Friday July 31, 10:24 am Eastern Time
Company Press Release
SOURCE: IVX BioScience, Inc.
IVX BioScience Announces 1998 Second Quarter Results
MIAMI, July 31 /PRNewswire/ -- IVAX Corporation, doing business as IVX BioScience, Inc. (Amex: IVX - news) today
reported its financial results for the quarter ended June 30, 1998. Net income per share for the 1998 second quarter was $.03,
compared to a net loss per share of $.39 in the 1997 second quarter. Net income for the 1998 second quarter was $3.3
million, compared to a net loss of $47.5 million in the 1997 second quarter. Net revenues for the 1998 second quarter were
$158.7 million, compared to $173.8 million in the 1997 second quarter. Gross profit for the 1998 second quarter was $60.2
million, compared to $45.7 million in the 1997 second quarter.
For the first six months of 1998 the company was approximately breakeven on a per share basis, compared to net loss per
share of $.46 for the same period in 1997. Net loss for the first half of 1998 was $.6 million, compared to net loss of $55.5
million for the first half of 1997. Net revenues for the first six months of 1998 were $307.7 million, compared to $340.7 million
for the same period in 1997. Gross profit for the 1998 first half was $110.0 million, compared to $94.6 million in the first half of
1997. The 1997 second quarter results include a one-time $20.5 million restructuring charge.
''I am very pleased that the restructuring we implemented to reduce costs and improve efficiencies is being manifested in
positive earnings for IVX BioScience. I am particularly gratified by not only a second consecutive quarter of profits from
operations at Zenith Goldline, our U.S. generic drug subsidiary, but also the growth in profits from the first to the second
quarter. Our other major business units, located in the United Kingdom and the Czech Republic, were profitable as well,'' said
Phillip Frost, IVX BioScience Chairman and Chief Executive Officer. ''Separately, we and our investment bankers continue to
move forward with the previously announced strategic evaluation of our various businesses.''
IVX BioScience, Inc., 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, and certain economic,
competitive, governmental, technological and other factors discussed in IVAX's filings with the Securities and Exchange
Commission. |
