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ARMSTRONG PHARMACEUTICALS, INC. REPORTS 43 PERCENT INCREASE IN FIRST QUARTER PROFITS

 ARMSTRONG PHARMACEUTICALS, INC. REPORTS
 43 PERCENT INCREASE IN FIRST QUARTER PROFITS
 NEW CANAAN, Conn., Jan. 21 /PRNewswire/ -- Armstrong Pharmaceuticals, Inc. (NASDAQ: ATPH) of New Canaan, Conn., has reported its results of operations for its first fiscal quarter ended Dec. 30, 1991.
 For the first quarter of the 1992 fiscal year, Armstrong reported a 13 percent increase in sales and a 43 percent increase in net income compared to the same quarter last year. Sales in the first quarter were $3,340,514 compared to sales of $2,955,170 for the same quarter in the previous fiscal year. Net income for the first quarter this year was $390,641 compared to net income of $273,683 in the first quarter last year. Net income per share for the first quarter was 3 cents compared to 2 cents during the first quarter last year. Research and development expense for the quarter was $168,022 compared to a $37,086 during the first quarter last year. Armstrong had earlier reported an 11 percent increase in sales and a fourfold increase in net income for the fiscal year ended Sept. 28, 1991 when compared to the previous fiscal year.
 "Our financial performance is a refelction of our focus on the metered dose inhaler. Our core business in inhalers for the treatment of asthma is strong and our emerging business in advanced metered dose inhaler formulation development should position us for future growth," said H.R. Shepherd, chairman. Metered dose inhalers (MDIs), the principal means of adminstering drugs to millions of people who suffer from asthma, are also being considered as a potential alternative drug delivery system for the treatment of other diseases.
 "The future of MDIs at Armstrong includes both generic versions of existing drugs and the proteins and peptides that biopharmaceutical companies are currently developing," said Shepherd.
 The company also announced that James Burns, formerly vice chairman of HealthCare Investment Corporation, a venture capital firm, and chairman of Armstrong's scientific advisory board, had agreed to serve on the company's board of directors. His appointment is subject to shareholder approval at this year's annual meeting which will take place in April 1992.
 The company's manufacturing subsidiary, Armstrong Laboratories, Inc., is located in Boston. Its research and development subsidiaries, Delphi Pharmaceuticals, Inc., and Olympus BioPharmaceuticals, Inc. are located in Norwood, Mass.
 ARMSTRONG PHARMACEUTICALS, INC.
 CONDENSED RESULTS OF OPERATIONS
 Three months ended
 12/30/91 12/29/90
 Net sales $3,340,514 $2,955,170
 Income before taxes $445,043 $316,032
 Net income $390,641 $273,683
 Fully diluted net
 income per share 3 cents 2 cents
 -0- 1/21/92
 /CONTACT: H.R. Shepherd, chairman, 203-966-4170; Benjamin Shephard, executive vice president, 617-323-7404; or Augustine Lawlor, chief financial officer, 617-255-0008; of Armstrong Pharmaceuticals, Inc./
 (ATPH) CO: Armstrong Pharmaceuticals ST: Connecticut IN: MTC SU: ERN


PB-SH -- NE015 -- 1994 01/21/92 15:45 EST
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Publication:PR Newswire
Date:Jan 21, 1992
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