Medicis Pharmaceutical (MRX)

[Investorman]

Medicis Pharmaceutical 1Q Profit Rises
Tuesday November 8, 6:28 pm ET
Medicis Pharmaceutical First-Quarter Earnings Jump to $12.5 Million; Sales Fall 6 Percent


SCOTTSDALE, Ariz. (AP) -- Medicis Pharmaceutical Corp., a seller of prescription skin medicines, said Tuesday that profit jumped in its fiscal first quarter from a charge-heavy quarter a year ago. Sales slid 6 percent.

The company's shares declined 86 cents, or 2.8 percent to $30 in recent after-hours trading.

For the three months ended Sept. 30, the company earned $12.5 million, or 20 cents per share, up from $1 million, or 2 cents per share, a year ago. However, the year-ago results were depressed by a charge of $19.4 million for research charges and related professional fees.

Excluding this and other non-operating items, the company said it would have earned 28 cents per share in the latest quarter, down from 30 cents per share in the 2004 quarter.

Revenue fell 6 percent to $83.3 million from $88.8 million as higher product sales were unable to offset a decline in contract revenue.

Analysts surveyed by Thomson Financial expected profit of 27 cents per share on sales of $85 million.