Sales Upswing Improves Year-End Report for SPI
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SPI Pharmaceuticals, the drug manufacturing and distributing subsidiary of ICN Pharmaceuticals, posted net income of $8 million for its fiscal 1986, compared with a loss of $10 million a year earlier.
Sales for the Costa Mesa company’s fiscal year ended Nov. 30 totaled $61 million, up 36% from $45 million a year earlier.
SPI reported fourth-quarter net earnings of $2.8 million, in contrast with a loss of $12.9 million for the same period last year.
Revenue in the fourth quarter rose to $22 million, a jump of 90% over last year’s fourth-quarter revenue of $11.7 million.
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