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COPLEY PHARMACEUTICAL, INC. REPORTS FIRST QUARTER RESULTS

 CANTON, Mass., June 1 /PRNewswire/ -- Copley Pharmaceutical, Inc. (NASDAQ: CPLY) announced its results of operations for the first quarter ended April 30, 1993. Results of operations and summary balance sheet data are detailed below:
 Copley Pharmaceutical, Inc.
 Results of Operations
 Unaudited
 (In thousands, except per share data)
 Three Months Ended,
 April 30,
 1993 1992
 Net sales $19,057 $9,091
 Cost of goods sold 7,405 3,854
 Gross margin 11,652 5,237
 Research & development 2,436 1,345
 Selling, general and
 administrative 2,616 1,336
 Other income, net 423 413
 Income before taxes 7,023 2,969
 Income taxes 2,560 1,140
 Net income $4,463 $1,829
 Earnings per share 36 cents 21 cents
 Weighted average common
 shares(a) 12,248 9,370
 Copley management commented that it is very pleased with the first quarter performance and looks forward towards continuing growth and strength in the future.
 Copley Pharmaceutical, Inc.
 Summary Comparative Balance Sheet Data
 Unaudited
 (In thousands)
 April 30, Jan. 31,
 1993(a) 1993
 Cash, cash equivalents,
 and marketable securities $37,470 $40,656
 Working capital 39,618 40,336
 Total assets 90,242 85,099
 Long-term debt 6,300 6,300
 Total stockholders' equity 70,001 64,747
 ----
 NOTE a: The amounts reported as of April 30, 1993 do not include the effect of the company's recent public offering, completed on May 3, 1993.
 Copley Pharmaceutical, Inc. is a leading manufacturer and marketer if a broad range of off-patent prescription and over-the-counter pharmaceuticals in a variety of dosages. The company markets its products to distributors, retail chains, wholesalers, hospitals, government agencies, and managed care entities.
 -0- 6/1/93
 /CONTACT: Steven N. Tannenbaum, executive vice president-finance of Copley Pharmaceutical, Inc., 800-325-6111 or 617-821-6111/
 (CPLY)


CO: Copley Pharmaceutical, Inc. ST: Massachusetts IN: MTC SU: ERN

DD -- NE015 -- 4154 06/01/93 17:20 EDT
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Publication:PR Newswire
Date:Jun 1, 1993
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