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PHARMAKINETICS LABORATORIES, INC., RELEASES FIRST QUARTER RESULTS

PHARMAKINETICS LABORATORIES, INC., RELEASES FIRST QUARTER RESULTS
 BALTIMORE, Nov. 18 /PRNewswire/ -- PharmaKinetics Laboratories, Inc. (NASDAQ: PKLBQ), today reported revenue of $3,485,482 for the quarter ended Sept. 30, 1991, which represents a 22-percent decrease from the period one year earlier. The company incurred a net loss for the quarter of $529,158 or 5 cents per share. This compares to a net loss of $768,778 or 8 cents per share for the same period one year ago.
 The decline in revenue in biopharmaceutics testing is attributable principally to two factors: the disruption of operations of the company's principal clients by ongoing regulatory pressures; and the company's Chapter 11 proceedings which commenced in November 1990.
 During the preparation of a plan of reorganization under Chapter 11, the company has been operating under cash collateral agreements with its primary creditor. The company is currently negotiating with its primary creditor and expects soon to enter into a third agreement for the use of funds through May 15, 1992, under terms similar to the prior agreements.
 PharmaKinetics Laboratories, Inc., is a leading drug development company providing services to pharmaceutical and biotechnology firms seeking new drug approvals in the United States and Europe.
 PharmaKinetics Laboratories, Inc.
 Financial Highlights
 (Unaudited)
 For the first quarter ended Sept. 30, 1991 1990
 Revenue $ 3,485,482 $ 4,466,577
 (Loss) before certain non-operating
 expenses and income taxes $ (520,264) $ (762,728)
 Provision for income taxes $ 8,894 $ 6,050
 Net (loss) $ (529,158) $ (768,778)
 Net (loss) per share $ (.05) $ (.08)
 Weighted average shares outstanding 10,303,400 10,085,314
 -0- 11/18/91
 /CONTACT: Taryn L. Kunkel, vice president and chief financial officer, PharmaKinetics Laboratories, Inc., 301-385-4500/
 (PKLBQ) CO: PharmaKinetics Laboratories, Inc. ST: Maryland IN: MTC SU: ERN MH-DC -- DC029 -- 4611 11/18/91 16:26 EST
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Publication:PR Newswire
Date:Nov 18, 1991
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