Printer Friendly

PHARMAKINETICS LABORATORIES, INC., ANNOUNCES THIRD QUARTER EARNINGS

 BALTIMORE, May 13 /PRNewswire/ -- PharmaKinetics Laboratories, Inc. (OTC Bulletin Board: PKLB), today reported revenue of $1,914,531 and $6,107,269 for the three and nine month periods ended March 31, 1993, respectively, compared to consolidated revenue of $3,963,178 and $10,751,302 for the comparable periods in the prior year. The three and nine month periods ended March 31, 1992, included operating activity for the company's German subsidiary which was sold effective March 31, 1992. Revenues recognized from United States operations increased 24 percent to $1,914,531 and 42 percent to $6,107,269 for the three and nine month periods ending March 31, 1993, respectively, compared to $1,545,489 and $4,290,395 for the comparable periods of the prior year.
 The company reported net earnings of $145,071, or 1 cent per share, and $284,609, or 3 cents per share, for the three and nine month periods ended March 31, 1993, respectively. This compared to net income of $4,331,219, or 40 cents per share, and $3,169,247, or 30 cents per share, for the comparable periods of the prior year, which included the realization of a net gain on the sale of assets of $4,712,100.
 Commenting on the report, V. Brewster Jones, president and chief executive offer, said, "We are pleased to add a fifth consecutive quarter of profitability to our turnaround record and are especially pleased with the improvement in gross margins."
 The company also announced the execution of its Amended Plan of Reorganization under which it has emerged form Chapter 11 bankruptcy. The plan was approved in the Bankruptcy Court for the District of Maryland on April 1, 1993, and was made effective on May 10, 1993. The company is in the process of making distributions in accordance with the Plan.
 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 Nine Months Ended March 31, 1993, and 1992
 Three Months Nine Months
 Ended March 31, Ended March 31,
 1993 1992 1993 1992
 Total Revenue $1,914,531 $3,963,178 $6,107,269 $10,751,302
 Earnings before
 reorganization items
 and income taxes $ 107,612 $4,367,850 $ 185,439 $ 3,333,093
 Reorganization Items:
 Provision for leases $ -- $ -- $ -- $ 150,000
 Interest income $ 25,329 $ 13,369 $ 87,040 $ 36,154
 Net Earnings $ 145,071 $4,331,219 $ 284,609 $ 3,169,247
 Net Earnings
 per share $ 0.01 $ 0.40 $ 0.03 $ 0.30
 Weighted Average
 Shares Outstanding 11,005,835 10,901,440 10,892,275 10,645,522
 -0- 5/13/93
 /CONTACT: Taryn L. Kunkel, CPA, vice president and chief financial officer, PharmaKinetics, 410-385-4500/
 (PKLB)


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

TW -- DC016 -- 8191 05/13/93 14:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 13, 1993
Words:488
Previous Article:INTEGON CORPORATION DECLARES DIVIDEND, AUTHORIZES SECURITIES REPURCHASE PROGRAM
Next Article:KELSEY-HAYES WINS FIRST NORTH AMERICAN PASSENGER CAR ABS CONTRACT WORTH $60 MILLION ANNUALLY
Topics:


Related Articles
PHARMAKINETICS LABORATORIES ANNOUNCES SECOND QUARTER EARNINGS
PHARMAKINETICS LABORATORIES, INC., ANNOUNCES THIRD QUARTER EARNINGS
PHARMAKINETICS LABORATORIES, INC., REPORTS FISCAL 1992 RESULTS
PHARMAKINETICS LABORATORIES, INC., RELEASES FIRST QUARTER RESULTS
PHARMAKINETICS LABORATORIES, INC. ANNOUNCES FISCAL 1994 RESULTS
PHARMAKINETICS LABORATORIES, INC. ANNOUNCES FIRST QUARTER EARNINGS
PHARMAKINETICS LABORATORIES, INC. ANNOUNCES FIRST QUARTER EARNINGS
PHARMAKINETICS LABORATORIES, INC. ANNOUNCES RESULTS OF THIRD QUARTER
PharmaKinetics Laboratories, Inc. Announces Fiscal 1996 Results

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