FOREST LABORATORIES REPORTS RECORD FISCAL THIRD QUARTER RESULTS
NEW YORK, Jan. 22 /PRNewswire/ --- Forest Laboratories, Inc. (AMEX: FRX), an international pharmaceutical manufacturer and marketer, today reported record revenues and earnings for its third fiscal quarter and nine months ended Dec. 31, 1991.
For the third quarter, net income increased 31 percent to $12,701,000 from $9,715,000 reported in the third quarter of the prior year. Net income per share increased to $.29 in the current year as compared to $.23 in last year's third fiscal quarter.
Net revenues for the three months ended Dec. 31, 1991 increased 40 percent to $64,937,000 d in the nine months of the prior year. Primary net income per share in the current year's nine months equaled $.82, as compared to $.65 in the nine month period of the prior year. Fully diluted net income per share in the current nine month period equaled $.81 as compared to $.64 in the prior year's period.
Net revenues for the nine months ended Dec. 31, 1991 increased 41 percent to $183,317,000 from $130,176,000.
Howard Solomon, president of Forest, said "The revenues and earnings growth resulted from the continued efforts of our expanded salesforce which has helped to generate excellent sales gains for our promoted branded products. Aerobid(R), Tessalon(R), Levothroid(R) and our generic controlled release propranolol all showed excellent progress in the quarter.
Solomon added "As our recently expanded salesforce gains still more experience, we look forward to continued growth in revenues and income in the future."
FOREST LABORATORIES, INC. AND SUBSIDIARIES
Consolidated Statement of Income
(In thousands, except per share amounts -- Unaudited)
Periods ended Three Months Nine Months
Dec. 31 1991 1990 1991 1990
Net revenues $64,937 $46,464 $183,317 $130,176
income taxes 20,212 13,913 56,209 38,978
Income taxes 7,511 4,198 20,481 11,915
Net income $12,701 $9,715 $35,728 $27,063
Net income per common and
common equivalent share:
Primary $.29 $.23 $.82 $.65
Fully diluted $.29 $.23 $.81 $.64
Weighted average number of
Primary 43,771 41,766 43,824 41,612
Fully diluted 44,169 42,052 44,174 42,034
/CONTACT: Kenneth E. Goodman, vice president-finance, 212-421-7850/
(FRX) CO: Forest Laboratories Inc. ST: New York IN: MTC SU: ERN SM -- NY023 -- 2144 01/22/92 10:02 EST