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PHARMACEUTICAL RESOURCES REPORTS SHARPLY HIGHER SALES AND EARNINGS

 SPRING VALLEY, N.Y., Feb. 1 /PRNewswire/ -- Pharmaceutical Resources, Inc. (NYSE, PSE: PRX), today reported substantially higher earnings on a sales increase of over 100 percent for its fiscal first quarter ended Jan. 2, 1993.
 Net sales for the quarter were $23,678,000, more than double the sales of $11,528,000 for the quarter ended Dec. 28, 1991. Net income for the quarter was $4,277,000, or $.27 per share, as compared with $673,000, or $.05 per share, a year earlier. The net income includes the benefit of an extraordinary tax credit of $1,500,000 ($.11 per share) in the current quarter and $250,000 ($.02 per share) in the prior year's quarter. The current quarter's earnings per share of $.16 before the extraordinary credit reflects the effect of the full 1993 fiscal year's dividend on the company's series A convertible preferred stock, which reduced such earnings per share by $.02.
 The company said that approximately 75 percent of the increase in sales was attributable to sales of two products under its recently announced distribution arrangement with Genpharm, Inc., of Ontario. Kenneth I. Sawyer, president of Pharmaceutical Resources, said, "We are extremely pleased with the results of this quarter. Initial sales of the two products covered by the distribution agreement were very strong during the quarter, and we continued to make progress in the sales of our manufactured products. This reflects our customers' confidence in our products and in our ability to provide a high level of customer service. As we go forward, we will strive to implement our vision, looking to both internal and external sources for continued growth." Mr. Sawyer also noted that margins on the products covered by the distribution agreement are not as great as those on products of the company's own manufacture, and that the level of sales of these products achieved during the quarter may not be indicative of the levels of such sales to be achieved during the remainder of the fiscal year.
 Pharmaceutical Resources, Inc., is a manufacturer and marketer of prescription generic drugs through its subsidiaries, Par Pharmaceutical, Inc., and PRX Distributors, Ltd.
 PHARMACEUTICAL RESOURCES, INC.
 First quarter ended 1/2/93 12/28/91(A)
 Net sales $23,678,000 $11,528,000
 Gross profit 8,272,000 4,043,000
 Income before extraordinary credit 2,777,000 423,000
 Extraordinary credit (A) 1,500,000 250,000
 Net income $ 4,277,000 $ 673,000
 Income per common share:
 Before extraordinary credit (B) $.16 $.03
 Extraordinary credit (A) .11 .02
 Net income $.27 $.05
 Average shares and equivalents (B) 13,454,320 14,394,000
 (A) -- Tax benefit of utilization of net operating loss carryforward.
 (B) -- The calculation of this amount reflects, in the quarter ended Jan. 2, 1993, a reduction in earnings applicable to the common stock of approximately $580,000, representing the annual dividend for the 1993 fiscal year on the company's series A convertible preferred stock. Such preferred shares are, therefore, not included in "average shares and equivalents" in the current quarter.
 -0- 2/1/93
 /CONTACT: Richard J. Nadler or Richard J. Strobel of Pharmaceutical Resources, 914-425-7100/
 (PRX)


CO: Pharmaceutical Resources, Inc. ST: New York IN: MTC SU: ERN

GK-OS -- NY079 -- 1414 02/01/93 13:22 EST
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Publication:PR Newswire
Date:Feb 1, 1993
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