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DURAMED-RESULTS CL008 /From PR Newswire in Cleveland at 216-566-7777/

DURAMED-RESULTS CL008 /From PR Newswire in Cleveland at 216-566-7777/
 DURAMED ANNOUNCES THIRD QUARTER RESULTS
 CINCINNATI, Nov. 20 /PRNewswire/ -- E. Thomas Arington, chairman and president of Duramed Pharmaceuticals, Inc., today announced the company's third quarter earnings were $135,387, on net sales of $3,170,103.
 The reported earnings include the reversal of the $750,000 reserve provided in 1989 in connection with a judgement originally awarded to Dr. Gopal Potti, a former officer of the company. On Nov. 12, 1991, the district court ruled in favor of the company's motion to cancel the appeal bond and related letter of credit.
 In a separate development, the company withdrew 46 of its Abbreviated New Drug Applications (ANDAs) on Nov. 8, 1991. None of the products withdrawn are currently being manufactured or marketed by the company and most have not been manufactured or marketed since Nov. 19, 1990. This action on the part of the company reflects information gathered through the company's internal product audits and is not the result of FDA regulatory action. These are ANDAs which, in the current regulatory enviornment, were considered either to be flawed or would require uneconomical production methods. To date, only the company's ANDA for Methylprednisolone has been re-approved for manufacturing and marketing. Decisions are still pending on five other ANDAs for products previously marketed by the company.
 The company is continuing with its recovery efforts including discussions with potential investors.
 The following table sets forth Duramed's comparative results for the three month and nine month periods ended Sept. 30, 1991 and 1990:
 Three Months Ended
 Sept. 30
 (In thousands except per share 1991 1990
 amounts and shares outstanding)
 Net sales $ 3,170 $ 7,182
 Cost of goods sold 2,216 5,751
 Provision for inventory
 write off --- 1,241
 Gross profit 954 190
 Operating expenses 1,041 2,574
 Reversal of litigation reserve (750) ---
 Operating income (loss) 663 (2,384)
 Interest expense 528 539
 Net income (loss) $ 135 $(2,923)
 Net income (loss) per share
 of common stock $ .02 $ (.47)
 Weighted average number of common
 shares outstanding 6,280,064 6,280,064
 Nine Months Ended
 Sept. 30
 (In thousands except per share 1991 1990
 amounts and shares outstanding)
 Net sales $ 8,275 $20,823
 Cost of goods sold 6,515 16,095
 Provision for inventory
 write off --- 1,241
 Gross profit 1,760 3,487
 Operating expenses 3,542 6,757
 Reversal of litigation reserve (750) ---
 Operating income (loss) (1,032) (3,270)
 Interest expense 1,541 1,264
 Net income (loss) $ (2,573) $(4,534)
 Net income (loss) per share
 of common stock $ (.41) $ (.73)
 Weighted average number of common
 shares outstanding 6,280,064 6,246,029
 Duramed Pharmaceuticals, Inc. manufactures and sells generic drug products comprised of various dosages of prescription and over-the-counter drugs.
 -0- 11/20/91
 /CONTACT: Bill Roberts or John Maginnis, both of Cameron Towey Central, 513-891-1818, for Duramed Pharmaceuticals/ CO: Duramed Pharmaceuticals, Inc. ST: Ohio IN: MTC SU: ERN


LC -- CL008 -- 5465 11/20/91 13:16 EST
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Publication:PR Newswire
Date:Nov 20, 1991
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