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Bradley Pharmaceuticals Reports Strong First
Quarter Sales & Earnings; Earnings Increase 38% in
the Quarter
FAIRFIELD, N.J., April 28 /PRNewswire/ -- BRADLEY PHARMACEUTICALS, INC. (Nasdaq: BPRX - news) today
announced earnings of $556,000 or $0.07 per share (diluted) for the First Quarter ended March 31, 1999. This compares with
$404,000 or $0.04 (diluted) for the corresponding period last year, an earnings increase of approximately 38%, resulting in an
earnings per share increase of approximately 75%. Net sales for First Quarter 1999 were $5.1 million compared with $4.2
million for the same period last year, an increase of 21%.
The Company's operating units, Doak Dermatologics and Kenwood Therapeutics, both contributed to increased sales and
earnings. First Quarter 1999 showed a strong increase in the sales of Doak Dermatologics' Carmol® family of urea-based
therapies as well as Acid Mantle® skin acidifier and, exceeding expectations, the contribution from Kenwood Therapeutics'
Brontex® potent cough suppressant.
Chairman and Chief Executive Officer, Daniel Glassman, stated: ''With renewed focus on the Company's core physician
relationships and increased investment in key brands, we are realizing net market share gains through targeted marketing and
sales activities. In addition, we are actively pursuing comparative clinical research data to enhance the competitive marketing of
certain products. With these results, the progress we have made in field force expansion to a presence exceeding 80-strong and
the major asset-based and acquisition line of credit financing recently completed with LaSalle Business Credit, Inc., Bradley is
gathering strength to reach milestones as an emerging specialty pharmaceutical company.''
The First Quarter conference call is tomorrow at 8:30 a.m. (ET), please dial 1-800-340-5809 after 8:20 a.m. to participate.
BRADLEY PHARMACEUTICALS, INC. markets brandname products, over-the-counter pharmaceuticals and
health-related products throughout the United States as well as in 27 international markets. Bradley Common A Shares
(BPRX) are traded on the NASDAQ National Market System.
Please visit Bradley Pharmaceuticals' website at www.bradpharm.com.
This release may contain forward-looking statements that reflect management's current views of future events and operations.
These forward-looking statements are based on assumptions and external factors, including assumptions relating to regulatory
action, capital requirements and competing products. Any changes in such assumptions are external factors and could produce
significantly different results.
BRADLEY PHARMACEUTICALS, INC.
Condensed Consolidated
Statements of Operations
Unaudited
Three Months Ended
March 31,
1999 1998
Net sales $5,128,470 $4,241,281
Cost of sales 1,309,227 1,314,797
3,819,243 2,926,484
Selling, general and
administrative expenses 2,538,184 1,970,327
Depreciation and amortization 323,006 273,434
Interest expense - net 74,728 42,167
2,935,918 2,285,928
Income before
income taxes 883,325 640,556
Income tax 327,000 237,000
Net income $556,325 $403,556
Net income
per common share
Basic $0.07 $0.05
Diluted $0.07 $0.04
Weighted average number
of common shares
Basic 8,120,000 8,466,000
Diluted 8,192,000 9,316,000 |
