Printer Friendly

HEALTH-CHEM CORPORATION ANNOUNCES RESULTS

 NEW YORK, Nov. 2 /PRNewswire/ -- Health-Chem Corporation (AMEX: HCH) announced today operating results for the third quarter and nine months ended Sept. 30, 1993.
 For the three months ended Sept. 30, 1993, revenues increased 19 percent to $11,482,000 compared to $9,667,000 in the comparable quarter last year. Income from operations was $233,000 vs. a loss from operations of $363,000 in the corresponding earlier year quarter. Net income in the 1993 period was $232,000, or $.03 per share, compared to a net loss of $259,000, or $.04 per share, for the same period last year.
 For the nine months ended Sept. 30, 1993, revenues increased 15 percent to $34,372,000 from the previous year's $29,845,000. Income from operations was $2,292,000 compared to a loss from operations for the nine month period of 1992 of $884,000. Net income for the nine month period of 1993 amounted to $2,367,000, or $.31 per share, compared to net income of $7,000, or a loss of less than $.O1 per share (after deduction for accretion of discount on redeemable common stock), for the nine month period of 1992.
 The company noted that the improved income from operations was due to increased sales, higher gross profit margins and a reduction in various costs throughout the company. Net income for the nine month period of 1992 was restated to reflect a $723,000 benefit related to the company's adoption of a change in accounting for income taxes.
 The company further noted that it expects increased research and development expenses to continue for the remainder of 1993 and throughout most or all of 1994 in connection with clinical testing of new and improved pharmaceutical products.
 Health-Chem Corporation manufactures and distributes patented controlled release dispensers for the pharmaceutical and agricultural industries, along with industrial and health-care synthetic fabrics.
 HEALTH-CHEM CORPORATION
 Results of Operations
 (Unaudited)
 (In thousands except per share amounts)
 For the periods Three Months Nine Months
 Ended Sept. 30, 1993 1992 1993 1992
 Net sales $11,482 $9,667 $34,372 $29,845
 Cost of goods sold 7,416 6,485 22,156 20,179
 Gross profit 4,066 3,182 12,216 9,666
 Other expenses 3,783 3,703 10,074 10,913
 Income (Loss) from
 operations before
 income tax 283 (521) 2,142 (1,247)
 Income tax provision
 (benefit) 50 (158) (150) (363)
 Income (Loss) from
 operations 233 (363) 2,292 (884)
 Extraordinary gain (loss)
 from repurchase of
 subordinated debentures (1) 104 75 168
 Cumulative effect of
 change in accounting
 for income taxes 0 0 0 723
 Net Income (Loss) $232 $(259) $2,367 $7
 Earnings per common
 share (primary & fully
 diluted):
 Income (Loss) from
 operations 0.03 $(0.05) $0.30 $(0.13)
 Extraordinary gain
 (loss) from repurchase
 of subordinated
 debentures 0.00 0.01 0.01 0.02
 Cumulative effect of
 change in accounting
 for income taxes 0.00 0.00 0.00 0.10
 Net Income (Loss)
 Per Share $0.03 $(0.04) $0.31 $(0.01)
 -0- 11/2/93
 /CONTACT: Bruce M. Schloss, vice president of Health-Chem, 212-398-0700/
 (HCH)


CO: Health-Chem Corporation ST: New York IN: MTC SU: ERN

SH-TW -- NY022 -- 9546 11/02/93 09:51 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 2, 1993
Words:544
Previous Article:HUDSON FOODS, INC. ANNOUNCES FOURTH-QUARTER AND 1993 FISCAL YEAR-END RESULTS
Next Article:ACME ELECTRIC NAMES ROBERT MCKENNA CEO
Topics:

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