$3-Million Loss Reported by ICN Pharmaceuticals
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ICN Pharmaceuticals Inc., the Costa Mesa parent of three public companies, reported a loss of $3 million, or 15 cents a share, for the second quarter, contrasted with net income of $3.2 million, or 21 cents a share, for last year’s second quarter.
Sales fell to $15.7 million from $170.1 million because ICN did not consolidate results from SPI Pharmaceuticals Inc., of which it owns 43%.
SPI, which has major Yugoslav operations, continues to be hurt by economic disintegration, currency devaluation and severe United Nations economic sanctions against Yugoslavia.
The company lost $1.9 million, or 10 cents a share, for the first six months of 1993, contrasted with a profit of $9.8 million, or 66 cents a share, for the 1992 first half. Sales dropped to $32.3 million from $312.5 million.
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