Lee Pharmaceuticals Announces Second Quarter Results
LOS ANGELES, May 15 /PRNewswire/ -- Lee Pharmaceuticals (OTC Bulletin Board: LPHM) reported a net loss of $273,000 (or 6 cents per share) for the quarter ended March 31, 1998, as compared to a net loss of $5,000 for the quarter ended March 31, 1997. The Company reported a net loss for the current six month period of $264,000 (or 6 cents per share) compared with a net loss of $22,000 for the same period of a year ago. During the quarter ended March 31, 1998, gross revenues declined approximately $238,000 or 10% from $2,453,000 to $2,215,000 for the comparable three months period ended March 31, 1997. The decrease in gross revenues was due to the decline in volume generated from the nail products and the 28 items including ointments, nutritional supplements, vitamins, analgesics, and various over- the-counter brands which were acquired in October 1996. On the other hand, the above decreases in sales volume were partially offsest by increases in sales revenues in the depilatory category plus the added sales of the newly acquired Klutch(R) brand and newly launched in-house product Lee(R) Lip-Ex(TM) lip balm. Net revenues decreased approximately $289,000 or 13% for the three months ended March 31, 1998, as compared to the three months ended March 31, 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 six months period ended March 31, 1998, versus March 31, 1997. The increase in gross and net revenues, was due to the volume generated from the recently acquired brand Aquafilter(R), newly acquired brand Klutch(R), and the depilatory category. The above increased sales volume was partially offset by reduced sales revenues of the nail category products. |
