Newport Pharmaceuticals Posts First Profitable Year in 15-Year History

Newport Pharmaceuticals International Inc. posted a fourth-quarter profit and the first profitable year in its 15-year history. The company’s only drug, Isoprinosine, is being tested on a limited basis for the treatment of acquired immune deficiency syndrome, or AIDS.

For the year ended April 30, the Newport Beach company reported net income of $647,000, compared with a loss of $1.9 million in fiscal 1984. Revenues rose about 19% to $10.5 million from $8.7 million in fiscal 1984.

Net income for the quarter was $79,000, compared with a loss of $434,000 for the fourth quarter of 1984. Total revenue increased slightly to $2.5 million from $2.4 million for the same period a year ago.

“Sales have increased and expenses have decreased,” said company spokeswoman Luana Kruse, adding that total expenses dropped 9% from $10.7 million in 1984 to $9.7 million in 1985.