Newport Pharmaceuticals International Inc.: The Newport Beach-based...

Newport Pharmaceuticals International Inc.: The Newport Beach-based diversified health care company lost $793,000 for the third quarter, compared with a loss of $1.6 million a year earlier. Revenue increased 20%, to $8.8 million from $7.3 million. For the first nine months of the year, the company lost $511,000, contrasted with a year-ago loss of $2.8 million. Revenue rose 20%, to $27.8 million from $23.2 million. The company said the revenue increase is attributable to continued growth of its subsidiary, America’s Pharmacy Inc., a mail-service prescription drug pharmacy. The reduction in losses from the comparable periods of 1988 reflects a reduction in research and development expenditures and an extraordinary gain that resulted from the company’s repurchase of a portion of its 10% senior secured convertible notes in open market transactions.