Printer Friendly

INTERNATIONAL RESEARCH AND DEVELOPMENT ANNOUNCES OPERATING REVENUES AND OPERATING RESULTS FOR 12 MONTHS AND FOURTH QUARTER ENDED DEC. 31, 1991

INTERNATIONAL RESEARCH AND DEVELOPMENT ANNOUNCES OPERATING REVENUES AND OPERATING RESULTS FOR 12 MONTHS AND FOURTH QUARTER ENDED DEC. 31, 1991
 MATTAWAN, Mich., Feb. 18 /PRNewswire/ -- International Research and Development Corp. (NASDAQ: IRDV) announced revenues for the 12 months ended Dec. 31, 1991, were $34,632,748 compared with 1990 12-month revenues of $34,964,710. Earnings before income taxes for the 1991 period were $1,001,530 compared with 1990 12-month earnings before income taxes of $3,361,700. Net earnings for 1991 were $529,530 (or $.10 per share), compared with $2,123,700 (or $.38 per share) for 1990. Common and common equivalent shares outstanding for the 1991 period were 5,554,000, compared with 5,626,000 for the same period in 1990.
 Revenues for the three months ended Dec. 31, 1991, were $8,574,414 compared with $9,078,028 for the corresponding period in 1990. Operating revenues for the fourth quarter of 1991 were below management expectations due to additional deferment by sponsors of authorized research projects into 1992. Management remains pleased with the substantial increase in authorizations, backlog, and amount of revenue carried over for 1992. Fourth-quarter loss before income taxes was $347,141 compared to the same period earnings before income taxes of $407,018 in 1990. Fourth-quarter net loss in 1991 was $283,141 ($.05 per share) compared with 1990 fourth-quarter net earnings of $228,018 (or $.04 per share). Common and common equivalent shares outstanding for this period in 1991 were 5,509,000 compared to 5,557,000 for the fourth quarter in 1990.
 International Research and Development Corp. (IRDC) is engaged in the safety evaluation of pharmaceutical and veterinary drugs, agricultural products, and chemicals. Studies are performed on behalf of various manufacturers of such products, both foreign and domestic, and on behalf of governmental agencies. Clinical safety evaluation studies are conducted on behalf of clients in the pharmaceutical, chemical and cosmetic-related industries through its subsidiary, IRAD Corp.
 IRDC also is a manufacturer and distributor of cosmetics and skin care products through its subsidiary, Carme' Inc., as well as certain medical and health care products through another of its subsidiaries, Medical Surgical Specialties, Ltd.
 The common stock of International Research and Development Corp. is traded in the over-the-counter national market. The NASDAQ symbol for the common stock is IRDV.
 -0- 2/18/92
 /CONTACT: Dr. Francis X. Wazeter, president, IRDC, 616-668-3336/
 (IRDV) CO: International Research and Development Corp. ST: Michigan IN: MTC SU: ERN


JG -- DE015 -- 9888 02/18/92 11:28 EST
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:Feb 18, 1992
Words:423
Previous Article:MOUNTAIN DEW/DIET DEW DEBUT ON GRAMMYS; MOUNTAIN DEW ASSERTS BIG BRAND STATUS; 6TH LARGEST BRAND DOUBLES '92 AD SPENDING
Next Article:FIRST UNION CORPORATION INCREASES COMMON STOCK DIVIDEND
Topics:


Related Articles
ISIS PHARMACEUTICALS REPORTS FOURTH QUARTER AND YEAR END RESULTS
IMMULOGIC REPORTS FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS
VERTEX PHARMACEUTICALS REPORTS 1991 YEAR END RESULTS
IDEC PHARMACEUTICALS REPORTS 1991 FOURTH QUARTER AND YEAR-END RESULTS
XOMA ANNOUNCES YEAR-END FINANCIAL RESULTS
INTERNATIONAL RESEARCH AND DEVELOPMENT CORP. REPORTS EARNINGS
GENSIA REPORTS 1992 FOURTH-QUARTER AND YEAR-END RESULTS
INTERNATIONAL RESEARCH AND DEVELOPMENT CORPORATION REPORTS RESULTS
VIRATEK REPORTS 1992 RESULTS
ROBERTS PHARMACEUTICAL CORPORATION REPORTS RECORD 1992 SALES RESULTS

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