SPI Pharmaceuticals Posts Record 2nd-Period Profits

Bolstered by a continuing sales surge for its pharmaceutical products, SPI Pharmaceuticals Inc. set a new record for second-quarter earnings with a near-tripling of net income.

The Costa Mesa drug manufacturer and distributor, a subsidiary of ICN Pharmaceuticals Inc., also of Costa Mesa, posted net income of $1.35 million for the period ended May 31, compared to net income of $493,000 during the same 1984 period. Second-quarter sales jumped 91%, to $11.86 million from $6.21 million.

SPI also reported a six-month earnings jump of 116%, with net income rising to $2.07 million from $958,000 during the first half of 1984.

Sales for the first six months were up 114%, to $22.42 million from $10.46 million.

Bower Industries Posts Loss Despite Strong Sales

Bower Industries Inc. said it lost $2.3 million in 1984, compared with a profit of $15,000 in 1983. Sales for 1984 quadrupled to $36 million from $9 million the prior year due primarily to its acquisition of seven subsidiaries of Metalclad Products Corp. in October, 1983.

The Costa Mesa company attributed the loss to increased overhead from expansion into new markets and a slowing of activity in the insulation contracting and supply business.