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LANNETT COMPANY, INC. ANNOUNCES STOCK SPLIT, ELECTION OF DIRECTORS AND SECOND-QUARTER FINANCIAL RESULTS

 PHILADELPHIA, Feb. 17 /PRNewswire/ -- Lannett Company, Inc. (OTC Bulletin Board: LANN), a manufacturer and distributor of generic pharmaceutical products, announced today a 4-for-1 stock split of the company's $.001 par value common stock for stockholders of record on Feb. 26, 1993. The additional shares will be distributed to stockholders on or about March 26, 1993. The board of directors of the company took the action to facilitate trading in the company's stock. The company currently has 1,241,532 shares issued and outstanding and, after the split, will have 4,966,128 shares issued and outstanding. The issuance of stock pursuant to the stock split will have no effect on the company's capital accounts.
 Lannett also announced the election of the following directors to the company's board of directors at the Annual Meeting of Shareholders held on Feb. 16:
 Roy English
 Donald Epstein
 David Farber
 William Farber
 Gerald Levinson
 Barry Weisberg
 In addition, Lannett announced sales and earnings for the second quarter and six months ended Dec. 31, 1992. After having temporarily ceased operations during September 1991 in order to address several remedial measures necessary to bring the facilities and the company's operations, where necessary, within applicable regulatory guidelines, the company today reported that it completed such remedial measures, finished substantial improvements to its facilities and, in October 1992, commenced sales activity and shipping product to customers. In connection with the recent startup of product manufacturing, sales for the three-month period ended Dec. 31, 1992 (the "Quarter 1992 Period"), increased 1,229 percent from $55,688 for the second quarter ended Dec. 31, 1991 (the "Quarter 1991 Period"), to $740,124 for the Quarter 1992 Period. During the Quarter 1991 Period the company expended approximately $161,972 to remove hazardous waste and $6,052 in interest expense, resulting in a net loss for the Quarter 1991 Period of ($622,929), or ($.50) per share, as share, as compared to a net loss for the Quarter 1992 Period of ($5,157), or $0.00 per share, after accounting for interest expense of $82,494 which related primarily to the indebtedness to stockholder.
 The majority of the six-month period ended Dec. 31, 1992 (the "1992 Period"), and the six-month period ended Dec. 31, 1991 (the "1991 Period"), were affected by the company's suspension of manufacturing operations. While both the 1992 Period and the 1991 Period reflect short periods of time when the company was manufacturing and selling products, only one product was sold to customers during the 1992 Period while a variety of products were manufactured and sold during the 1991 Period. Nevertheless, the company's net sales increased 321.6 percent from $181,299 for the 1991 Period to $764,406 for the 1992 Period. During the 1991 Period, the company incurred $186,002 in costs to remove hazardous wastes and $23,540 in interest expense, while during the 1992 Period it incurred no costs for hazardous waste removal and $160,555 in interest expense. The net loss decreased 49.3 percent from ($998,142), or ($.80) per share, for the 1991 Period as compared to ($506,206), or ($.41) per share for the 1992 Period.
 LANNETT COMPANY, INC. AND ITS WHOLLY OWNED SUBSIDIARY
 (ASTROCHEM CORPORATION)
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 For The For The
 Three Months Ended Six Months Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Net sales $740,124 $55,688 $764,406 $181,299
 Cost of sales 219,979 161,798 465,241 362,817
 Gross profit (loss) 520,145 (106,110) 299,165 (181,518)
 Selling, general and
 administrative 438,891 380,795 644,775 639,286
 Operation income (loss) 81,254 (486,905) (345,610) (820,804)
 Other income (expenses),
 net (3,917) 32,000 (41) 32,204
 Costs to remove hazardous
 chemicals 0 (161,972) 0 (186,002)
 Interest expense (82,494) (6,052) (160,555) (23,540)
 (86,411) (136,024) (160,596) (177,338)
 Net loss ($5,157) ($622,929) ($506,206) ($998,142)
 Net loss per share ($0.00) ($0.50) ($0.41) ($0.80)
 Weighted average number
 of shares 1,241,532 1,241,532 1,241,532 1,241,532
 -0- 2/17/93
 /CONTACT: Barry Weisberg, president, Lannett Company, Inc., 215-333-9000/
 (LANN)


CO: Lannett Company, Inc. ST: Pennsylvania IN: MTC SU: ERN

SB-SM -- DE011 -- 7298 02/17/93 11:46 EST
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Date:Feb 17, 1993
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