Printer Friendly

IGI, INC. REPORTS 14 PERCENT GAIN IN 1993 SECOND QUARTER REVENUES, 18 PERCENT FOR FIRST SIX MONTHS

 BUENA, N.J., Aug. 11 /PRNewswire/ -- IGI, Inc. (AMEX: IG) today reported a 14 percent increase in second quarter 1993 revenues, a company record. All company divisions reported increases over 1992 levels, led once again by a 16 percent increase in international sales.
 IGI reported that its six month 1993 revenues were $14,095,385, up from $11,979,783 in the first six months of 1992. Net income for the quarter was $46,898, or $.01 per share, versus $45,280, or $.01 per share in 1992. For the first six months of 1993, net income increased to $94,343, compared to $86,952 in 1992.
 Net income in 1993 was affected by pre-IND development expenses for a human triple influenza vaccine by the company's majority-owned subsidiary NOVAVAX, Inc. The company expects to make an IND filing with the Food and Drug Administration later this year. Spending will increase as human clinical trials commence.
 IGI and SmithKline Beecham ("SB") Monday, Aug. 9, 1993, announced an agreement under which SB will test IGI's NOVASOMER patented lipid vesicle technology as a vehicle to formulate various SB human vaccines. SB will also make an equity investment in IGI common shares.
 Second quarter and six month 1993 highlights included:
 The company's VET (Vineland, EVSCO, Tomlyn) animal care
 products operating profits were $2,043,000 for the quarter and
 $3,429,000 for the first six months of 1993, up 20 percent and 24
 percent respectively.
 International sales of poultry vaccines and small animal
 products increased $356,000 or 16 percent to $2,553,000 in the
 quarter, and $1,071,000 or 27% to $5,039,000 for the first six
 months of 1993. They accounted for 37 percent and 36 percent of the
 company's sales in the quarter and six months of 1993,
 respectively.
 The CPC (consumer products\cosmetics) division had operating
 income of $7,000 for the quarter and $44,000 for the six
 months ending June 30, 1993, compared to operating losses of
 $94,000 and $198,000 in 1992, respectively. This was due to
 initial sales in the division of $288,000 in the quarter and
 $515,00 for the first six months of 1993.
 The human biopharmaceutical division incurred operating losses of $883,000 and $1,738,000 for the three and six months periods ended June 30, 1993 which reflects increases in losses of $301,000 and $702,000 over the same period in 1992.
 "As a result of scientific research and development successes, we were able to enter into a joint testing agreement with SmithKline Beecham for a variety of human vaccines. We will continue to invest in research and development, on our own and with industry partners, to bring our NOVASOMER technology to the market place," the company said.
 Among the milestones in the quarter:
 The market introduction of a new cosmetic line by Revlon
 called "RESULTS" based on NOVASOMER encapsulates. The line is
 expected to be available in over 10,000 mass market outlets
 and supported by a national advertising and marketing
 campaign.
 The favorable completion of additional clinical studies by the
 Psoriasis Research Institute on the company's ANTHRASOME)
 Cream for psoriasis. The company is in discussions with a
 potential partner to market and distribute ANTHRASOME).
 Initial orders for the Company's line of APPLY and DRY) "no
 water needed" personal cleansing system were made by Eckerd
 Drug Company, Bergen Brunswig, and the McKesson Drug Company.
 IGI, Inc., is a diversified company engaged in the development, production and marketing of animal care products, cosmetics, consumer products and human pharmaceuticals.
 -0- 8/11/93
 /CONTACT: Michael Dodge, 609-697-1441, of IGI, or Steven Bruce, Rick Stockton, 212-371-5999, of Abernathy/MacGregor/Scanlon Group/
 (IG)


CO: IGI, Inc. ST: New Jersey IN: HOU SU: ERN

LG -- NY025 -- 1548 08/11/93 09:44 EDT
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:Aug 11, 1993
Words:635
Previous Article:STAGE II APPAREL REPORTS SECOND QUARTER AND HALF YEAR RESULTS
Next Article:ESQUIRE COMMUNICATIONS SIGNS LETTER OF INTENT TO ACQUIRE DAVID FELDMAN & ASSOCIATES
Topics:

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