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PHARMAKINETICS LABORATORIES, INC., ANNOUNCES SECOND QUARTER EARNINGS

 BALTIMORE, Feb. 1 /PRNewswire/ -- PharmaKinetics Laboratories, Inc. (NASDAQ-NMS: PKLBQ), today reported consolidated revenue of $2,289,528 and $4,192,739 for the three- and six-month periods ended Dec. 31, 1992, respectively, compared to consolidated revenue of $3,309,500 and $6,798,752 for the comparable periods in the prior year. The three- and six-month periods ended Dec. 31, 1991 included operating activity for the company's German subsidiary which was sold effective March 31, 1992. Revenues recognized from United States operations increased 71 percent to $2,289,528 and 53 percent to $4,192,739 for the three-and six-month periods ending Dec. 31, 1992, respectively, compared to $1,341,402 and $2,744,906 for the comparable periods of the prior year. The company reported net earnings of $73,603 or 1 cent per share and $139,538 or 1 cent per share for the three- and six-month periods ended Dec. 31, 1992, respectively. This compared to net losses of $646,653 or 6 cents per share and $1,174,482 or 11 cents per share for the comparable periods one year ago.
 On Dec. 4, 1992, the company filed its Amended Plan of Reorganization in the U.S. Bankruptcy Court for the District of Maryland. The Amended Plan superseded the earlier Plan of Reorganization filed on Oct. 23, 1992. The company's Amended Plan reflects an agreement reached previously with the company's primary secured creditor, Maryland National Bank, regarding the debt obligations of the company to the bank. The Amended Plan also reflects an agreement reached with the official committee representing the unsecured creditors regarding the treatment of their claims. The company's Disclosure Statement to the Amended Plan, filed on Jan. 13, 1993, is pending approval of the bankruptcy court.
 The company participated with the University of Maryland's School of Pharmacy in making application to the Maryland Industrial Partnerships (MIPS) program for acceptance of a joint project with the University of Maryland's Engineering Research Center titled "Bioanalytical Development and Validation." The application was approved and will become effective March 1, 1993. The award extends for one year and provides funding of $51,000 for the development and validation of three specific assay methods for use by PharmaKinetics in its laboratory. The specific goals of the MIPS program are to promote the commercialization of advanced technology through university/industry partnerships and to strengthen the economy of the state of Maryland.
 PharmaKinetics Laboratories, Inc., is a leading drug development company providing services to pharmaceutical firms seeking new drug approvals in the United States and Canada.
 PHARMAKINETICS LABORATORIES, INC.
 Financial Highlights
 (Unaudited)
 For the Three and Six Months Ended Dec. 31, 1992, and 1991
 Three Months Six Months
 Ended Dec. 31, Ended Dec. 31,
 1992 1991 1992 1991
 Total Revenue $2,289,528 $3,309,500 $4,192,739 $6,798,752
 Earnings (loss)
 before
 reorganization
 items and (benefit
 of) income taxes 44,192 (512,296) 77,827 (1,047,267)
 Reorganization Items
 Provision for leases -- 150,000 -- 150,000
 Interest income 29,411 6,140 61,711 22,785
 Net Earnings (loss) 73,603 (646,653) 139,538 (1,174,482)
 Net Earnings (loss)
 per share $.01 $(.06) $.01 $(.11)
 Weighted Average
 Shares Outstanding 10,948,524 10,357,921 10,836,776 10,333,005
 -0- 2/1/93
 /CONTACT: Taryn L. Kunkel, CPA, vice president and chief financial officer, PharmaKinetics Laboratories, 410-385-4500/
 (PKLB)


CO: PharmaKinetics Laboratories, Inc. ST: Maryland IN: MTC SU: ERN

DC -- DC021 -- 1457 02/01/93 14:28 EST
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Date:Feb 1, 1993
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