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ROYCE LABORATORIES, INC. ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS

ROYCE LABORATORIES, INC. ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS
 MIAMI, Nov. 10 /PRNewswire/ -- Royce Laboratories, Inc. (NASDAQ: RLAB) today announced that net sales for the quarter ended Sept. 30, 1992 were $778,502, compared to net sales of $593,405 for the third quarter of 1991. The company had a net loss of $397,578 for the third quarter of 1992, compared to last year's third quarter net profit of $2,108.
 For the nine months ended Sept. 30, 1992 net sales were $1,791,236 vs. net sales of $1,249,519 in the comparable 1991 period. The net loss for the nine months ended Sept. 30, 1992 was $2,010,170, compared to net income of $112,068 for the first nine months of 1991. The net income for the first nine months of 1991 included an extraordinary gain of $345,828 on the settlement of debt.
 Approximately one-half of the third quarter loss is attributable to product recall expenses, FDA legal, FDA consulting and litigation expenses.
 As of Sept. 30, 1992 the company had cash of $4,018,452, working capital in excess of $6 million, no significant long term debt, and stockholders' equity of $6.8 million.
 Royce Laboratories, Inc. is a manufacturer of off-patent prescription and over-the-counter pharmaceuticals.
 ROYCE LABORATORIES, INC.
 STATEMENTS OF OPERATIONS (UNAUDITED)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Net sales $778,502 $593,405 $1,791,236 $1,249,519
 Cost of products
 sold 403,135 260,475 981,327 619,527
 Gross profit 375,367 332,930 809,909 629,992
 Expenses related
 to products
 recalled 56,425 --- 479,124 ---
 Research and
 development 52,959 18,111 178,249 41,254
 Selling, general
 and administrative
 expenses 699,947 319,394 2,302,670 837,296
 Operating loss (433,964) (4,575) (2,150,134) (248,558)
 Other income
 (expense):
 Interest income 37,757 11,715 148,212 28,163
 Interest expense (1,365) (4,321) (4,208) (10,928)
 Miscellaneous
 income (expense) (6) 1,299 (4,040) 1,299
 Total 36,386 8,693 139,964 18,534
 Income (loss) from
 operations, before
 income tax
 benefits and
 extraordinary
 items (397,578) 4,118 (2,010,170) (230,024)
 Income tax
 benefit --- --- --- 87,409
 Income (loss)
 before
 extraordinary
 items (397,578) 4,118 (2,010,170) (142,615)
 Extraordinary
 items:
 Gain on
 settlement of
 indebtedness --- (2,010) --- 345,828
 Less: provision
 in lieu of
 income taxes --- --- --- (131,415)
 Net gain on
 settlement of
 indebtedness --- (2,010) --- 214,413
 Realization of
 net operating
 loss
 carryforwards --- --- --- 44,006
 Net extraordinary
 item --- (2,010) --- 258,419
 Net income
 (loss) (397,578) 2,108 (2,010,170) 115,804
 Less: dividends
 on redeemable
 preferred stock --- --- --- (3,736)
 Net income (loss)
 applicable to
 common
 shareholders $(397,578) $ 2,108 $(2,010,170) $112,068
 Earnings (loss)
 per share of
 common stock:
 Net loss from
 operations $(.014) $ --- $(.072) $(.01)
 Extraordinary
 item --- --- --- .02
 Net income
 (loss) $(.014) $ --- $(.072) $ .01
 Weighted average
 number of
 shares
 outstanding 28,078,466 23,099,164 27,839,363 19,858,449
 -0- 11/10/92
 /CONTACT: Patrick J. McEnany, president of Royce Laboratories, Inc., 305-624-1500/
 (RLAB) CO: Royce Laboratories, Inc. ST: Florida IN: MTC SU: ERN


AW-JJ -- FL010 -- 9371 11/10/92 14:57 EST
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Date:Nov 10, 1992
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