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LEE PHARMACEUTICALS ANNOUNCES YEAR-END RESULTS

 LOS ANGELES, Dec. 29 /PRNewswire/ -- Lee Pharmaceuticals (AMEX: LPH) reported a net loss of $363,000, or 9 cents per share, for fiscal year ended Sept. 30, 1993 as compared to a net loss of $182,000, or 4 cents per share for fiscal 1992. While gross revenues were lower by 13 percent, during fiscal 1993 vs. fiscal 1992, net revenues for fiscal 1993 of $13,828,000 were up 1 percent when compared to fiscal 1992. In addition, when comparing net revenues for the fourth quarter of fiscal 1993 of $3,125,000 to the comparable quarter of fiscal 1992 of $3,346,000, the decrease in revenues was approximately $221,000, or 7 percent. The decrease in net revenues, for the fourth quarter, was the result of lower sales volume than projected by the company. The lower sales volume was due in part to the cut-back on inventory levels by several customers.
 The company reported a net loss of $423,000, or 10 cents per share during the quarter ended Sept. 30, 1993. This compares to a net loss of $239,000 or 5 cents per share for the quarter ended Sept. 30, 1992. Contributing to the 1993 fourth quarter loss was the company's recognition of a $111,000 expense for the settlement of a patent litigation suit. In December 1993, the company entered into an agreement to settle all claims arising from this suit.
 A comparison of the operating results is as follows:
 LEE PHARMACEUTICALS
 Financial Highlights
 (000 Omitted)
 Three Months Ended Fiscal Year Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Gross revenues $3,493 $3,975 $15,100 $17,263
 Net revenues $3,125 $3,346 $13,828 $13,718
 Net loss $423 $239 $363 $182
 Total assets $7,832 $9,735 $7,832 $9,735
 Total stockholders'
 equity $1,775 $2,138 $1,775 $2,138
 Per share:
 Net loss per share $.10 $.05 $.09 $.04
 Lee Pharmaceuticals is engaged in the research, development, purchase, manufacture and marketing of a range of consumer products, including nail care products, depilatories, a feminine hygiene line, over-the-counter drug items (including men's after shave products) and dental/orthodontic products.
 -0- 12/29/93
 /CONTACT: Michael L. Agresti, 818-442-3141, ext. 375/
 (LPH)


CO: Lee Pharmaceuticals ST: California IN: MTC SU: ERN

NY-EH -- LA020 -- 7920 12/29/93 19:34 EST
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Publication:PR Newswire
Date:Dec 29, 1993
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