Printer Friendly

ICN PHARMACEUTICALS REPORTS SECOND QUARTER RESULTS

 ICN PHARMACEUTICALS REPORTS SECOND QUARTER RESULTS
 COSTA MESA, Calif. Aug. 13 /PRNewswire/ -- ICN Pharmaceuticals


Inc. (NYSE: ICN), today reported second quarter 1992 net income of $3.2 million, or 21 cents per share, compared to net income of $3.7 million, or 28 cents per share, in the second quarter of 1991.
 Profit before taxes and minority interest was $17.1 million in the second quarter of 1992, up from $8.8 million in the second quarter of 1991. The company benefited from record sales and earnings by SPI Pharmaceuticals Inc. (AMEX: SPI), its manufacturing and marketing subsidiary.
 Minority interest increased to $7.9 million in the second quarter, primarily due to the 1991 acquisition of ICN Galenika, SPI's 75 percent-owned Eastern European venture, and the sale of SPI stock owned by ICN Pharmaceuticals.
 ICN Pharmaceuticals said it recorded a currency translation loss in the second quarter of 1992 of $6.4 million, primarily related to its foreign publicly traded debt and the devaluation of the
Yugoslavian dinar, which fluctuate against the U.S. dollar. This was offset by a $10 million gain on the sale of securities.
 Net sales for ICN Pharmaceuticals increased 73 percent for the second quarter and 94 percent for the first six months of 1992. Sales were $170 million in the second quarter and $312 million in the first six months of 1992 compared to $98 million and $161 million for the second quarter and first six months of 1991, respectively.
 Net income for ICN Pharmaceuticals for the first six months of 1992 was $9.8 million, or 66 cents per share, compared to $8.3 million, or 64 cents per share, in the first half of 1991.
 SPI more than doubled 1991 second quarter sales to $151 million, which resulted in net income of $8.1 million or 46 cents per share. Second quarter sales for ICN Galenika were $121 million. The company has received licenses under the United Nations and U.S. sanctions against Yugoslavia to import medicines for humanitarian purposes.
 ICN Biomedicals Inc., the company's biomedical subsidiary, reported a second quarter net loss of $669,000, or 3 cents a share. The company has distributed more than 700,000 new catalogs in North America and has begun a major new sales promotion program.
 Viratek Inc. (NASDAQ: VIRA), the company's pharmaceutical research and development subsidiary, reported second quarter net income of $152,000, or 1 cent per share.
 ICN Pharmaceuticals Inc., headquartered in Costa Mesa, is a worldwide health care company that manufactures, markets and distributes a wide range of prescription, non-prescription pharmaceuticals, biotechnology research products and medical diagnostics worldwide.
 ICN PHARMACEUTICALS INC.
 Summary Financial Information
 For the Three and Six Months Ended June 30, 1992 and 1991
 (000s omitted, except per share amounts)
 Three Months Six Months
 Ended June 30 Ended June 30
 1992 1991 1992 1991
 Net sales $170,136 $98,246 $312,464 $161,443
 Gross profit 93,403 48,901 167,523 84,071
 Income before interest
 expense, translation,
 minority interest
 and income taxes 31,514 13,985 50,823 20,494
 Interest expense, net (8,025) (7,899) (15,316) (15,155)
 Translation (loss)
 gain (6,360) 2,673 1,216 10,172
 Income before income
 taxes and minority
 interest 17,129 8,759 36,723 15,511
 Incomes taxes (5,986) (1,902) (12,220) (3,368)
 Minority interest (7,937) (3,183) (14,707) (3,884)
 Net income $3,206 $3,674 $9,796 $8,259
 Per Share Information:
 Net income $0.21 $0.28 $0.66 $0.64
 Shares used in per
 share computation 14,354 12,514 14,288 12,395
 -0- 8/13/92
 /CONTACT: Paul Knopick of ICN Pharmaceuticals, 714-545-0100, ext. 2465/
 (ICN) CO: ICN Pharmaceuticals Inc. ST: California IN: MTC SU: ERN


AL -- LA020 -- 9680 08/13/92 13:31 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 13, 1992
Words:640
Previous Article:AGREEMENT REACHED ON COMPLETION FUNDING FOR BI-PROVINCIAL UPGRADER
Next Article:DU PONT INTEGRATES OPERATIONS OF AUTOMOTIVE PRODUCTS AND POLYMERS BUSINESS SECTORS
Topics:


Related Articles
ICN PHARMACEUTICALS REPORTS INCREASE IN NET INCOME AND SALES IN 1991
ICN PHARMACEUTICALS REPORTS RECORD FIRST QUARTER SALES AND EARNINGS; LONG-TERM LIABILITIES REDUCED BY $40 MILLION
ICN PHARMACEUTICALS REPORTS THIRD QUARTER RESULTS
ICN PHARMACEUTICALS REPORTS THIRD QUARTER RESULTS /repeating from earlier today/
ICN PHARMACEUTICALS ANNOUNCES YEAR-END RESULTS
ICN PHARMACEUTICALS REPORTS PROFIT IN THE FIRST QUARTER; DECONSOLIDATES SPI
ICN PHARMACEUTICALS REPORTS SECOND QUARTER RESULTS
SPI PHARMACEUTICALS REPORTS THIRD QUARTER RESULTS; EARNINGS UP 37 PERCENT IN U.S., LATIN AMERICA AND WESTERN EUROPE
ICN PHARMACEUTICALS REPORTS CONSOLIDATED THIRD QUARTER RESULTS; ALL THREE UNITS POST PROFITS
ICN PHARMACEUTICALS REPORTS CONSOLIDATED FIRST QUARTER 1994 RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters