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SPI PHARMACEUTICALS DECLARES FOURTH QUARTER STOCK DIVIDEND EQUIVALENT TO 20 CENTS A SHARE

 COSTA MESA, Calif., Jan. 13 /PRNewswire/ -- Following a review of the company's preliminary results and financial position for 1992, the board of directors of SPI Pharmaceuticals Inc. (AMEX: SPI) declared a 20 cents a share dividend that is payable in common stock and applicable to the fourth quarter of 1992. The stock dividend is in addition to the cash dividend that was already paid in the fourth quarter.
 SPI said the 2 percent stock dividend represents .02 shares for each share held, or two shares for every 100, and is equal to approximately 20 cents per each share of stock. Combined with the cash dividend in the fourth quarter, the stock dividend brings SPI's annual dividend for 1992 to $1.06 a share for the year on a cash equivalent basis. The stock dividend will be payable Feb. 5, 1993, to shareholders of record Jan. 25, 1993, based on SPI's closing price on the American Stock Exchange on Jan. 12.
 The board, noting that the company's dividend policy had been left open to review pending developments in Yugoslavia, expressed confidence in the company's preliminary fourth quarter results and balance sheet. It said the results of this review led the board to restore the 1992 dividend to $1.06 a share for 1992 as was its original intent. The board said it expected that sales for 1992 would exceed $470 million, a 29 percent increase over the $364 million in 1991.
 On Dec. 4, the board declared a fourth quarter dividend of 6 1/4 cents. The cash dividend was paid Dec. 31 to shareholders of record Dec. 15.
 The board said it would continue to review the company's dividend policy with a view toward the company's long-term prospects. It said future dividends could be paid in cash or stock or a combination of both.
 SPI Pharmaceuticals, headquartered in Costa Mesa, manufactures, markets and distributes 600 prescription and non-prescription pharmaceuticals in more than 60 countries, including North and Latin America, Western and Eastern Europe and the Far East.
 -0- 1/13/93
 /CONTACT: Paul Knopick of SPI Pharmaceuticals, 714-545-0100, ext. 2465/
 (SPI)


CO: SPI Pharmaceuticals Inc. ST: California IN: MTC SU: DIV

JL -- LA015 -- 4450 01/13/93 13:35 EST
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Publication:PR Newswire
Date:Jan 13, 1993
Words:370
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