SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
________________
Date of Report (Date of earliest event reported):
May 8, 1995
A.L. PHARMA INC.
(Exact name of registrant as specified in its charter)
Delaware I-8593 22-2095212
________ ______ __________
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
One Executive Drive, Fort Lee, New Jersey 0702
___________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(201) 947-7774
Not Applicable
________________________________________________
(Former name or former address, if changed since
last report)
Item 5. Other Events
On May 8, 1995, the registrant issued the Press Release
attached as an Exhibit to this report.
Item 7. Financial Statements and Exhibits
(c) Exhibits
28. Press Release Dated May 8, 1995
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, the Registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly
authorized.
A.L. Pharma Inc.
_________________
Registrant
By: /s/ Jeffrey E. Smith
___________________________
Jeffrey E. Smith
Vice President, Finance and
Chief Financial Officer
Dated: May 22, 1995
A.L. PHARMA REPORTS FIRST QUARTER EARNINGS
FORT LEE, N.J., May 8, 1995 -- A.L. Pharma Inc. (NYSE:ALO)
today reported that for its first quarter ended March 31, 1995,
revenue increased 17% to $126,080,000 compared with $107,380,000
in 1994. Operating income increased 41% to $12,785,000 from
$9,053,000 in 1994; and net income for the current quarter was
$3,925,000 versus $3,551,000 a year ago. Per share earnings on a
fully diluted basis were $.18 in 1995 versus $.16 on a restated
basis in 1994.
Results for the first quarter of 1994 have been restated in
a manner similar to a pooling of interests to reflect the October
3, 1994 combination of the human pharmaceutical and animal health
businesses of Apothekernes Laboratorium A.S (A.L. Oslo) with the
Company. The first quarter 1994 restated results include the
benefit of the earnings of A.L. Oslo, however, the restated
results do not reflect the interest expense on both the cash
consideration paid and expenses incurred in connection with the
combination. Had this interest been included, earnings for the
first quarter of 1994 would have been $.14 per share. In
evaluating first quarter 1995 results of $.18 per share (which
include interest for all combination related items), the Company
believes that 1994 restated results, including the combination
related interest or $.14 per share, should be used for
comparison.
The Company regards first quarter 1995 results as
particularly satisfactory because they were achieved despite an
unusually mild flu season which impacted the results of the U.S.
Pharmaceuticals Division; weakness in the mid-western U.S. swine
industry serviced by the Animal Health Division; and a shifting
of vaccinating practices in the salmon farming industry to the
second half of the year which affected the Aquatic Animal Health
Division. The Company believes that these items may have some
impact on second and third quarter results.
A.L. Pharma is a multinational pharmaceutical company
developing, manufacturing and marketing specialty generic and
proprietary human pharmaceuticals and animal health products.
A.L. Pharma resulted from the combination of the human
pharmaceutical and animal health businesses of Apothekernes
Laboratorium A.S of Oslo, Norway with A. L. Laboratories, Inc. on
October 3, 1994.
TABLES TO FOLLOW
A.L. PHARMA INC.
Consolidated Statement of Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,____
1995 1994(a)
Total revenue $126,080 $107,380
Cost of sales 73,411 62,150
Gross profit 52,669 45,230
Selling, general and
administrative expenses 39,884 36,177
Operating income 12,785 9,053
Interest expense (5,570) (3,500)
Other, net (802) 165
Income before provision
for income taxes 6,413 5,718
Provision for income taxes 2,488 2,167
Net income $ 3,925 $ 3,551
Average common shares
outstanding:
Primary 21,606 21,548
Fully diluted 21,869 21,581
Earnings per common share:
Primary $ .18 $ .16
Fully diluted $ .18 $ .16
Dividends per common share $ .045 $ .045
(a) Restated to reflect combination with A.L. Oslo
accounted for as a pooling of interests.
A.L. PHARMA INC.
Financial Position
(In thousands)
March 31, December 31,
1995 1994
(unaudited) (audited)
Current assets $243,181 $250,499
Non-current assets 352,501 341,819
Total assets $595,682 $592,318
Current liabilities $139,739 $154,650
Long-term debt 223,895 220,036
Deferred taxes and other
liabilities 38,019 36,344
Stockholders' equity 194,029 181,288
Total liabilities and
stockholders' equity $595,682 $592,318
