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WISCONSIN PHARMACAL COMPANY REPORTS RECORD INCREASE IN FOURTH QUARTER AND FISCAL 1991 REVENUE

 WISCONSIN PHARMACAL COMPANY REPORTS RECORD INCREASE
 IN FOURTH QUARTER AND FISCAL 1991 REVENUE
 JACKSON, Wis., Dec. 10 /PRNewswire/ -- John A. Wundrock R.Ph., president and CEO of Wisconsin Pharmacal Company, Inc. (NASDAQ: WPCI), today reported record net revenues for the fiscal year ending Sept. 30, 1991. Revenues totaled $13,350,294, representing an increase of $2,649,624 or 25 percent over the prior fiscal year. Excluding any provision for an unfavorable patent infringement verdict returned against the company, preliminary income increased 661 percent to $519,573 or $0.16 per share in fiscal 1991 compared to $68,275 or $0.03 per share in fiscal 1990. The company is evaluating its options and expects to determine the impact of the patent lawsuit on its fiscal 1991 financial statements within the next 40 days.
 Expenditures (amounts are expensed as incurred) related to REALITY were $415,690 and $238,244 in fiscal 1991 and 1990, respectively. REALITY is a patented barrier device (female condom) designed to help prevent sexually transmitted disease, including AIDS, and unwanted pregnancy. Unlike male condoms, its use is controlled by the female. The company has been developing REALITY for about four years and has the exclusive marketing rights to this product in the United States and Canada.
 An application for Pre-Marketing Approval (PMA) of REALITY was submitted to the Food and Drug Administration (FDA) on Oct. 29, 1991. The company is hopeful that FDA approval will be received within fiscal 1992. The company cannot generate sales relating to this product until FDA approval is received.
 The company's three largest product categories, REPEL Insect Repellent, Baitmate Fish Attractant, and Chlorazene powder used in hydrotherapy units, accounted for 83 percent of the fiscal 1991 revenue growth with 19 percent, 28 percent and 51 percent increases over fiscal 1990, respectively. Chlorazene revenue was positively impacted by the joint venture entered into with Ferno-Washington in fiscal 1991.
 Revenues for the fourth quarter of fiscal 1991 totaled $2,264,294, up $438,624 or 24 percent over the corresponding period of fiscal 1990. Preliminary loss before any provision for the patent infringement lawsuit for the fourth quarter of fiscal 1991 was $59,427 or $0.02 per share compared to a loss of $307,725 or $0.10 per share for the fourth quarter of fiscal 1990. Wundrock indicated that the company's sales are seasonal with a high proportion of sales and earnings occurring in the second and third quarters of each fiscal year.
 The company previously announced that on Oct. 28, 1991, a verdict was returned against Wisconsin Pharmacal in a patent infringement lawsuit in which the plaintiff contended that the company's Baitmate Max product (which accounted for approximately 3 percent of the company's fiscal 1991 revenues) infringed the plaintiff's patent. The verdict was for $1,400,000 and contained a finding of "willfulness" which permits the trial judge, in his discretion, to increase the judgment up to three times, but does not require him to do so. The company has reformulated its Baitmate Max product and does not anticipate that sales will be materially affected by the reformulation. Wundrock stated that the company has submitted motions to the trial judge in which it seeks a new trial as to damages or, alternatively, a reduction of the damage amount. Should the company not prevail with its motions, it intends to appeal to a higher court.
 While the patent litigation represented a setback to the company, Wundrock reported that he is very optimistic about fiscal 1992. "Strong customer relationships have resulted in increased revenues for 1991 and have established a base for continued growth. Expanded laboratory and production facilities and additions of key people in sales, marketing and finance support our efforts to meet this growth opportunity. The new additions to our seasoned management team provide additional resources to meet the challenges ahead, including the acceptable resolution of the patent infringement suit and FDA approval and successful lunch of REALITY."
 WISCONSIN PHARMACAL COMPANY, INC.
 Condensed Consolidated Preliminary Operation Results(A)
 Periods ended Quarter Fiscal year
 Sept. 30: 1991 1990 1991 1990
 Revenues:
 Product Sales $2,189,294 $1,750,670 $13,050,294 $10,400,670
 Royalties 75,000 75,000 300,000 300,000
 Total 2,264,294 1,825,670 13,350,294 10,700,670
 Preliminary income
 (loss) before
 extraord. charge (59,427) (57,725) 519,573 318,275
 Preliminary income
 (loss) (59,427) (307,725) 519,573 68,275
 Weighted average
 number of common
 equivalent shares
 outstanding 3,416,876 3,019,926 3,302,939 2,254,106
 Per share:
 Preliminary income
 (loss) before
 extraord. charge ($0.02) ($0.02) $0.16 $0.14
 Preliminary
 income (loss) (0.02) (0.10) 0.16 0.03
 NOTE: Included above as
 a charge are the
 following amounts of
 research and new
 product development
 expenditures related
 to REALITY $20,795 $134,194 $415,690 $238,244
 (A) -- Does not include any provision for an unfavorable patent infringement verdict returned against the company
 -0- 12/10/91
 /CONTACT: John A. Wundrock, president and CEO of Wisconsin Pharmacal, 414-677-4121/
 (WPCI) CO: Wisconsin Pharmacal Company Inc. ST: Wisconsin IN: MTC SU: ERN


TS -- NY011 -- 0873 12/10/91 09:21 EST
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Date:Dec 10, 1991
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