(PR NEWSWIRE) DJ: IVAX Announces 1998 First Quarter Results
DJ: IVAX Announces 1998 First Quarter Results
MIAMI, May 4 /PRNewswire/ -- IVAX Corporation (Amex: IVX) today reported its
financial results for the quarter ended March 31, 1998. Net loss per share
for the 1998 first quarter was $.03, compared to a net loss per share of
$.07 in the 1997 first quarter. Net loss for the 1998 first quarter was
$3.9 million, compared to a net loss of $7.9 in the 1997 first quarter. Net
revenues for the 1998 first quarter were $149.1 million, compared to $166.9
million in the 1997 first quarter. Gross profit for the 1998 first quarter
was $49.9 million, compared to $48.9 million in the 1997 first quarter.
"As a result of our restructuring and cost reduction programs, a streamlined
product portfolio, and more efficient manufacturing and distribution, we
have significantly improved our profit margins and lowered our selling,
general and administrative costs. I am gratified by the hard work,
dedication and sacrifice of our employees that made these results possible,"
said David R. Bethune, IVAX President and Chief Operating Officer. "Further
improvement to our operating efficiencies and customer service is an ongoing
process, and we continue to look for additional new sources of revenue for
our generic and proprietary drug businesses."
IVAX Corporation, headquartered in Miami Florida, is a holding company with
core subsidiaries engaged in the research, development, manufacture and
marketing of generic and branded pharmaceuticals.
Except for the historical matters contained herein, statements in this press
release are forward looking and are made pursuant to the safe harbor
provisions of the Securities Litigation Reform Act of 1995. Investors are
cautioned that forward looking statements involve risks and uncertainties
which may affect the company's business and prospects, including economic,
competitive, governmental, technological and other factors discussed in
IVAX's filings with the Securities and Exchange Commission.
Results of Operations Three Months
Period Ended March 31, 1998 1997
(In thousands, except per share data)
Net revenues $149,055 $166,898
Cost of sales 99,204 118,028
Gross profit 49,851 48,870
Selling, general
and administrative 39,374 48,669
Research and development 13,749 11,931
Amortization 916 983
Restructuring costs 696 ---
Merger expenses --- 2,095
Total operating expenses 54,735 63,678
Loss from operations (4,884) (14,808)
Total other income, net 4,303 2,093
Loss from continuing
operations before income
taxes and minority interest (581) (12,715)
Provision (benefit)
for income taxes 2,630 (3,095)
Loss from continuing
operations before
minority interest (3,211) (9,620)
Minority interest (681) (1,472)
Loss from continuing
operations (3,892) (11,092)
Income from discontinued
operations --- 3,153
NET LOSS $(3,892) $(7,939)
BASIC LOSS PER SHARE:
Continuing operations $(0.03) $(0.09)
Discontinued operations --- 0.02
Net loss $(0.03) $(0.07)
AVERAGE SHARES OUTSTANDING: 120,979 121,479
Condensed Balance Sheets March 31, December 31,
(In thousands) 1998 1997
Assets
Current assets, excluding
discontinued operations $432,400 $472,884
Net assets of discontinued
operations 36,010 37,820
Property, plant and
equipment, net 193,777 193,741
Other assets 90,856 86,291
Total assets $753,043 $790,736
Liabilities and
Shareholders' Equity
Current portion of
long-term debt $1,100 $7,858
Other current liabilities 209,235 226,108
Long-term debt 94,109 94,193
Other long-term liabilities 11,873 12,600
Minority interest 16,116 14,938
Shareholders' equity 420,610 435,039
Total liabilities and
shareholders' equity $753,043 $790,736
/CONTACT: Thomas E. Beier, Senior Vice President, Finance and Chief
Financial Officer, 305-575-6563; Robert Jaffe, Director, Corporate
Communications, 305-575-6041, both of IVAX Corporation/
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