Viratek Posts Drop in Annual Profit to $1.8 Million in ’92

Viratek Inc., a Costa Mesa pharmaceutical company, reported a profit of $1.8 million, or 13 cents a share, for 1992. That compared to earnings of $3.6 million, or 25 cents a share, for the previous 12 months. Annual revenue was up 20% to $5.4 million from $4.5 million. The company said the decline in income reflected increased research and development spending. For the fourth quarter, the company lost $402,000, or 3 cents a share, contrasted with a profit of $1.6 million, or 11 cents a share, for the corresponding 1991 period. Three-month revenue was down 33% to $1.2 million from $1.8 million.