SPI Earnings Climb 26% on Record Sales

SPI Pharmaceuticals said Monday that its earnings rose 26% last year on record revenue of $124 million.

The Costa Mesa-based maker of prescription and non-prescription pharmaceuticals said net income for its fiscal 1989 year ended Nov. 31 was $12.9 million, compared to $10.2 million the previous year.

Revenue was up 7% to $124 million, compared to $116 million a year ago.

SPI attributed the gains to increased international sales, particularly in Mexico and Central America. For instance, the company said it had experienced an increased demand in Mexico for the injectable multivitamin Bedoyecta, which is used to treat people with a deficiency of Vitamin B complex. Sales of Bedoyecta, which is not sold in the United States, were up 59% in 1989 to $11.4 million. Two antibiotics--Anapenil and Alivin--also saw an increase in sales in Mexico.

For the fourth quarter, SPI’s earnings were up 3.4% to $3.7 million, compared to $3.6 million in the corresponding period a year earlier. Revenue fell slightly to $35 million, from $36.1 million.

SPI’s stock was up 37.5 cents per share Monday to close at $8.875.

About 89% of SPI’s stock is owned by ICN Pharmaceuticals, a Costa Mesa-based drug company. SPI employs 1,638 people worldwide.