Lee Pharmaceuticals Announces Third Quarter Results
LOS ANGELES, Aug. 5 /PRNewswire/ -- Lee Pharmaceuticals (OTC Bulletin Board: LPHM) reported a net loss of $595,000 (or 14 cents per share) for the quarter ended June 30, 1998, as compared to a nominal profit of $10,000 for the quarter ended June 30, 1997. Contributing to the current quarter loss were two accruals aggregating $201,000 relating to estimated environmental remediation costs. The accruals of $201,000 represents 4 cents loss per share of the Company's total quarterly loss per share of 14 cents. The Company reported a net loss for the current nine month period of $859,000 (or 20 cents per share) compared with a net loss of $12,000 for the same period of a year ago. During the quarter ended June 30, 1998, gross revenues decreased approximately $249,000 or 10% from $2,415,000 to $2,166,000 for the comparable three month period ended June 30, 1997. The decline in gross revenues was due to the decline in volume generated from the depilatories, nail products, oral rinse powder, and the 28 items (acquired in October 1996) which includes ointments, nutritional supplements, vitamins, analgesics and various over-the-counter brands. On the other hand, the above decreases in sales volume were partially offset by increases in sales volume of Lee(R) Lip-Ex(TM) lip balm plus the added sales of the newly acquired Klutch(R) and Painalay(R) brands. Net revenues decreased approximately $288,000 or 13% for the three months ended June 30, 1998, as compared to the three months ended June 30, 1997. The change in net revenues was due to the same explanation of the decrease in gross revenues discussed above.
Gross and net revenues increased when comparing the nine months ended June 30, 1998, versus June 30, 1997. The increase in gross and net revenues was due to the volume generated from the recently acquired brands such as Klutch(R) and Painalay(R), plus the in-house product Lee(R) Lip-Ex(TM), and the depilatory category. The above increased sales volume was partially offset by reduced sales revenues of the nail category products. |
