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COPLEY PHARMACEUTICAL, INC. REPORTS SECOND QUARTER RESULTS

 CANTON, Mass., Aug. 30 /PRNewswire/ -- Copley Pharmaceutical, Inc. (NASDAQ: CPLY) announced its results of operations for the three and six months ended July 31, 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 Six Months Ended
 July 31, July 31,
 1993 1992 1993 1992
 Net sales $21,433 $10,761 $40,490 $19,852
 Cost of goods sold 9,209 4,539 16,614 8,393
 Gross margin 12,224 6,222 23,876 11,459
 Research and
 development 2,139 1,276 4,575 2,621
 Selling, general and
 administrative 2,940 1,515 5,556 2,851
 Other income (expense) 612 2,860(a) 1,035 3,273(a)
 Income before taxes 7,757 6,291 14,780 9,260
 Income taxes 2,790 2,322 5,350 3,462
 Net income 4,967 3,969(a) 9,430 5,798(a)
 Primary earnings per
 share 26 cents 28 cents(a) 51 cents 43 cents(a)
 Weighted average
 common shares 19,142 14,375 18,546 14,163
 Fully diluted
 earnings per share 26 cents 28 cents(a) 51 cents 43 cents(a)
 Weighted average
 common shares 19,171 14,375 18,592 14,200
 NOTE: (a) Includes non-recurring income from settlement of litigation of $3,000,000, $1,800,000 after tax income, 12 cents and 13 cents net income per common share for the three and six months ended July 31, 1992, respectively.
 Copley management commented that it is very pleased with the second quarter performance and looks forward toward continuing growth and strength in the future.
 COPLEY PHARMACEUTICAL, INC.
 Summary Comparative Balance Sheet Data
 (In thousands)
 July 31, Jan. 31,
 1993 1993
 (unaudited) (audited)
 Cash, cash equivalents and
 marketable securities $48,045 $40,656
 Working capital 58,653 40,336
 Total assets 109,821 85,099
 Long-term debt 6,300 6,300
 Total stockholders' equity 91,856 64,747
 Copley Pharmaceutical, Inc. is a leading manufacturer and marketer of 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- 8/30/93
 /CONTACT: Steven N. Tannenbaum, executive vice president of finance of Copley Pharmaceuticals, 617-821-6111/
 (CPLY)


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

DJ -- NE009 -- 7246 08/30/93 17:19 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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