Printer Friendly

ROYCE LABORATORIES ANNOUNCES FIRST QUARTER RESULTS

 ROYCE LABORATORIES ANNOUNCES FIRST QUARTER RESULTS
 MIAMI, May 15 /PRNewswire/ -- Royce Laboratories, Inc.


(NASDAQ: RLAB) today announced its results for the first quarter of 1992. Net revenues for the three months ended March 31, 1992 were $447,029, as compared to net revenues of $252,852 for the three months ended March 31, 1991. The company incurred a net loss from operations (before extraordinary item) of $431,973 for the first quarter of 1992, as compared to a net loss from operations (before extraordinary item) of $125,924 for the first quarter of 1991. The company had an extraordinary gain on settlement of indebtedness of $341,848 for the quarter ended March 31, 1991. After accounting for the extraordinary item, net income was $215,924 for the three months ended March 31, 1991, as compared to a net loss of $431,973 for the three months ended March 31, 1992.
 The major factor which contributed to the company's loss for the first quarter of 1992 was expenses incurred during the quarter relating to the company's efforts to prepare for the launch of Piroxicam. These expenses included significantly higher sales and marketing costs, and the expenses incurred in hiring additional personnel for manufacturing and packaging of this product. In anticipation of the projected launch date, the company had booked substantial orders for Piroxicam, and had manufactured sufficient product to fill these orders.
 In September 1991, the company received a tentative approval of its Abbreviated New Drug Applications ("ANDAs") for Piroxicam and had expected to receive final approval for this drug on April 6, 1992, when market exclusivity expired for Pfizer's Feldene. As previously reported by the company, on April 21, 1992, the FDA advised the company that it would not approve the company's applications for Piroxicam based on the data submitted to date. The company is currently working to remedy outstanding issues relating to its Piroxicam ANDAs.
 The company has focused its present sales and marketing efforts on increasing sales of its other products.
 Royce Laboratories, Inc. is a manufacturer of prescription and over-the-counter generic pharmaceuticals.
 ROYCE LABORATORIES, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 Three Month Ended
 March 31,
 1992 1991 (A)
 Net sales $ 447,029 $252,857
 Cost of products sold 214,926 157,265
 Gross profit 232,103 95,592
 Research and development 8,710 5,020
 Selling, general and
 administrative expenses 716,528 216,086
 Operating loss (493,135) (125,514)
 Other income (expense):
 Interest income 58,724 3,135
 Interest expense (2,055) (3,545)
 Miscellaneous income (expense) 4,492 --
 61,161 (410)
 Loss from operations, before
 income tax benefits and
 extraordinary items (431,973) (125,924)
 Income tax benefit -- 91,227
 Loss before extraordinary items (431,973) (34,697)
 Extraordinary items:
 Gain on settlement
 of indebtedness -- 341,848
 Less: provision in lieu of
 income taxes -- (131,415)
 Net gain on settlement
 of indebtedness -- 210,433
 Realization of net operating
 loss carryforwards -- 40,188
 Net extraordinary items -- 250,621
 Net (loss) income (431,973) 215,924
 Less: dividends on redeemable
 preferred stock -- (3,736)
 Net income (loss) applicable to
 common shareholders $(431,973) $212,188
 Income (loss) per share of
 common stock:
 Income (loss) from operations $(.016) $(.010)
 Extraordinary items -- .027
 Net (loss) income $(.016) $ .017
 Weighted average number of
 shares outstanding 27,480,830 12,740,316
 (A) -- Certain accounts have been reclassified to conform to 1992
 classifications.
 CONSOLIDATED BALANCE SHEETS
 March 31, Dec. 31,
 1992 1991
 (Unaudited)
 Assets
 Current assets:
 Cash and cash equivalents $2,269,210 $125,595
 Certificates of deposit 1,828,132 812,715
 Securities purchased under
 agreements to resell 2,511,906 500,000
 6,609,248 1,438,310
 Accounts receivable (net of
 allowances of $5,879 in 1992
 and 1991, respectively 318,338 667,997
 Inventories 1,511,761 776,315
 Prepaid expenses 64,950 181,657
 Total current assets 8,504,297 3,064,279
 Property and equipment -- net 467,137 482,257
 Other assets 40,976 31,792
 $9,012,410 $3,578,328
 Liabilities and Common Stock and Other Shareholders' Equity
 Current liabilities:
 Accounts payable $ 309,427 $313,287
 Accrued liabilities 94,592 92,651
 Due to Limited Partnership 182,610 200,000
 Current portion of
 notes payable 34,944 48,383
 Total current liabilities 621,573 654,321
 Long-term portion of
 notes payable 10,112 12,128
 Commitments and contingencies
 (Note 10) -- --
 Common stock and other
 shareholders' equity
 (deficit):
 Common stock; $.005 par
 value, 30,000,000 shares
 authorized; 28,076,845 and
 25,693,545 shares issued and
 outstanding in 1992 and 1991,
 respectively 140,383 128,467
 Additional paid-in capital 15,890,311 10,001,408
 Accumulated deficit (7,638,494) (7,206,521)
 Treasury stock (7,500 shares,
 at cost) (11,475) (11,475)
 Total common stock and other
 shareholders' equity 8,380,725 2,911,879
 $9,012,410 $3,578,328
 -0- 5/15/92
 /CONTACT: Patrick J. McEnany, president of Royce Laboratories, Inc., 305-624-1500/
 (RLAB) CO: Royce Laboratories, Inc. ST: Florida IN: MTC SU: ERN


JJ-AW-JB -- FL006 -- 0677 05/15/92 10:59 EDT
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:May 15, 1992
Words:845
Previous Article:FORD ANNOUNCES SERVICE ACTIONS
Next Article:SCHERER ANNOUNCES ZYDIS PRODUCT LAUNCH IN ITALY
Topics:


Related Articles
ROYCE LABORATORIES ANNOUNCES SECOND QUARTER AND SIX MONTH RESULTS
ROYCE LABORATORIES, INC. ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS
ROYCE LABORATORIES, INC. REPORTS FIRST QUARTER RESULTS
ROYCE LABORATORIES, INC. ANNOUNCES SECOND QUARTER AND SIX MONTH RESULTS
ROYCE LABORATORIES, INC. ANNOUNCES FIRST QUARTER RESULTS
ROYCE LABORATORIES, INC. ANNOUNCES SECOND QUARTER AND SIX MONTH RESULTS HIGHLIGHTS OF ANNUAL SHAREHOLDER'S MEETING
ROYCE LABORATORIES, INC. ANNOUNCES FIRST PROFITABLE QUARTER IN COMPANY'S HISTORY
Royce Laboratories, Inc. Announces 1996 Second Quarter And Six Month Revenues Increase of 175%
Royce Laboratories, Inc. Announces 1996 Third Quarter Sales Increased 145%
Royce Laboratories, Inc. Announces 1996 Record Year-End Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters