SPI Pharmaceuticals Inc.: The Costa Mesa-based maker...

SPI Pharmaceuticals Inc.: The Costa Mesa-based maker of prescription and non-prescription pharmaceuticals reported that net income for the third quarter increased 21%, to $2.8 million from $2.3 million for the comparable quarter last year. Sales for the quarter ended Aug. 31 rose slightly, to $29 million from $28.7 million. The company said sales and net income were the highest of any third quarter in the company’s history. According to SPI, net income benefited from an improved gross profit margin, as well as strong performance in its international operations, especially in Mexico. For the first nine months, net income rose 38%, to $9.2 million from $6.7 million for the comparable 1988 period. Sales increased 11%, to $88.9 million from $79.8 million.