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MEDICIS PRODUCT LAUNCH, WRITE-DOWNS, IMPACT FISCAL '93 EARNINGS; FIRST QUARTER PROFIT SEEN

 NEW YORK, Oct. 11 /PRNewswire/ -- Consolidated net sales of Medicis Pharmaceutical Corporation (NASDAQ: MDRXA) were $10.3 million in the fiscal year ended June 30, 1993, 14.2 percent above fiscal 1992's $9.0 million. The company recorded a net loss for fiscal 1993 of $11,572,952 or $0.23 cents per share, compared to a loss of $10,757,959 or $0.31 per share in fiscal 1992, reflecting heavy non-recurring costs of $3 million relating to launch of the company's Dynacin(TM) product, increased R&D spending of $1.9 million, including $1 million for the company's investment in its Dyad subsidiary, and a $400,000 restructuring charge relating to reduction in overheads. The company's net loss for the fourth quarter of 1993 decreased to $4.9 million or $0.09 per share versus $6.8 million or $0.19 per share a year ago.
 Medicis' Chairman and chief Executive, Jonah Shacknai, forecasts that the company will report its first quarterly profit for the period ended Sept. 30, 1993. Mr. Shacknai said that, "While the cost of launching Dynacin last fiscal year was significant, it represented one of the more important product introductions in dermatology. The brand has surpassed our objectives, is now profitable, and continues to gain market share, fueling the company's expected strong operating results this year."
 Mr. Shacknai added that, "Overall, we have taken the necessary steps for a profitable future. We continue to fine-tune operations with a tight rein on expenses while maintaining the competitive edge with our superb sales and marketing organization. We expect substantial revenue increases this fiscal year, with a 10 percent reduction in the cost of sales."
 In discussing the future, Mr. Shacknai noted, "In financial markets the pharmaceutical industry has been hard hit this past year due to apprehension about the impact of possible changes in the health care system. However, in skin care, ethical, over-the-counter, and cosmetic products will continue to represent an unique area of growth in our economy due to the changing social and demographic trends. We also see opportunities for Medicis resulting from consolidation in our industry; management will continue to focus on maximizing shareholder value as we move forward."
 Medicis nationally markets numerous prescription and over-the- counter products which effectively treat various dermatological conditions.
 -0- 10/11/93
 /CONTACT: Booke & Co., Inc., 212-490-9095/
 (MDRXA)


CO: Medicis Pharmaceutical Corporation ST: New York IN: MTC SU: ERN

MP-LD -- NY045 -- 0798 10/11/93 16:58 EDT
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Publication:PR Newswire
Date:Oct 11, 1993
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