SPI Dividend Raised: Costa Mesa-based SPI Pharmaceuticals...

SPI Dividend Raised: Costa Mesa-based SPI Pharmaceuticals on Monday announced an increase in its regular 2.25-cents quarterly cash dividend to 25 cents a share. The move will largely benefit SPI’s parent firm, ICN Pharmaceuticals, the holding company that owns 83% of the drug-marketing subsidiary. SPI also will increase the stock holdings of each of its shareholders by 10%, which will further boost the amount of quarterly cash dividends they receive. The company said it increased the dividend “in light of the company’s strong five-year earnings performance and future outlook.” The company posted net earnings of $15 million in 1990, up 15% from $12.9 million in 1989, and is planning to acquire Galenika Pharmaceuticals, Yugoslavia’s largest drug manufacturer.