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WATSON PHARMACEUTICALS ANNOUNCES RECORD THIRD QUARTER AND NINE MONTH RESULTS

 CORONA, Calif., Oct. 13 /PRNewswire/ -- Watson Pharmaceuticals (NASDAQ: WATS) today reported record results for the third quarter ended Sept. 30, 1993. Revenue for the period was $18,034,176, a 141 percent increase over revenue of $7,473,254 in the year-earlier period. Net income for the quarter also jumped dramatically to $3,254,392, or $0.19 per share, from $685,072, or $0.05 per share in the comparable 1992 quarter. Weighted average shares outstanding were 16,933,349, versus 13,896,401 in last year's third quarter.
 Revenue for the nine months ended Sept. 30, 1993, increased approximately 115 percent to $49,101,230, from $22,795,452 in the similar 1992 period. Net income for the nine months rose over 400 percent to $8,619,183, or $0.53 per share, from $1,705,357, or $0.12 per share for the same period last year. Weighted average shares outstanding for the nine months were 16,263,301, versus 13,749,296 for the nine months ended Sept. 30, 1992.
 "During the quarter, Watson received ANDA approvals from the Food and Drug Administration for Triamterene 37.5 mg/Hydrochlorothiazide 25 mg. tablet, three dosage strengths of Carbidopa-Levodopa tablet and four dosage strengths of Estropipate tablet. We look forward to launching these products in 1994," said Dr. Allen Chao, president and chief executive officer.
 Watson Pharmaceuticals manufactures and distributes off-patent pharmaceuticals and is developing advanced drug delivery systems designed to enhance the therapeutic benefits of pharmaceutical compounds.
 WATSON PHARMACEUTICALS INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF INCOME
 (In Thousands, Except Share Data)
 (Unaudited)
 Nine months Three months
 ended ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues $ 49,101 $ 22,795 $18,034 $ 7,473
 Cost of Revenues 23,738 13,521 8,887 4,195
 Gross Profit 25,363 9,274 9,147 3,278
 Costs and Expenses
 Research and
 development 6,972 3,647 2,280 1,268
 Selling, general
 and administrative 4,022 2,558 1,424 788
 Total 10,994 6,205 3,704 2,056
 Operating income 14,369 3,069 5,443 1,222
 Interest and other
 income 384 24 172 2
 Interest expense (239) (302) (42) (108)
 Total 145 (278) 130 (106)
 Income before
 provision for
 income taxes 14,514 2,791 5,573 1,116
 Provision for
 income taxes 5,895 1,086 2,319 431
 Net Income $ 8,619 $1,705 $ 3,254 $ 685
 Per Share Data
 Earnings per common
 and common
 equivalent share $ 0.53 $ 0.12 $ 0.19 $0.05
 Weighted average
 number of common
 and common
 equivalent shares
 outstanding 16,263,301 13,749,296 16,933,349 13,896,401
 WATSON PHARMACEUTICALS INC.
 Condensed Consolidated Balance Sheets
 (In Thousands)
 (Unaudited)
 Sept. 30, Dec. 31
 1993 1992
 Assets
 Current Assets $ 45,124 $ 15,983
 Property & Equipment, net 21,812 13,968
 Other Assets 1,110 1,263
 Total $ 68,046 $ 31,214
 Liabilities & Stockholders Equity
 Current Liabilities $ 9,874 $ 7,655
 Long-term Liabilities 2,981 3,800
 Stockholders Equity 55,191 19,759
 Total $ 68,046 $ 31,214
 -0- 10/13/93
 /CONTACT: Al Hummel, chief financial officer of Watson Pharmaceuticals, 909-270-1400; or Doug Sherk or Stu Brunet, 415-296-7383, or Lisa Carlton or Jill Moskowitz, 212-850-5600, all of Morgen-Walke & Associates for Watson Pharmaceuticals/
 (WATS)


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

PK-TM -- SF004 -- 1433 10/13/93 06:30 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
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