Printer Friendly

ROPAK LABORATORIES REPORTS FISCAL YEAR RESULTS OF SEVEN MONTHS ENDED SEPT. 30, 1991

 ROPAK LABORATORIES REPORTS FISCAL YEAR RESULTS
 OF SEVEN MONTHS ENDED SEPT. 30, 1991
 IRVINE, Calif., Feb. 26 /PRNewswire/ -- Ropak Laboratories (NASDAQ: RPKL), which recently reacquired all rights to the sale and marketing of its products from its former distributor, reported audited results of operations for the transition fiscal year of seven months ended Sept. 30, 1991.
 Results of operations include a non-recurring charge of $1,196,000 for the cost of terminating the distribution agreement. An extraordinary charge of $364,000 was also incurred for early retirement of long-term debt in May 1991 from proceeds of an initial public offering. Including these non-cash items, Ropak Laboratories reported a loss of $3,453,000 ($.88 per share) on product revenues of $530,000 for the seven months ended Sept. 30, 1991.
 The company noted that revenues from sales of products and services for the seven months ended Sept. 30, 1991, declined approximately 25 percent compared to the comparable period for the prior year. An immediate sales increase in fiscal 1992 will be realized from saving the price discount of approximately 40 percent previously accorded the distributor. Over the near term, that revenue increase will be absorbed by the cost of increased sales and marketing expenses.
 Ropak Laboratories develops and produces proprietary tests to evaluate potential toxicity to humans posed by a wide variety of chemicals and compounds used in household, consumer and industrial products. The company's methods provide a cost-effective, rapid and consistent in vitro alternative to live animal testing. Tests currently offered to assess product safety include EYTEX for ocular irritation, SKINTEX for dermal toxicity and a recently introduced SOLATEX test to determine potential for photoirritancy.
 ROPAK LABORATORIES FINANCIAL SUMMARY
 Seven months ended
 Sept. 30,
 1991 1990
 (Unaudited)
 Revenues $530,000 $714,000
 Costs and expenses from
 operations 3,701,000 647,000
 Other expense (income) (82,000) 26,000
 Income (loss) before
 extraordinary item (3,089,000) 41,000
 Extraordinary loss on
 early retirement of
 long-term indebtedness (364,000) ---
 Net income (loss) ($3,453,000) $41,000
 Earnings per common share:
 Income (loss) before
 extraordinary item ($.79) $.01
 Extraordinary loss (.09) ---
 Income (loss) per share ($.88) $.01
 Weighted average shares
 outstanding 3,927,265 2,582,925
 -0- 2/26/92
 /CONTACT: William M. Curtis of Ropak Laboratories, 714-752-6611; or Fran Daniels of Financial Sciences of America, 310-278-4413, for Ropak Laboratories/
 (RPKL) CO: Ropak Laboratories ST: California IN: MTC SU: ERN


JL-KJ -- LA010 -- 2614 02/26/92 06:30 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 26, 1992
Words:411
Previous Article:SNO COUNTRY REPORTS OFFICIAL SKI REPORT FOR FEB. 26, 1992
Next Article:/C O R R E C T I O N -- SNO COUNTRY REPORTS/
Topics:


Related Articles
BARR LABORATORIES RELEASES FIRST QUARTER FINANCIAL RESULTS
UNITED-GUARDIAN REPORTS THREE MONTH RESULTS
MERIDIAN DIAGNOSTICS ANNOUNCES RECORD FISCAL 1991 OPERATING RESULTS
ROPAK LABORATORIES ANNOUNCES REPURCHASE AGREEMENT FOR MARKETING RIGHTS SIGNED
HICKOK ELECTRICAL REPORTS RECORD QUARTERLY SALES AND EARNINGS
RINGER ANNOUNCES YEAR END RESULTS
ROPAK LABORATORIES DISTRIBUTION AGREEMENT SIGNED WITH TECNOTESTS IN BRAZIL
PRELIMINARY INJUNCTION AGAINST ROPAK TAKES EFFECT; PERSTORP XYTEC PURSUES ITS PATENT INFRINGEMENT LAWSUIT
ROPAK LABORATORIES REPORTS RESULTS
PERSTORP XYTEC AND ROPAK CORPORATION REACH AGREEMENT IN PATENT SUIT

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