Lee Pharmaceuticals Announces Second Quarter Results
LOS ANGELES, May 15 /PRNewswire/ -- Lee Pharmaceuticals
(OTC Bulletin Board symbol: LPHM) reported results for the second quarter
ended March 31, 2000. The Company reported a net profit of $10,000 for the
three months ended March 31, 2000, as compared to a $124,000 profit or
3 cents per share for the three months ended March 31, 1999. Gross revenues
for the three months ended March 31, 2000, were $2,726,000, an increase of
approximately $90,000 or 3% from the comparable three months ended March 31,
1999. The increase in gross revenues was due to the new volume generated from
newly acquired brands, namely Cope(R), Astring-o-Sol(R), Lady Esther(R), and
Take-Off(R) plus an increase in the Lee(R) Lip-Ex(TM) line of products. These
increases were partially offset by the lower sales revenues generated from the
depilatory category, several over-the-counter items and the nail extender
category of products.
Net revenues decreased approximately $43,000 or 2% for the three months
ended March 31, 2000, as compared to the three months ended March 31, 1999.
The Company's sales returns increased approximately $133,000 or 100% when
comparing fiscal years 2000 and 1999, due to the discontinuance of one of the
Company's SKU's (stock keeping unit) at the retail store level, and the recall
of a distributed item manufactured by one of the Company's co-packers.
Gross revenues for the six months ended March 31, 2000, were $5,263,000,
an increase of approximately $494,000 or 10% from the comparable six months
ended March 31, 1999. The increase in gross revenues was due to the sales
revenues generated from the newly acquired brands named above plus an increase
in the Lee(R) Lip-Ex(TM) line of products.
Net revenues for the six months ended March 31, 2000 were $4,761,000, an
increase of $289,000 from the comparable six months ended March 31, 1999. The
sales returns were higher ($459,000 in fiscal 2000 versus $260,000 in fiscal
1999) than expected. The reasons for the higher sales return volume was the
same as stated above.
A comparison of the operating results is as follows:
Three Months Ended Six Months Ended
March 31 March 31
(000 omitted) (000 omitted)
2000 1999 2000 1999
Gross revenues $2,726 $2,636 $5,263 $4,769
Net revenues $2,439 $2,482 $4,761 $4,472
Net income (loss) before
extraordinary item $ 10 $ 124 $ 28 $ (17)
Extraordinary loss related to
Casmalia Disposal Site
cleanup $ -- $ -- $ -- $ (374)
Net income (loss) $ 10 $ 124 $ 28 $ (391)
Per share:
Net income (loss) per share
before extraordinary loss $ .00 $ .03 $ .01 $ .00
Extraordinary loss $ .00 $ .00 $ .00 $ (.09)
Net income (loss) $ .00 $ .03 $ .01 $ (.09) |
