PCI SERVICES REPORTS SECOND QUARTER RESULTS
PCI SERVICES REPORTS SECOND QUARTER RESULTS PHILADELPHIA, April 14 /PRNewswire/ -- PCI Services, Inc.
(NASDAQ: PCIS), a leading contract packager for the pharmaceutical industry, today reported revenue and record earnings for the second quarter ended March 31, 1992.
Revenue for the quarter was $17,800,000 million compared with 1991 revenue of $18,222,000. Gross profits increased to a record $4,118,000, an increase of 11 percent over 1991 second quarter gross profit of $3,713,000. As a percentage of revenue, gross profit increased from 20 percent in 1991 to 23 percent in 1992. Net income for the quarter increased 243 percent to a record $1,408,000 or $.28 per share based on 5,079,000 shares outstanding in 1992 from $410,000 or $.14 per share based on 2,875,000 shares outstanding in the comparable fiscal 1991 period. On a pro forma basis for 1991, revenue and net income were $17,746,000 and $1,126,000 or $.39 per share, respectively. The pro forma results reflect the elimination of management fees charged by PCI's parent, MEDIQ Incorporated (AMEX: MED), and the elimination of PCI's Virginia operation which were transferred to MEDIQ effective Oct. 1, 1991. For the six months ended March 31, 1992, revenue was $33,037,000 compared to $32,528,000 during the same fiscal 1991 period. Gross profit increased from $6,058,000 in 1991 to $7,116,000 in 1992, an increase of 17 percent and as a percentage of revenue, gross profit increased from 19 percent to 22 percent. Net income increased to $2,093,000 or $.53 per share in 1992, compared with a loss of $70,000 or $.02 per share in 1991. On a pro forma basis, 1991 revenue and net income were $31,487,000 and $1,562,000 or $.54 per share, respectively. Richard A. Sauter, vice chairman and chief executive officer, reported that these revenues and profits are consistent with the company's 1992 business plan and reflect the continued importance of the company in providing services to its expanding customer base, including some of the world's leading pharmaceutical concerns. PCI SERVICES, INC. Operating results (In thousands except per share data) Periods ended Three months Six Months March 31 1992 1991 1992 1991 Revenue $17,800 $18,222 $33,037 $32,528 Gross profit 4,118 3,713 7,116 6,058 Net income 1,408 410 2,093 (70,000) Earnings per share $.28 $.14 $.53 $(.02) Weighted average shares outstanding 5,079,000 2,875,000 3,977,000 2,875,000 /delval/ -0- 4/14/92 /CONTACT: Michael F. Sandler, vp and chief financial officer of PCI Services, 609-665-9399/ (PCIS) CO: PCI Services, Inc. ST: Pennsylvania IN: HEA SU: ERN
JS-KA -- PH036 -- 8300 04/14/92 16:19 EDT
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|Date:||Apr 14, 1992|
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