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LEE PHARMACEUTICALS ANNOUNCES FIRST QUARTER RESULTS

 LEE PHARMACEUTICALS ANNOUNCES FIRST QUARTER RESULTS
 LOS ANGELES, Feb. 14 /PRNewswire/ -- Lee Pharmaceuticals (AMEX: LPH)


reported a net loss of $44,000 for the quarter ended Dec. 31, 1991 as compared to net income of $4,000 for the quarter ended Dec. 31, 1990. During the quarter ended Dec. 31, 1991, gross revenues decreased $78,000, or 2 percent, from the comparable prior-year quarter and net revenues decreased by $706,000, or 18 percent, from the comparable prior-year quarter.
 Even though gross revenues were flat, unit shipments of the company's budget line nail products increased by 214 percent over the first quarter of 1991. The decrease in net revenues was due to the high level of sales returns resulting from the company's shift to lower- priced nail products. Certain of the company's customers delayed in returning their unsold higher-priced items until the current quarter. Management believes that these returns will continue to decrease in the coming quarters. Returns in the first quarter of 1992 of $1,202,000 were approximately $700,000 less than in the fourth quarter of 1991.
 The company launched a new dental product during the recent quarter. The dental product, known as BetaQuartz Glass Ceramic Inserts, is the replacement of silver amalgam in filling dental cavities. During the upcoming quarter, the consumer division will be launching a three-item line of Lee Anti-Fungal Nail Treatment products. This line was developed internally to help prevent and/or attack nail fungus problems on both natural and especially artificial fingernails.
 LEE PHARMACEUTICALS
 Operating Results
 (000 omitted)
 Three months ended
 Dec. 31,
 1991 1990
 Gross revenues $4,442 $4,520
 Net revenues $3,203 $3,909
 Net income (loss) ($44) $4
 Per share:
 Net income (loss) per share ($.01) $.00
 Lee Pharmaceuticals is engaged in the research, development, purchase, manufacture and marketing of a range of professional dental products and consumer products, including nail care products, depilatories, eye care products and a feminine hygiene line.
 -0- 2/14/92
 /CONTACT: Michael L. Agresti of Lee Pharmaceuticals, 818-442-3141, ext. 375/
 (LPH) CO: Lee Pharmaceuticals ST: California IN: MTC SU: ERN


KJ-AL -- LA014 -- 0360 02/14/92 16:35 EST
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Date:Feb 14, 1992
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