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PCI SERVICES, INC. REPORTS HIGHER SECOND QUARTER REVENUES AND PROFITS

 PHILADELPHIA, April 29 /PRNewswire/ -- PCI Services, Inc. (NASDAQ: PCIS), a leading independent pharmaceutical packaging services firm, today reported a 67 percent increase in revenues and a 7 percent gain in net income for the three months ended March 31, 1993, as compared to the three months ended March 31, 1992.
 Second quarter revenues amounted to $29.8 million, up from $17.8 million in the corresponding fiscal 1992 period. Gross profit increased 49 percent to $6.1 million from $4.1 million, and net income advanced to $1.5 million from $1.4 million in fiscal 1992. Net income per share amounted to $.22 on 6,841,000 weighted average shares outstanding in the second quarter of fiscal 1993 as compared to $.28 on 5,079,000 weighted average shares outstanding in the prior-year period. The increase in weighted average shares outstanding is a result of the company's initial public offering in January 1992 and the issuance of additional shares in connection with the acquisition of Allpack Industrielle Lohnverpackung GmbH, the company's new German subsidiary in December 1992. For the three months ended March 31, 1993, Allpack had revenues and net earnings of $6.9 million and $400,000 respectively, which are included in the company's results.
 For the six months ended March 31, 1993, revenues were $51.4 million, compared to $33 million during the same fiscal 1992 period. Gross profit increased to $10.3 million in 1993 from $7.1 million in 1992, an increase of 44 percent. Net income increased to $2.4 million as compared to $2.1 million in 1992. Net income per share amounted to $.36 on 6,621,000 weighted average shares outstanding as compared to $.53 on 3,977,000 weighted average shares outstanding.
 Richard A. Sauter, vice chairman and chief executive offer, reported that consolidated revenues were in line with the company's plan, gross profits and earnings were affected by reduced margins in two of the company's pharmaceutical packaging facilities. This situation resulted from the deferral of certain orders by customers caused by delays in the approval of new drug applications by the Food and Drug Administration, and lower margins related to product mix. The company currently anticipates that most of the orders deferred in this quarter will be processed in the third and fourth quarters of fiscal 1993.
 PCI SERVICES, INC.
 OPERATING RESULTS
 (In thousands, except per share data)
 Periods ended Three months Six months
 March 31 1993 1992 1993 1992
 Revenues $29,784 $17,800 $51,358 $33,037
 Gross profit 6,121 4,118 10,277 7,116
 Income before
 income tax expense 2,141 2,306 3,538 3,486
 Net income 1,504 1,408 2,388 2,093
 Net income per share $.22 $.28 $.36 $.53
 Weighted average
 shares outstanding 6,841 5,079 6,621 3,977
 /delval/
 -0- 4/29/93
 /CONTACT: Michael F. Sandler, vice president and CFO of PCI Services, 609-665-9399/
 (PCIS)


CO: PCI Services, Inc. ST: Pennsylvania IN: MTC SU: ERN

JM-MP -- PH009 -- 2590 04/29/93 11:02 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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