PCI SERVICES REPORTS THIRD QUARTER RESULTS
PCI SERVICES REPORTS THIRD QUARTER RESULTS PHILADELPHIA, July 22 /PRNewswire/ -- PCI Services, Inc.
(NASDAQ: PCIS) a leading contract packager for the pharmaceutical industry today reported record revenue and record earnings for the third quarter ended June 30, 1992.
Revenue for the first quarter was $21,029,000 compared with 1991 revenue of $19,041,000. Gross profit increased to a record $5,066,000 an increase of 36 percent over 1991 third quarter gross profit of $3,725,000. As a percentage of revenue, gross profit increased from 20 percent in 1991 to 24 percent in 1992. Net income for the quarter increased 219 percent to a record $1,611,000 or $.26 per share based on 6,181,000 average shares outstanding, in 1992 from $505,000 or $.17 per share based on 2,875,000 shares outstanding, in the comparable fiscal 1991 period. For the nine months ended June 30, 1992, revenue was $54,066,000 compared to $51,569,000 during the same fiscal 1991 period. Gross profit increased from $9,783,000 in 1991 to $12,182,000 in 1992, an increase of 25 percent and as a percentage of revenue, gross profit increased from 19 percent to 23 percent. Net income increased to $3,704,000 or $.79 per share, in 1992 compared with net income of $435,000 or $.15 per share, in 1991. 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. In 1991, when PCI was wholly owned by MEDIQ Incorporated (NYSE: MED) operating results included PCI of Virginia and management fees charged to PCI by MEDIQ. Excluding the management fees and PCI of Virginia, which was transferred to MEDIQ effective Oct. 1, 1991, on a pro forma basis, revenue and net income for the three months ended June 30, 1991, were $18,536,000 and $1,133,000 or $.40 per share, respectively and for the nine months ended June 30, 1991, revenue and net income were $50,023,000 and $2,695,000 or $.94 per share, respectively. PCI SERVICES, INC. Operating Results Periods ended Three months Nine Months June 30 1992 1991 1992 1991 Revenue $21,029,000 $19,041,000 $54,066,000 $51,569,000 Gross Profit $ 5,066,000 $ 3,725,000 $12,182,000 $ 9,783,000 Net Income $ 1,611,000 $ 505,000 $ 3,704,000 $ 435,000 Earnings per share $.26 $.17 $.79 $.15 Weighted Average shares outstanding 6,181,000 2,875,000 4,712,000 2,875,000 /delval/ -0- 7/22/92 /CONTACT: Michael F. Sandler, vp and chief financial officer of PCI Services, 609-665-9399/ (PCIS MED) CO: PCI Services, Inc.; MEDIQ Incorporated ST: Pennsylvania IN: HEA SU: ERN
MJ-MP -- PH032 -- 1991 07/22/92 13:58 EDT
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|Date:||Jul 22, 1992|
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