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ROYCE LABORATORIES, INC. ANNOUNCES YEAR-END RESULTS

 MIAMI, March 31 /PRNewswire/ -- Royce Laboratories, Inc. (NASDAQ: RLAB) today announced its results of operations for the year ended Dec. 31, 1992.
 Revenues for the year ended Dec. 31, 1992 were $2,439,344 compared to revenues of $1,991,345 for the year ended Dec. 31, 1991. The company had a net loss of $2,897,668 for the year ended Dec. 31, 1992 as compared to net income of $63,881 for the year ended Dec. 31, 1991. Net income for 1991 included a $345,828 gain on the settlement of debt.
 As previously reported, a large portion of the 1992 loss was selling, general and administrative expenses arising from the aborted launch of Piroxicam, which did not occur as anticipated. In addition, the company incurred substantial expenses as a result of its product recalls of Haloperidol and Minoxidil (the company withdrew its ANDAs for these products during 1992). Further, the company incurred substantial litigation expenses in defense of certain lawsuits.
 Royce Laboratories, Inc. is a manufacturer of off-patent prescription and over-the-counter pharmaceuticals.
 ROYCE LABORATORIES, INC.
 The following financial data has been derived from the financial statements of the company for the years ending Dec. 31, 1992 and 1991:
 Years Ended Dec. 31,
 1992 1991
 Operating Data
 Net sales $2,439,344 $1,991,345
 Gross profit 962,022 882,794
 Expenses related to
 product recalls 569,990 ---
 Selling, general &
 administrative
 expenses 3,168,698 1,007,288
 Research & development
 costs 283,279 195,783
 Interest income
 (expense), net 172,216 29,838
 Income (loss) from
 operations before
 extraordinary items (2,897,668) (278,211)
 Net extraordinary
 items (B) --- 345,828
 Net income (loss) (2,897,668) 67,617
 Dividends on Redeemable
 Preferred Stock (A) --- (3,736)
 Net income (loss)
 applicable to common
 shareholders (2,897,668) 63,881
 Loss from operations
 per share (.10) (.01)
 Extraordinary item
 per share --- .01
 Net income (loss)
 per share (.10) ---
 Weighted average
 number shares
 outstanding 27,963,818 23,692,575
 Dec. 31,
 1992 1991
 Balance Sheet Data
 Total assets $6,657,573 $3,578,328
 Long-term debt 4,064 12,128
 Total liabilities 726,150 666,449
 Redeemable preferred stock --- ---
 Stockholders' equity 5,931,423 2,911,879
 (A) -- The company has never paid cash dividends on its common stock.
 (B) -- Net extraordinary items for the year ended Dec. 31, 1991 include a gross gain on settlement of indebtedness of $345,828, net of the related provision in lieu of income taxes of (131,415) and a realization of net operating loss carryforward of $40,188.
 -0- 3/31/93
 /CONTACT: Patrick J. McEnany, chief executive officer of Royce Laboratories, 305-624-1500/
 (RLAB)


CO: Royce Laboratories, Inc. ST: Florida IN: MTC SU: ERN

AW-JB -- FL004 -- 1650 03/31/93 16:14 EST
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Date:Mar 31, 1993
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