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WISCONSIN PHARMACAL COMPANY, INC. REPORTS SECOND QUARTER OPERATING RESULTS

 JACKSON, Wis., May 7 /PRNewswire/ -- John A. Wundrock, R.Ph., president and CEO of Wisconsin Pharmacal Company, Inc., reported an increase in revenues for the first six months of 4 percent ($205,938) and a decrease in revenues of 10 percent ($433,958) for the second quarter, with both periods ending March 31, 1993. Prior year second quarter revenues were significantly increased by shipments for initial customer stocking orders of the company's Baitmate Ultimate Bait product which was introduced in the second quarter of fiscal 1992. The company incurred a net loss of $510,086 or $0.13 per share for the second quarter of fiscal 1993 compared to net income of $392,976 or $0.10 per share for the second quarter of fiscal 1992. For the six months ended March 31, 1993, the company reported a net loss of $1,193,727 or $0.31 per share compared to a net loss of $64,435 or $0.02 per share for the same period in the preceding year.
 Wundrock indicated that the principal reason for the second quarter and year-to-date losses was investment in the Reality female condom. Second quarter and year-to-date 1993 results reflect development expense (including $350,000 of minimum royalties for exclusive marketing rights in Mexico) of $640,463 and $994,302, respectively for Reality. This compares to expenditures on Reality of $229,478 and $384,518 for the second quarter and first six months of fiscal 1992. Wundrock indicated that in addition, second quarter 1993 and second quarter 1992 operating results reflect lower expenses of $120,000 and $687,458, respectively which relate to reductions in accruals related to a patent infringement lawsuit on one of the company's fishing products which was settled in 1992. Wundrock indicated that excluding the investment in Reality and the patent accrual adjustments, second quarter fiscal 1993 results reflected income of $10,377 compared to a loss of $65,004 for the second quarter of 1992. March 31, 1993, year-to-date results exclusive of the Reality investment and patent lawsuit accrual adjustments reflected a loss of $319,425 compared to a loss of $367,375 for the six months ended March 31, 1992.
 Wundrock indicated that he is pleased with the placement of the company's summer leisure-time products, including Repel insect repellent, Baitmate fish attractant and Potable Aqua water purification tablets at its retail customer outlets. Leisure time products have traditionally accounted for approximately 80 percent of the company's overall revenues. Given an improvement in weather over the prior year, the company is in a position to generate increased revenues. Wundrock also indicated that the company's new line of hunting products, Backwoods Buck, are scheduled for shipment late in the third and fourth quarter of this fiscal year.
 On April 27, 1993, the company reported it had received an "Approvable Letter" from the U.S. Food and Drug Administration for its Reality Female Condom. This letter signals the FDA's intent to grant the product final marketing approval in the near future. The company is working closely with FDA to secure final approval.
 Wisconsin Pharmacal has license agreements granting it the exclusive rights to market Reality in the U.S., Canada and Mexico. Separately, Wundrock reported that the company and Chartex entered into an agreement wherein the company exchanged its option for a license to market and distribute Reality in Argentina for a reduction in the royalty to Chartex for products sold in the U.S. and Canada.
 WISCONSIN PHARMACAL COMPANY, INC.
 Condensed Consolidated Operating Results
 Periods ended March 31 Three Months Six Months
 1993 1992 1993 1992
 Revenues:
 Product sales $3,798,643 $4,237,175 $5,442,916 $5,169,750
 Royalties 4,574 -- 7,772 75,000
 Net revenues 3,803,217 4,237,175 5,450,688 5,244,750
 Gross profit 1,621,113 1,795,140 2,360,584 2,300,628
 Selling, general
 and administrative 1,377,048 1,596,574 2,223,739 2,274,683
 New product development
 and research and development:
 Reality 290,463 229,478 644,302 384,518
 Other 19,303 119,140 41,396 155,010
 Reality exclusivity
 fee (Mexico) 350,000 -- 350,000 --
 Reduction of accrual
 for patent lawsuit (120,000) (687,458) (120,000) (687,458)
 Total 1,916,814 1,257,734 3,139,437 2,126,753
 Operating income
 (loss) (295,701) 537,406 (778,853) 173,875
 Non-operating
 expense 128,661 56,152 233,456 77,509
 Minority interest 85,724 88,278 181,418 160,801
 Net income (loss) $ (510,086) $ 392,976 $(1,193,727) $ (64,435)
 Weighted average number
 of common and dilutive
 common equivalent shares
 outstanding 3,902,998 3,857,339 3,869,858 3,402,918
 Net income (loss)
 per common and
 dilutive common
 equivalent share $ (0.13) $ 0.10 $ (0.31) $ (0.02)
 Supplemental
 Income (loss) excluding
 reality and patent
 lawsuit accrual
 adjustments $ 10,377 $ (65,004) $ (319,425) $ (367,375)
 -0- 5/7/93
 /CONTACT: John A. Wundrock of Wisconsin Pharmacal Co., 414-677-4121/


CO: Wisconsin Pharmacal Company, Inc. ST: Wisconsin IN: HOU SU: ERN

TM -- NY074 -- 6175 05/07/93 18:16 EDT
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Date:May 7, 1993
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