Pharmaceuticals Firm Posts Loss
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Laguna Hills-based Newport Pharmaceuticals International Inc. lost $2.2 million in the second quarter, contrasted with net income of $15,000 for the comparable 1989 quarter. Revenue rose 54%, to $14.5 million from $9.4 million.
The company attributed the loss to a $1.3-million charge from the exchange of 10% senior secured convertible notes for common stock and legal expenses related to a class-action suit pending against the company.
For the first half, the company lost $2.6 million, contrasted with net income of $282,000 for the comparable period in 1989. Revenue was up 47%, to $27.9 million from $19 million.
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