
 Optical 92.1 92.0
 TOTAL NET SALES $210.1 $196.2
 Domestic 48 pct 49 pct
 International 52 pct 51 pct
 -0- 4/21/92
 /CONTACT: Shel Holtz (media), 714-752-4387, or 818-366-5296 (home); or Jeff D'Eliscu (investors), 714-752-4636, or 714-675-9475 (home), both of Allergan/
 (AGN) CO: Allergan Inc. ST: California IN: MTC SU:


CH -- LA032 -- 0884 04/21/92 16:45 EDT
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