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HEALTH-CHEM REPORTS EARNINGS

 HEALTH-CHEM REPORTS EARNINGS
 NEW YORK, Nov. 12 /PRNewswire/ -- Health-Chem Corporation


(AMEX: HCH) announced today operating results for the third quarter and nine months ended Sept. 30, 1991.
 For the three months ended Sept. 30, 1991, revenues were $9,219,000 compared to $7,867,000 in the comparable quarter last year. Income from continuing operations in the 1991 period was $1,723,000 vs. a loss from continuing operations of $6,694,000 for the corresponding earlier year quarter. Net income in the 1991 period was $1,083,000 or $.15 per share compared to a net loss of $6,580,000 or $.93 per share, for the same period last year, on a fully diluted basis.
 For the nine months ended Sept. 30, 1990, revenues were $27,797,000 compared to $26,307,000 for the comparable period last year. Income from continuing operations was $458,000 against losses of $7,628,000 in the first nine months of 1990. For the nine months ended Sept. 30, 1991, the net loss amounted to $223,000 or $.03 per share, compared to a loss of $7,009,000 or $.99 per share for the nine month period of 1990, on a fully diluted basis.
 The company noted that the increase in sales was primarily the result of an increase in shipments of its pharmaceutical products. Operating income was substantially affected in the third quarter of 1991 by recovery of approximately $3.5 million, as previously reported, representing litigation losses previously provided for in the third quarter of 1990. The company also reported a one-time loss in the third quarter of 1991 on disposal of the operating assets of its wholly owned subsidiary, Union Broach Corporation.
 Health-Chem Corporation manufactures and distributes patented controlled release dispensers for the pharmaceutical industry, along with industrial and health-care synthetic fabrics.
 HEALTH-CHEM CORPORATION
 SUMMARY OF OPERATIONS
 (In thousands, except per share amounts, unaudited)
 Nine months ended Sept. 30 1991 1990
 Sales $27,797 $26,307
 Income (loss) from cont. opers. 458 (7,628)
 Income (loss) from discont. opers. (62) 295
 Loss on disposal of discont. opers. (645) 0
 Extraordinary gain from repurchase
 of debentures 26 324
 Net loss (223) (7,009)
 Earnings per common share
 (primary & fully diluted):
 Income (loss) from cont. opers. .06 (1.07)
 Income (loss) from discont. opers. (.01) .04
 Loss on disposal of discont. opers. (.09) .00
 Extraordinary gain from repurchase
 of debentures .00 .05
 Net loss (.03) (.99)
 Three months ended Sept. 30 1991 1990
 Sales $ 9,219 $ 7,867
 Income (loss) from cont. opers. 1,723 (6,694)
 Income (loss) from discont. opers. (21) 17
 Loss on disposal of discont. opers. (645) 0
 Extraordinary gain from repurchase
 of debentures 26 97
 Net income (loss) 1,083 (6,580)
 Earnings per common share
 (primary & fully diluted):
 Income (loss) from cont. opers. .24 (.94)
 Income (loss) from discont. opers. (.00) .00
 Loss on disposal of discont. opers. (.09) .00
 Extraordinary gain from repurchase
 of debentures 00 .01
 Net income (loss) .15 (.93)
 -0- 11/12/91
 /CONTACT: Bruce M. Schloss of Health-Chem, 212-398-0700/
 (HCH) CO: Health-Chem Corporation ST: New York IN: MTC SU: ERN SM-OS -- NY075 -- 3583 11/12/91 15:52 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 12, 1991
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