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

 PHILADELPHIA, July 26 /PRNewswire/ -- PCI Services, Inc. (NASDAQ: PCIS), a leading independent pharmaceutical packaging services firm, today reported a 38 percent increase in revenues and a 17 percent gain in net income for the three months ended June 30, 1993, as compared to the three months ended June 30, 1992.
 Third quarter revenues amounted to $29.0 million, up from $21.0 million in the corresponding fiscal 1992 period. Gross profit increased 29 percent to $6.6 million from $5.1 million, and net income advanced to $1.9 million from $1.6 million in fiscal 1992. Net income per share amounted to 28 cents on 6,841,000 weighted average shares outstanding in the third quarter of fiscal 1993 as compared to 26 cents on 6,181,000 weighted average shares outstanding in the prior year period. The increase in weighted average shares outstanding is a result of 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 nine months ended June 30, 1993, revenues were $80.4 million, compared to $54.1 million during the same fiscal 1992 period. Gross profit increased to $16.8 million in 1993 from $12.2 million in 1992, an increase of 38 percent. Net income increased to $4.3 million as compared to $3.7 million in 1992. Net income per share amounted to 64 cents on 6,687,000 weighted average shares outstanding as compared to 79 cents on 4,712,000 weighted average shares outstanding. 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.
 Richard S. Sauter, vice chairman and chief executive officer, reported that " ... consolidated revenues are in line with our business plan. In the third quarter, PCI has experienced improved gross margins and earnings over the second quarter when orders were deferred as a result of delays in the approval of new drug applications by the Food and Drug Administration."
 PCI Services, Inc.
 Operating Results
 (In thousands, except per share data)
 Periods ended Three months Nine months
 June 30 1993 1992 1993 1992
 Revenues $29,026 $21,029 $80,384 $54,066
 Gross profit 6,566 5,066 16,843 12,182
 Income before income tax
 expense 2,793 2,522 6,331 6,008
 Net income 1,883 1,611 4,271 3,704
 Earnings per share:
 Net income $.28 $.26 $.64 $.79
 Average shares outstanding 6,841 6,181 6,687 4,712
 /delval/
 -0- 7/26/93
 /CONTACT: Michael F. Sandler, vice president and chief financial officer of PCI Services, 609-665-9399/
 (MED)


CO: PCI Services, Inc. ST: New Jersey IN: SU: ERN

MJ-JM -- PH028 -- 5914 07/26/93 17:13 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
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