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PERRIGO COMPANY ANNOUNCES RECORD FIRST QUARTER OF SALES AND EARNINGS

 ALLEGAN, Mich., Nov. 11 /PRNewswire/ -- The Perrigo Company (NASDAQ-NMS: PRGO) today announced record earnings of $14,649,000 for the first quarter ended Sept. 30, 1993, an increase of 41 percent over last year's first quarter. Earnings per share increased to $.19 in the first quarter up from $.13 in the prior year quarter.
 Net sales for the three months ended Sept. 30, 1993, were $173,136,000, a 21-percent increase over the same period last year. The strong sales performance in analgesics, cough and cold, and mouthwash product categories led the sales growth. Importantly, retailers responded well to Perrigo's early ship cough and cold program and are aggressively merchandising these products.
 Chairman and CEO, Mike Jandernoa reported at today's Shareholders' Meeting, "We are proud our employees achieved another record quarter to begin an exciting year for the Perrigo Company. Through their efforts, we continue to expand our business to meet the growing demand for high- quality store brand products. With our employee empowerment programs, we continue to focus on delivering exceptional value to both consumers and our retail customer. Perrigo's commitment to excellent customer service, quality and product development -- all enhanced by employee training and involvement -- provide a solid foundation for continued growth and success."
 Jandernoa noted, "We are very pleased with the progress of our expansion plans. The growth in the store brand market creates an exciting opportunity to position ourselves for the future by investing our capital in all major operating units -- OTC pharmaceuticals, personal care products, and vitamins. Our new tablet manufacturing facility in Michigan is gearing up for increased production in early 1994. We are making great strides in completing the transition of personal care products to Tennessee. And, in vitamins, consumer demand enables us to expand our capacity in South Carolina."
 Perrigo Company is the nation's largest manufacturer of over-the- counter (non-prescription) pharmaceuticals and personal care products for the store brand market. Store brand products are sold under a retailer's own label and compete with nationally advertised brand name products. The company's customers are major national and regional retail drug, supermarket and mass merchandise chains and major wholesalers. The company's products include over-the-counter pharmaceuticals (such as analgesics, cough and cold remedies, antacids, laxatives, suppositories, feminine hygiene, and diet products), personal care products (such as toothpaste and mouthwash, hair care products, deodorants and antiperspirants, baby care products, and skin care and sun care products) and vitamins.
 PERRIGO COMPANY AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per-share amounts)
 (Unaudited)
 Three Months Ended
 Sept. 30,
 1993 1992
 Net sales $173,136 $142,932
 Cost of sales 122,885 101,481
 Gross profit 50,251 41,451
 Operating expenses:
 Distribution 4,385 5,098
 Research and development 1,421 1,105
 Selling and administrative 20,094 17,972
 Operating income 24,351 17,276
 Interest expense 802 874
 Income before income taxes 23,549 16,402
 Income taxes 8,900 6,000
 Net income $14,649 $10,402
 Earnings per common share $.19 $.13(A)
 Weighted average number of
 common shares outstanding 77,577 77,182(A)
 (A) Reflects a 2-for-1 stock split, effective August 1993.
 PERRIGO COMPANY AND SUBSIDIARIES
 SELECTED BALANCE SHEET DATA
 (In thousands)
 (Unaudited)
 Sept. 30, June 30,
 1993 1993
 Current assets $236,176 $207,808
 Property and equipment, net 186,467 171,270
 Other assets 34,172 34,638
 $456,815 $413,716
 Current liabilities $111,225 $85,893
 Deferred income taxes 18,820 17,600
 Long-term debt 77,022 75,232
 Shareholders' equity 249,748 234,991
 $456,815 $413,716
 -0- 11/11/93
 /CONTACT: Thomas J. Ross, director of investor relations of Perrigo Company, 616-673-9125/
 (PRGO)


CO: Perrigo Company ST: Michigan IN: MTC SU: ERN

KE-JG -- DE002 -- 3121 11/11/93 09:43 EST
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Publication:PR Newswire
Date:Nov 11, 1993
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