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PHARMACEUTICAL FORMULATIONS, INC. (FORMERLY PHARMACONTROL CORP.) ANNOUNCES FIRST QUARTER PROFITS

 EDISON, N.J., Oct. 25 /PRNewswire/ -- Pharmaceutical Formulations, Inc. ("PFI") (OTC Pink Sheets: PHFR), announced today that revenues for the first quarter of fiscal 1994 ended Sept. 30, 1993, were $13,646,000 with pre-tax income of $774,000 (after-tax, $574,000) compared to sales of $9,621,000 and pre-tax (and after-tax) income of $500,000 for the same period in the prior fiscal year. Profits from operations during the quarter were $1,676,000 compared to $1,113,000 for the first quarter of the prior fiscal year representing a $563,000 (51 percent) improvement.
 The increase in revenues of $4,025,000 (42 percent) over the first quarter of the previous fiscal year resulted from the continuous growth of all three major sales areas of the company. These included private label to various drug and food chains and mass merchandisers and bulk pharmaceuticals to repackers and distributors. There was a continuing increase in the area of contract manufacturing of name brand OTC products for major pharmaceutical companies.
 Dr. Max A. Tesler, president of Pharmaceutical Formulations, Inc. and its wholly-owned subsidiary, Private Formulations, Inc. (collectively "PFI"), stated that "PFI is servicing the growing needs of the value-conscious consumer in the healthcare arena where self- medication has become a significant factor in cost containment. The current trend in healthcare reform should continue to allow PFI to maximize its market share of the evolving OTC marketplace in conjunction with changing consumer attitudes in a dynamic retail environment."
 PFI is primarily engaged in the manufacture and distribution of more than 80 different types of generic over-the-counter solid dosage pharmaceutical products in tablet, caplet and capsule form (including analgesics, antacids, cough-cold preparations, antihistamines and laxatives), which are sold under its customers' store-brand labels or in bulk form to repackers and distributors.
 ICC Industries Inc., holder of approximately 16 million shares (64 percent) of Pharmaceutical Formulations, is a major international manufacturer and marketer of chemical, plastic, and pharmaceutical products with 1992 sales of $615 million.
 -0- 10/25/93
 /CONTACT: Lyne Ricciardelli, shareholder relations, 201-567-9004/
 (PHFR)


CO: Pharmaceutical Formulations, Inc. ST: New Jersey IN: MTC SU: ERN

GK-LM -- NY055 -- 6290 10/25/93 11:53 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
Words:363
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