Printer Friendly

BARR LABORATORIES RELEASES FIRST QUARTER FINANCIAL RESULTS

 POMONA, N.Y., Nov. 11 /PRNewswire/ -- Barr Laboratories, Inc. (AMEX: BRL) has released financial results for the first quarter ended Sept. 30, 1993.
 Net sales for the quarter ended Sept. 30, 1993 were $13,197,000 as compared to $17,091,000 for the comparable quarter last year, a 22.8 percent decrease.
 Net earnings for the quarter ended Sept. 30, 1993 were $388,000 or $.04 per share as compared to $81,000 or $.01 per share for the comparable quarter last year. Net earnings for the quarter ended Sept. 30, 1993 included an accounting adjustment of $374,000 or $.04 per share that resulted from the adoption of SFAS No. 109 "Accounting for Income Taxes." Net earnings before this accounting adjustment for the quarter ended Sept. 30, 1993 were $14,000.
 Sales for this quarter do not reflect the Nov. 1, 1993 introduction of Tamoxifen Citrate. Tamoxifen Citrate complements the Company's growing line of oncology products which includes Methotrexate and Leucovorin Calcium. In the remaining three quarters of the fiscal year, Management expects the combination of Tamoxifen Citrate and the re- introduction of previously suspended products, will result in increased sales for the Company.
 Barr Laboratories is a prime manufacturer and distributor of a broad range of multi-source pharmaceutical products with manufacturing facilities located in both Northvale, N.J. and Pomona, N.Y.
 BARR LABORATORIES, INC. AND SUBSIDIARIES
 Consolidated Statement of Earnings
 (Unaudited, in thousands of dollars except per share amounts)
 Three Months Ended
 Sept. 30, 1993 1993
 Net Sales $13,197 $17,091
 Costs and Expenses:
 Cost of Sales 6,556 8,888
 Distribution 452 618
 Marketing and Sales 1,298 1,378
 Research and Development 1,452 1,423
 General and Administrative 2,952 3,983
 Interest Expense, net 464 653
 Other Expense, net 1 13
 Earnings before income taxes 22 135
 Income tax expense 8 54
 Earnings before cumulative effect
 to accounting change 14 81
 Cumulative effect of accounting
 change (a) 374 -
 Net earnings $388 $ 81
 Per common share:
 Earnings before cumulative effect
 of accounting change $0.00 $0.01
 Cumulative effect of accounting
 change $0.04 -
 Net earnings $0.04 $0.01
 Weighted average number of
 common shares 8,646,967 8,618,671
 (a) From the adoption of SFAS 109.
 -0- 11/11/93
 /CONTACT: Harold Cohen, director - Public Relations of Barr Laboratories, 914-353-8444/
 (BRL)


CO: Barr Laboratories ST: New York, New Jersey IN: MTC SU: ERN

WB-TA -- NY030 -- 3193 11/11/93 11:36 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 11, 1993
Words:413
Previous Article:GOTHAM FIRM TO REVOLUTIONIZE MUSIC COPYRIGHT PROTECTION
Next Article:FORSYTH CO. (N.C.) $38 MILLION GO BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters