Printer Friendly

PERRIGO COMPANY REPORTS 144-PERCENT INCREASE IN EARNINGS AND CONTINUED STRONG SALES GROWTH

 PERRIGO COMPANY REPORTS 144-PERCENT INCREASE IN EARNINGS
 AND CONTINUED STRONG SALES GROWTH
 ALLEGAN, Mich., May 15 /PRNewswire/ -- The Perrigo Company (NASDAQ-NMS: PRGO) today reported its fiscal year 1992 third-quarter earnings of $8,215,000, a 144-percent increase over year-earlier levels.
 Earnings per share of 21 cents were 91 percent higher than the 11 cents earned in the third quarter of 1991.
 Revenues increased by 65.8 percent to $120,831,000 during the third quarter of fiscal year 1992, including $24,734,000 of Cumberland-Swan revenues, from $72,875,000 during the same period in fiscal year 1991. The increase was primarily attributable to increased sales of analgesics, cough and cold remedies, and oral hygiene products. Analgesic sales increased as a result of strong store-brand sales experienced at the retail level and new products sold to existing customers. Sales of cough and cold remedies increased as a result of increased sales to existing customers resulting from a strong cough and cold season at the retail level. Oral hygiene sales increased as a result of increased sales to existing customers and sales to new customers during the current year.
 The company's revenues increased by 41.7 percent to $300,995,000 during the first nine months ended March 31, 1992, from $212,399,000 during the same period in fiscal year 1991. This increase was primarily attributable to increased sales of analgesics, cough and cold remedies, oral hygiene products, and vitamins. Sales of analgesics increased as a result of strong store-brand sales experienced at the retail level and new products sold to existing customers. Increased sales of cough and cold remedies were a result of its customers' acceptance of the company's first-quarter "early ship" promotional program and increased sales to existing customers caused by a strong cough and cold season at the retail level. Sales of vitamins, the market for which had been substantially unchanged, continue to increase for Perrigo as a result of increased sales to existing customers, sales to new customers and a promotional program held during the first quarter by one of the company's major customers.
 In January 1992, the company completed its acquisition of Cumberland-Swan, Inc. of Smyrna, Tenn., a major manufacturer of personal care products for the store-brand industry. The financial results for Cumberland are included in the company's fiscal 1992 third quarter.
 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 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. The company attributes its leadership position in the store-brand market to its commitment to customer service, its focus on quality, and its emphasis on low-cost production.
 PERRIGO COMPANY AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per-share amounts; unaudited)
 Three Months Ended Nine Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Revenues $120,831 $72,875 $300,995 $212,399
 Cost of products
 sold 86,940 53,123 214,127 154,625
 Gross profit 33,891 19,752 86,868 57,774
 Costs and expenses
 Distribution 3,800 1,420 6,629 3,875
 Research and
 development 854 398 2,543 1,175
 Selling and
 administrative 14,780 9,574 37,327 27,960
 Operating income 14,457 8,360 40,369 24,764
 Interest expense 1,642 2,991 7,330 9,774
 Income before income
 taxes 12,815 5,369 33,039 14,990
 Income taxes 4,600 2,000 12,000 5,600
 Net income $8,215 $3,369 $21,039 $9,390
 Earnings per common
 share:
 Primary $0.21 $0.11 $0.63 $0.31
 Fully diluted $0.21 $0.11 $0.63 $0.31
 Weighted average no. of
 common shares
 outstanding:
 Primary 33,527 30,336 38,571 30,356
 Fully diluted 33,532 30,338 38,581 30,358
 -0- 5/15/92
 /CONTACT: M. James Gunberg of Perrigo Company, 616-673-8451/
 (PRGO) CO: Perrigo Company ST: Michigan IN: MTC SU: ERN


SB-ML -- DE005 -- 0607 05/15/92 09:16 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 15, 1992
Words:736
Previous Article:COREL ANNOUNCES 'CORELDRAW 3.0' -- THE WORLD'S FIRST COMPREHENSIVE GRAPHICS SOLUTION
Next Article:FTC ASKS JOSTENS AND WICAT SYSTEMS FOR ADDITIONAL INFORMATION
Topics:


Related Articles
PERRIGO COMPANY REPORTS 70-PERCENT INCREASE IN EARNINGS AND CONTINUED STRONG SALES GROWTH
/ C O R R E C T I O N -- PERRIGO COMPANY /
PERRIGO COMPANY REPORTS RECORD QUARTER OF SALES AND EARNINGS
PERRIGO COMPANY ANNOUNCES RECORD QUARTER OF SALES AND EARNINGS
PERRIGO COMPANY ANNOUNCES STRONG QUARTER OF SALES, EARNINGS GROWTH AND EXECUTIVE APPOINTMENTS
PERRIGO COMPANY ANNOUNCES RECORD FOURTH-QUARTER AND YEAR-END RESULTS
PERRIGO COMPANY ANNOUNCES RECORD QUARTER OF SALES & EARNINGS
PERRIGO COMPANY ANNOUNCES FIRST QUARTER SALES & EARNINGS
PERRIGO COMPANY ANNOUNCES THIRD QUARTER SALES AND EARNINGS
Perrigo Company Reports Strong Increase in Sales and Earnings For Fourth Quarter and Fiscal 1997

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters