EATONTOWN, N.J., Aug. 13 /PRNewswire/ -- Roberts Pharmaceutical
Corporation (Nasdaq: RPCX) today reported second quarter and six-month results
for the periods ended June 30, 1996.
Based on continuing operations, the Company reported a 1996 Second Quarter
net loss of $1.8 million or $.09 per share, an improvement of $2.4 million or
approximately $.13 per share compared to a loss of $4.2 million or $.22 per
share in the 1996 First Quarter. For the 1995 Second Quarter, Roberts
reported a net profit from continuing operations of $2.0 million or $.11 per
share.
Roberts also reported a 1996 Second Quarter net profit of $2.2 million or
$.12 per share after including a $4.0 million gain resulting from a
reassessment of expected losses of the previously discontinued VRG subsidiary.
For the comparable 1995 quarter, the Company reported a net loss of $10.6
million or $.57 per share after including the impact of the loss from
operations and disposal of discontinued subsidiaries of $12.7 million.
For the six months ended June 30, 1996, the net loss from continuing
operations was $6.0 million or $.32 per share compared to a net profit of $1.5
million or $.08 per share for the comparable 1995 period. Including the $4.0
million gain from a reassessment of expected losses on the discontinuation of
VRG, the net loss for the six months ended June 30, 1996 was $2.0 million or
$.11 per share. This compares to a net loss for the first six months of 1995
of $11.8 million or $.63 per share after allowing for the impact of the loss
from operations and disposal of the discontinued subsidiaries of $13.4
million.
Total revenues for the quarter ended June 30, 1996 were $26.8 million
compared to $17.2 million in the 1996 First Quarter and $30.4 million for the
quarter ended June 30, 1995. For the six months ended June 30, 1996, total
revenues were $44.0 million compared with $46.5 million for the comparable
1995 period.
In keeping with its previously announced strategy of divesting non-core
minor brands, Roberts is currently in advanced negotiations to sell a number
of such brands. If this sale were to be consummated, the Company would incur
a one-time, non-cash, write-off of goodwill for these brands approximating
$17.0 million, net of anticipated proceeds from the sale of these brands.
Additionally, the Company expects to save approximately $1.0 million per year
in future amortization of goodwill expense. The Company anticipates that it
would conclude this transaction in the Third Quarter 1996.
This release may contain forward-looking statements which reflect
management's current views of future events and operations. These forward-
looking statements are based on assumptions and external factors, including
assumptions relating to regulatory action and competing products. Any changes
in such assumptions or external factors could produce significantly different
results.
ROBERTS PHARMACEUTICAL CORPORATION
Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
1996 1995
Assets:
Cash and marketable securities $19,493 $30,006
Accounts receivable 21,630 26,918
Inventory 19,081 20,785
Other current assets 17,242 16,061
Total current assets 77,446 93,770
Fixed assets, net 15,473 15,681
Other assets 227,921 230,839
Total Assets $320,040 $340,290
Liabilities and shareholders' equity:
Current installments of long
term debt $26,583 $34,809
Accounts payable 14,358 14,737
Other current liabilities 27,688 32,236
Total current liabilities 68,629 81,782
Long term debt, excluding current
installments 11,377 16,183
Other liabilities 6,841 6,858
Shareholders' equity 233,993 235,467
Total liabilities and
shareholders' equity $320,840 $340,290
ROBERTS PHARMACEUTICAL CORPORATION
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
For the six months For the three months
ended June 30, ended June 30,
1996 1995 1996 1995
Sales and Revenue:
Sales $44,007 $46,515 $26,791 $30,353
Other revenue 24 23 12 12
Total revenue 44,031 46,538 26,803 30,365
Cost of sales 22,393 19,105 13,466 13,387
Gross profit 21,638 27,433 13,337 16,978
Operating expenses:
Research and development 1,996 3,600 847 1,566
Marketing and
administration 27,636 20,657 14,966 11,599
Total operating
expenses 29,632 24,257 15,813 13,165
Operating (loss) income (7,994) 3,176 (2,476) 3,813
Interest income 806 981 368 485
Interest expense (1,171) (1,617) (520) (928)
Other income (expense), net (14) (1) 101 (86)
Total other income
(expense) (379) (637) (51) (529)
(Loss) income before
income taxes (8,373) 2,539 (2,527) 3,284
(Benefit) provision for
income taxes (2,407) 990 (773) 1,226
(Loss) income from continuing
operations (5,966) 1,549 (1,754) 2,058
Income (loss) from discontinued
operations 3,969 (13,376) 3,969 (12,691)
Net (loss) income $ (1,997) $ (11,827) $ 2,215 $ (10,633)
Per share of common stock,
primary and fully diluted:
(Loss) income from continuing
operations $ (.32) $ .08 $ (.09) $ .11
Income (loss) from discontinued
operations .21 (.71) .21 (.68)
Net (loss) income $ (.11) $ (.63) $ .12 $ (.57)
Weighted average number of
common shares outstanding,
primary and fully
diluted 18,695,868 18,649,093 18,658,601 18,514,493
SOURCE Roberts Pharmaceutical Corporation
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CONTACT:
Stuart Levine of Roberts Pharmaceutical
Corporation, 908-389-1182
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