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SPI PHARMACEUTICALS REPORTS THIRD QUARTER RESULTS; EARNINGS UP 37 PERCENT IN U.S., LATIN AMERICA AND WESTERN EUROPE

 COSTA MESA, Calif., Nov. 3 /PRNewswire/ -- SPI Pharmaceuticals, Inc. (AMEX: SPI), today reported net income of $6.9 million, or 36 cents a share, on worldwide sales of $70 million in the third quarter of 1993.
 Third quarter 1993 net income per share increased five-fold over the 6 cents per share recorded in the second quarter of 1993.
 The company said its third quarter results benefited from higher margins in its business in North and Latin America and Western Europe, which accounted for 59 percent of total sales in the quarter. Gross profits of these operations increased to 71 percent in the third quarter compared to 66 percent in the same period last year.
 Pre-tax profit for the quarter, excluding the company's Yugoslav joint venture, ICN Galenika, totaled $8.8 million compared to $6.2 million in last year's third quarter.
 Sales in Mexico benefited from continued strong medical and patient acceptance of the antiviral Virazole, including a recently launched cream for the treatment of herpes zoster and herpes genitalis. Virazole is now the best selling antiviral in Mexico.
 Worldwide sales for the nine months of 1993 were $256 million, with net income totaling $13.7 million, or 73 cents per share. The company's sales, excluding ICN Galenika, increased nine percent in the nine months of 1993, compared to 1992, with strong results in the U.S. and Mexico.
 Pre-tax profit, excluding ICN Galenika, for the nine months of 1993 totaled $18.2 million, compared to $9.6 million in last year's nine months.
 Operations of ICN Galenika broke even in the quarter and reported a nine month net loss of $429,000 in 1993, despite hyperinflation, currency devaluations and the impact of United Nations economic sanctions against the country, demonstrating ICN Galenika management's ability to operate the business under the most adverse conditions. ICN Galenika sales of $29 million compared to sales of $53 million in 1992's third quarter.
 SPI continued to maintain a strong financial position at the end of the quarter, with a long-term debt-to-equity ratio of 13 percent.
 SPI Pharmaceuticals, headquartered in Costa Mesa, Calif., is an operating unit of ICN Pharmaceuticals (NYSE: ICN) and accounts for 82 percent of the pro-forma combined sales of the ICN family of companies. It 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 Third Quarter And Nine Months Ended
 September 30, 1993 And 1992
 (In Thousands Except Per Share)
 Third Quarter Nine Months
 1993 1992 1993 1992
 SALES $70,214 $94,621 $256,272 $366,638
 GROSS PROFIT $41,322 $56,051 $131,427 $204,514
 NET INCOME $ 6,918 $ 9,733 $ 13,745 $ 25,556
 EARNINGS PER
 SHARE $ 0.36 $ 0.51 $ 0.73 $ 1.35
 -0- 11/3/93
 /CONTACT: Jack Sholl of SPI Pharmaceuticals, 714-545-0100, ext. 3013/
 (SPI ICN)


CO: SPI Pharmaceuticals, Inc. ST: California IN: MTC SU: ERN

SH-MP -- NY084 -- 0257 11/03/93 15:37 EST
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Publication:PR Newswire
Date:Nov 3, 1993
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