ICN Pharmaceuticals Reports Earnings Rise

ICN Pharmaceuticals Inc. of Costa Mesa said Thursday that it earned $1.6 million for the second quarter of its fiscal year, up 28% from its year-ago net income of $1.2 million.

Revenues for the quarter ended May 31 were $22.7 million, up 45% from the year-ago figure of $15.7 million. For the first half of the fiscal year, ICN earned $3.6 million, compared to the $2.6 million recorded during the first half of fiscal 1985. Sales totaled $47.9 million for the first six months, contrasted with the year-ago figure of $29.7 million.

SPI Pharmaceuticals Inc., ICN’s affiliate, which also released its second-quarter report Thursday, posted net earnings of $2.2 million for the second quarter ended May 31, compared to $1.3 million a year ago. Revenues during the quarter for SPI, also based in Costa Mesa, were $12.2 million, compared to $11.9 million in the year-ago period.

For the first six months of the fiscal year, SPI earned $4.4 million, more than double the year-ago figure of $2.1 million. Revenues for the first half of the year were $27.8 million, compared to $22.4 million a year ago.