Lee Pharmaceuticals Announces Second Quarter Results
LOS ANGELES, May 13 /PRNewswire/ -- Lee Pharmaceuticals (OTC Bulletin Board: LPHM - news) reported results for the second quarter ended March 31, 1999. The Company reported a net profit of $124,000 or 3 cents per share for the three months ended March 31, 1999, as compared to a $273,000 loss or 6 cents per share for the three months ended March 31, 1998. Gross revenues for the three months ended March 31, 1999, were $2,636,000, an increase of approximately $421,000 or 19% from the comparable three months ended March 31, 1998. The increase in gross revenues was due to the new volume generated from newly acquired brands such as: EVAC-U-GEN®, Cheracol®, Comhist® and Entuss® as well as other over-the-counter items. The Company also had increases in other brands, namely: Aquafilter®, Lee® Lip-Ex(TM) and other over-the-counter items. These increases were partially offset by a reduction in gross revenues of the nail extender category.
Net revenues increased approximately $482,000 or 24% for the three months ended March 31, 1999, as compared to the three months ended March 31, 1998. The change in net revenues was due to the same explanations as above. The Company's sales returns decreased approximately $64,000 or 32% when comparing fiscal years 1999 and 1998.
Gross revenues for the six months ended March 31, 1999, were $4,769,000, a decrease of approximately $82,000 or 2% from the comparable six months ended March 31, 1998. The decrease in gross revenues was due to the decline in volume generated from the depilatory category, Aquafilter®, and the nail extender category products. The decreased sales volume was partially offset by the sales revenues generated from the newly acquired brands such as: EVAC-U-GEN®, Cheracol®, Comhist®, and Entuss® as well as other new over-the-counter items.
Net revenues for the six months ended March 31, 1999 were $4,472,000, an increase of $19,000 from the comparable six months ended March 31, 1998. The sales returns were lower ($97,000 or 27%) during the six months period ended March 31, 1999, versus March 31, 1998. This was the result of lower returns of the nail extender products, depilatory category and several over-the-counter brands. |
