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BARR LABORATORIES RELEASES THIRD QUARTER FINANCIAL RESULTS

 BARR LABORATORIES RELEASES THIRD QUARTER FINANCIAL RESULTS
 POMONA, N.Y., June 9 /PRNewswire/ -- Barr Laboratories, Inc. (AMEX: BRL), today released financial results for the third quarter ended March 31, 1992.
 Net sales for the third fiscal quarter of 1992 decreased to $21.8 million as compared to $25.0 million, a 12.7 percent decrease below the comparable quarter last year. Net (loss) for the third quarter was ($2,360,000) or ($0.28) per share as compared to net income of $1,323,000 or $.16 per share for the comparable quarter last year.
 Net sales for the nine months ended March 31, 1992 were $81.4 million as compared to $69.6 million, a 17.0 percent increase over the comparable period last year. Net (loss) for the period was ($585,000) or ($0.07) per share as compared to net income of $3,581,000 or $.45 per share for the comparable quarter last year.
 As reported in Barr's press release of April 29, 1992, the quarter's loss is attributable primarily to Barr's voluntary suspension of certain products. This suspension necessitated a review by Barr's management of current inventory. This review has resulted in an extraordinarily large inventory provision of $3.2 million in the quarter.
 The company believes these products are safe and effective for their intended use and are in strict conformance with all applicable U.S.P. standards. Nevertheless, because of the uncertainty associated with the FDA issues, Barr's management elected to take this provision. If it were not for this provision, the company would have incurred a net (loss) for the quarter of approximately $340,000.
 Additionally, Barr's loss for the March quarter has resulted in a technical default of certain covenants of its senior and convertible notes. The company is seeking a waiver of these technical defaults and is hopeful that an agreement can be reached with its noteholders.
 Barr is a prime manufacturer of a broad range of multi-source pharmaceutical products with manufacturing facilities located in Northvale, N.J. and Pomona, N.Y.
 BARR LABORATORIES, INC., AND SUBSIDIARIES
 Consolidated Statement of Operations (Unaudited)
 (Thousands of dollars except per share amounts)
 Periods ended Three Months Nine Months
 March 31 1992 1991 1992 1991
 Net sales $21,803 $24,981 $81,405 $69,559
 Costs and expenses:
 Cost of sales 17,613 15,758 55,126 44,877
 Distribution 911 880 2,821 2,334
 Marketing and sales 1,582 1,663 5,377 4,412
 Research and development 2,033 1,890 5,981 4,491
 General and administrative 2,950 2,268 8,299 6,367
 Interest expense, net 746 423 1,993 1,396
 Other (income)/ expense, net (285) (1) 2,737 (2)
 Earnings /(loss) before
 income taxes (3,747) 2,100 (929) 5,684
 Income tax provision/
 (benefit) (1,387) 777 (344) 2,103
 Net earnings/(loss) $(2,360) $ 1,323 $ (585) $ 3,581
 Net earnings/(loss) per
 common share and common
 share equivalents $(0.28) $0.16 $(0.07) $0.45
 Weighted average number
 of common shares 8,351,970 8,237,174 8,326,818 7,990,646
 -0- 6/9/92
 /CONTACT: Harold Cohen of Barr Laboratories, 914-362-2823/
 (BRL) CO: Barr Laboratories, Inc. ST: New York, New Jersey IN: SU: ERN


GK-OS -- NY011 -- 8247 06/09/92 09:18 EDT
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Date:Jun 9, 1992
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