SPI Announces 15% Distribution to Stockholders

SPI Pharmaceuticals Inc. on Monday said it plans to increase its number of shares by 15% and distribute the additional shares to its stockholders.

The moves are intended to make the company’s stock easier to buy and sell, said Jack Sholl, a company spokesman.

In addition to a 10% stock distribution in March, the company said it will provide a 15% distribution on Aug. 5 to shareholders of record as of July 25. Holders of 100 shares, for example, would receive an additional 15 shares.

The two stock distributions together amount to about a 26% stock split, Sholl said. The company will have 15.8 million shares outstanding after the August distribution.

Last week, the Costa Mesa drug manufacturer reported second-quarter earnings of $5.7 million--up 43% over the previous year--and sales of $54.6 million, up 71%.

SPI stock closed at $21.25 a share Monday on the American Stock Exchange, near its 52-week high of $22.625.

SPI, a subsidiary of Costa Mesa-based ICN Pharmaceuticals Inc., attributed its record performance to a merger with a Yugoslav pharmaceuticals firm, ICN Galenika of Belgrade.