News after the close. Guess PHFR(e) is going to lose the "e" with these positive financials. Millions in Revenue and Profitable too. Nice turn-around from last year.
DD
pfiotc.com
Pharmaceutical Formulations, Inc. Announced Third Quarter Sales and Profit Results
EDISON, N.J., Jun 15, 2000 /PRNewswire via COMTEX/ -- Pharmaceutical
Formulations, Inc. ("PFI" or "the Company") (OTC Bulletin Board: PHFR) announced
today that sales for the third quarter of fiscal 2000 which ended April 1, 2000,
were $20,205,000 as compared to $22,249,000 in the comparable period of fiscal
1999. The decrease of $2,044,000 is mainly due to the discontinuation of sales
to several small customers and reduced orders from other customers. Sales for
the first nine months of fiscal 2000 increased 1.6 % to $67,246,000 from
$66,205,000 for the first nine months of fiscal 1999.
In the third quarter of fiscal 2000, pre-tax income was $233,000. This compares
to a pre-tax loss of $2,010,000 in the comparable fiscal 1999 period. Net income
in the third quarter of fiscal 2000 was $156,000 or $.01 per share compared to a
loss of $1,348,000 or $.05 per share in the third quarter of fiscal 1999. For
the nine months ended April 1, 2000, pre-tax income was $967,000 compared to a
loss of $9,911,000 for the same period in 1999. Net income for the first nine
months of fiscal 2000 was $640,000 or $.02 per share compared to a loss of
$6,680,000 or $.23 per share for the first nine months of fiscal 1999.
Net cash provided from operations was $6,316,000 for the nine months ended April
1, 2000. This compares to net cash used in operations for the first nine months
of fiscal 1999 of $6,009,000.
PFI is the second largest solid dosage over-the-counter generic pharmaceutical
manufacturer in the country, offering more than 90 different types of generic
over-the-counter products in tablet, caplet and capsule form (including
analgesics, cough-cold preparations, sinus/allergy, and gastrointestinal relief
products). In addition, PFI sells and markets a line of antifungal aerosols and
liquid cough-cold products through its joint venture. PFI also manufactures
products for national brand pharmaceutical companies.
ICC Industries Inc., the holder of approximately 20 million shares (67%) of the
common stock of PFI, is a major international manufacturer and marketer of
chemical, plastic and pharmaceutical products with 1999 sales in excess of $1
billion.
Three Months Three Months Nine Months Nine Months
Ended 4/1/00 Ended 3/31/99 Ended 4/1/00 Ended 3/31/99
Gross Sales $20,205,000 $22,249,000 $67,246,000 $66,205,000
Pre-Tax Income (Loss) 233,000 (2,010,000) 967,000 (9,911,000)
Net Income (Loss) 156,000 (1,348,000) 640,000 (6,680,000)
Earnings/Loss Per Share .01 (.05) .02 (.23)
Shares Outstanding 30,253,000 30,253,000 30,253,000 30,253,000
This press release may contain forward-looking information and should be read in
conjunction with the Company's Form 10-K and quarterly and periodic reports on
Forms 10-Q and 8-K as filed with the Securities and Exchange Commission.
SOURCE Pharmaceutical Formulations, Inc.
CONTACT: Susan Baer of Pharmaceutical Formulations, Inc.,
732-732-985-7100
(PHFR)
www.prnewswire.com
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