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DURAMED REPORTS THIRD QUARTER RESULTS FOR 1993

 CINCINNATI, Oct. 19 /PRNewswire/ -- E. Thomas Arington, chairman and president of Duramed Pharmaceuticals, Inc. (OTC Bulletin Board: DRMD) announced today the company's operating results for the third quarter ended Sept. 30, 1993. Net sales were $7,630,000 resulting in net income of $247,000. For the nine months ended Sept. 30, 1993 net sales were $21,275,000 resulting in net income of $562,000. Also, during the quarter, the State of Ohio granted an extension until Nov. 1, 1996 of the $1.5 million balloon payment originally due Nov. 1, 1993.
 Arington stated, "While we continue to be encouraged by our recovery plan results, long-term success will come from new products. Current product development activity is limited and additional funds will be required for full implementation of our long-term new products plan. We continue to pursue other potential sources of revenue."
 The following table sets forth Duramed's comparative results for the quarters ended Sept. 30, 1993 and 1992:
 (In thousands except Three Months Ended Nine Months Ended
 per share amounts Sept. 30, Sept. 30,
 and shares outstanding) 1993 1992 1993 1992
 Net sales $ 7,630 $ 4,966 $21,275 $11,303
 Cost of goods sold 4,918 3,452 14,305 7,531
 Gross profit 2,712 1,514 6,970 3,772
 Operating expenses 1,919 1,393 4,860 3,282
 Operating income 793 121 2,110 490
 Interest expense 546 449 1,548 1,380
 Net income (loss) $ 247 $ (328) $ 562 $ (890)
 Earnings (loss) per
 average common and
 common equivalent
 share outstanding
 (primary and fully
 diluted) $ .03 $ (.05) $ .07 $ (.14)
 Weighted average number
 of common and common
 equivalent shares
 outstanding:
 Primary 9,002,777 6,598,564 8,198,068 6,590,430
 Fully Diluted 9,258,489 N/A 8,523,023 N/A
 Duramed Pharmaceuticals, Inc. manufactures and sells generic drug products comprised of various dosages of prescription and over-the- counter drugs. The company's stock is traded on the OTC Bulletin Board under the symbol DRMD.
 -0- 10/19/93
 /CONTACT: E. Thomas Arington, chairman and chief executive officer, or Timothy J. Holt, vice president-finance, of Duramed Pharmaceuticals, Inc., 513-731-9900/
 (DRMD)


CO: Duramed Pharmaceuticals, Inc. ST: Ohio IN: MTC SU: ERN

BM-LC -- CL013 -- 3851 10/19/93 10:21 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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