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SPI PHARMACEUTICALS REPORTS FIRST QUARTER SALES AND NET INCOME

 COSTA MESA, Calif., May 12 /PRNewswire/ -- SPI Pharmaceuticals Inc. (AMEX: SPI) today reported first quarter 1993 worldwide sales of $120 million and net income of $5.7 million, or 31 cents per share.
 SPI said solid gains by its U.S. and Latin American subsidiaries, as well as other international business units, contributed significantly to the quarter, helping to offset declining results of the company's Yugoslav joint venture, which has been impacted by expanded United Nations sanctions, devaluation of the dinar and hyperinflation.
 In the United States, sales of the company's dermatological line, including treatments for psoriasis and other skin diseases, was up 82 percent.
 Sales were up 25 percent for SPI's subsidiary in Mexico, reflecting strong medical demand, resulting from new indications there for the antiviral Virazole, including a new cream formulation for herpes genitalis and herpes zoster.
 The company's export business from the United States also showed strong first quarter gains because of establishment of new markets worldwide.
 Sales by ICN Galenika, SPI's Yugoslav joint venture, totaled $80 million in the first quarter of 1993 compared to $84 million in the same period last year.
 Net income for the first quarter of 1992 was $7.7 million, or 43 cents per share, on sales of $121 million.
 SPI Pharmaceuticals, headquartered in Costa Mesa, manufactures, markets and distributes 600 prescription and nonprescription pharmaceuticals in more than 60 countries, including North and Latin America, Western and Eastern Europe, and the Far East.
 SPI PHARMACEUTICALS INC.
 Summary Financial Information
 For the First Quarter March 31, 1993 and 1992
 (In thousands, except per share amounts)
 First Quarter
 1993 1992
 Sales $119,636 $121,106
 Net income $5,736 $7,691
 Earnings per share $0.31 $0.43
 Average shares 18,714 18,035
 -0- 5/12/93
 /CONTACT: Paul Knopick of SPI Pharmaceuticals, 714-545-0100, ext. 2465/
 (SPI)


CO: SPI Pharmaceuticals ST: California IN: MTC SU: ERN

EH -- LA020 -- 7631 05/12/93 13:42 EDT
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Publication:PR Newswire
Date:May 12, 1993
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