Printer Friendly

CEPHALON ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS

 CEPHALON ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS
 WEST CHESTER, Pa., July 30 /PRNewswire/ -- Cephalon Inc. (NASDAQ: CEPH) today reported net income of $600,000 ($.06 per share) for the quarter ended June 30, 1992, compared to net income of $3.4 million ($.38 per share) recorded for the same period last year. For the six months ended June 30, 1992, the company reported a loss of $2.4 million ($.27 per share), compared to a net loss of $1.6 million ($.19 per share) for the same period in 1991. The company's 1992 results reflect $4,000,000 of revenue resulting from a payment received in the second quarter from Schering-Plough Corporation required to continue its licensing agreement with Cephalon to develop novel therapeutics to treat Alzheimer's disease. A similar payment of $5,000,000 was received from Schering-Plough Corporation in the same quarter in 1991. Both payments were made in accordance with a schedule of payments pursuant to the companies' May 1990 licensing agreement.
 In the June 30, 1992 quarter, the company incurred operating expenses of $4.2 million compared to $2.3 million during the same period last year. The increase resulted primarily from the costs associated with the progression of the company's lead compound Myotrophin (TM) into clinical trials. On June 30, 1992 the company filed an IND with the FDA for Myotrophin to treat amyotrophic lateral sclerosis (ALS).
 During the quarter, ended June 30, 1992, the company changed from a June 30 fiscal year end to a calendar year end. Copies of the company's annual report on Form 10-K, for the fiscal year ended Dec. 31, 1991, filed in connection with this change can be obtained by contacting investor relations at Cephalon.
 Cephalon, Inc. focuses on the development of products to treat neurodegenerative diseases. These diseases are characterized by the death of neurons, the specialized conducting cells of the nervous system. The company has concentrated its research programs on the prevention on neuronal death in several disorders, including ALS, Alzheimer's disease, head and spinal cord injuries, stroke, peripheral neuropathy and retinopathy.
 CEPHALON INC.
 Consolidated Statements of Operations
 (Amounts in thousands, except per share, unaudited)
 Periods ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Revenues 4,000 5,040 $4,000 5,040
 Expenses:
 Research & development 3,455 1,788 6,707 3,277
 General & administration 745 504 1,368 913
 Total 4,200 2,292 8,075 4,190
 Inc. (loss) from opers. (200) 2,748 (4,075) 850
 Interest income (net) 810 609 1,687 704
 Net inc. (loss) $610 $3,357 ($2,388) $1,554
 Net income (loss)
 per share $0.06 $0.38 ($0.27) $0.19
 Shares used in computing
 net income (loss)
 per share 9,814 8,748 8,879 8,006
 Selected Balance Sheet Data
 (Amounts in thousands)
 June 30, Dec. 31,
 1992 1991
 (unaudited)
 Cash, cash equivalents
 and investments $55,263 $58,833
 Total assets 59,439 69,691
 Accumulated deficit (11,611) (9,223)
 Stockholders' equity $58,746 60,857
 -0- 7/30/92
 /CONTACT: Nicole Vitullo of Cephalon, 215-344-0200, or Lilian S. Stern of Burns McClellan, 212-545-1919, for Cephalon
 (CEPH) CO: Cephalon Inc. ST: Pennsylvania IN: MTC SU: ERN


TM-AH -- NY006 -- 4930 07/30/92 08:52 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1992
Words:544
Previous Article:SPORTS MEDIA MAKES $2,000,000 MEDIA PURCHASE
Next Article:NIPSCO INDUSTRIES REPORTS EARNINGS
Topics:


Related Articles
CEPHALON NAMES VICE PRESIDENT OF DRUG DEVELOPMENT
CEPHALON ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS
CORRECTION TO CEPHALON ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS
CEPHALON, INC. ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS
CEPHALON REPORTS THIRD QUARTER RESULTS
CEPHALON ANNOUNCES 1993 FINANCIAL RESULTS
CEPHALON REPORTS SECOND QUARTER RESULTS
Cephalon Reports Second Quarter Financial Results.
Cephalon Reports Second Quarter Financial Results.
Cephalon Expects Second Quarter 2006 Results to Exceed Prior Guidance.

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