Printer Friendly

ELAN REPORTS FIRST QUARTER FISCAL 1993 RESULTS

 ELAN REPORTS FIRST QUARTER FISCAL 1993 RESULTS
 ATHLONE, Ireland, Aug. 11 /PRNewswire/ -- Elan Corporation, plc


(AMEX: ELN) today announced a 64 percent increase in net income to IRP4,274,000 (US$7,480,000) for its first quarter ended June 30, 1992 compared with IRP2,605,000 in the corresponding quarter last year. Earnings per share increased to IRP0.20 (US$0.35) from IRP0.14 (US$0.21).
 Revenue for the quarter was IRP19,709,000 (US$34,491,000) compared to IRP13,647,000 in the first quarter of the previous year and are analyzed as follows:
 ELAN CORPORATION, PLC
 Quarter ending June 30 1991 1992 1992
 IRP000 IRP000 US$000
 Contract Development 1,805 2,003 3,505
 License and Option Fees 2,122 2,386 4,176
 Royalties 1,313 2,493 4,363
 Mfg. and Distribution 8,407 12,827 22,447
 Total 13,647 19,709 34,491
 In commenting on the results Donald E. Panoz, chairman and chief executive officer of Elan said, "I am pleased to report continuing growth in revenues and earnings for the first quarter. All of our operating units showed growth in the quarter. The most significant contributions to the improved results came from Cardizem CD and SR, Verelan and Prostep, our nicotine patch."
 Elan Corporation, plc is a world leader in the specialized health care field of advanced reformulation and drug delivery, concentrating on improved drug absorption and utilization. Elan operates research and manufacturing facilities in Athlone; Gainesville, Ga.; Brea, Calif.; Cambridge, Mass.; Enschede, Netherlands; Manila, Philippines; and Mezzovico, Switzerland.
 ELAN CORPORATION, PLC
 Consolidated Balance Sheet
 3/31/91 6/30/92 6/30/92
 IRP000 IRP000 US$000
 Assets (Unaudited) (Unaudited)
 Current assets
 Cash and cash
 equivalents 27,720 27,902 48,829
 Short term
 investments 12,851 19,961 34,932
 Accounts
 receivable 14,878 11,385 19,924
 Inventories 8,786 10,992 19,236
 Prepayments & other
 assets 3,192 1,705 2,983
 Total current assets 67,427 71,945 125,904
 Fixed assets
 Property, plant &
 equipment, net 28,685 28,545 49,154
 Other Assets
 Investments 1,059 2,463 4,310
 Intangible assets (net) 23,946 24,767 43,342
 Total other assets 25,005 27,230 47,652
 Total assets 121,117 127,720 223,510
 Liabilities &
 Shareholders Equity
 Accounts Payable 5,420 9,878 17,286
 Accured Expenses & Other
 liabilities 5,864 5,120 8,960
 Long-term debt-
 current portion 19 17 30
 Total current
 liabilities 11,303 15,015 26,276
 Gov't Grants 3,137 3,052 5,341
 Long term debt 69 62 108
 Minority intrests 158 178 312
 Total 3,364 3,292 5,761
 Shareholders' Equity
 Share capital 760 764 1,337
 Additional paid-in
 capital 88,632 96,106 159,436
 Translation adjustment (5,071) (8,860) (15,505)
 Retained earnings 22,129 26,403 46,205
 Shareholders' equity 106,450 109,413 191,473
 Total liabilities and
 shareholders' equity 121,117 127,720 223,510
 ELAN CORPORATION, PLC
 Consolidated Statements of Income, Unaudited
 Three Months Ened June 30 1991 1992 1992
 IRP000s IRP000s US$000s
 Revenue 13,647 19,709 34,491
 Cost and Expenses:
 Cost of goods sold 5,508 7,950 13,912
 Selling, general and admin. 3,972 5,416 9,478
 Research and development 1,381 2,521 4,412
 Total cost and expenses 10,861 15,887 27,802
 Operating income 2,786 3,822 6,689
 Interest income 184 825 1,444
 Interest expense (376) (6) (11)
 Minority interest -- (20) (35)
 Income before provision for
 income taxes 2,594 4,621 8,087
 Provision for income taxes 11 (347) (607)
 Net income 2,605 4,274 7,480
 Earnings per ordinary share IRP0.14 IRP0.20 US$0.35
 Weighted avg. number of
 ordinary shares outstanding
 (in thousands) 18,147 21,347 21,347
 Charts translated for convenience at the noon buying rate in New York City on June 30, 1992 of US$1.75 equal to IRP1.00.
 -0- 8/11/92
 /CONTACT: Brian Crotty, vice president of Elan, 800-252-3526; or Thomas Redington of Redington Inc., 203-222-7399, or 212-926-1733, for Elan Corporation/
 (ELN) CO: Elan Corporation, plc ST: IN: MTC SU: ERN


SM -- NY005 -- 8839 08/11/92 09:07 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:Aug 11, 1992
Words:713
Previous Article:HEARx TO EXPAND HEARING CARE SERVICES TO AARP MEMBERS
Next Article:SWIFT ENERGY COMPANY POSTS SIGNIFICANT INCREASE IN SECOND QUARTER EARNINGS
Topics:


Related Articles
SYNTEX REPORTS FIRST QUARTER FISCAL 1993 SALES DECLINE FROM PRIOR YEAR; RESTRUCTURING, OTHER CHARGES RESULT IN NET LOSS FOR QUARTER
LIDAK PHARMACEUTICALS ANNOUNCES FIRST QUARTER RESULTS
ELAN ANNOUNCES OPERATING INCOME INCREASE OF 82% AND NET INCOME INCREASE OF 23% FOR THIRD QUARTER
ELAN ANNOUNCES NET INCOME INCREASE OF 21%
ELAN ANNOUNCES NET INCOME INCREASE OF 51%
Elan Announces Results for Fiscal 1997 Revenue Increase of 29% And Net Income Increase of 68% for Fourth Quarter
Elan Reports Record Third Quarter Revenues and Earnings Revenues Increased 48% to $253 Million in the Third Quarter Diluted Earnings Per Share...
Elan Announces Record 1999 Results.
Elan Announces Record 2000 First Quarter Results.
Elan Reports Record First Quarter 2001 Financial Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters