SPI Reports 83% Increase Over Last Year’s Earnings

SPI Pharmaceuticals of Costa Mesa posted fiscal third-quarter earnings of $1.6 million, an 83% rise from the $857,000 reported in the same period last year. Revenues for the quarter ended Aug. 31 increased 79% to $20.4 million from $11.4 million.

Earnings for the nine-month period increased 42% to $7.4 million, from the $5.2 million posted in the same period last year. Revenues were $52.5%, up 34% from $39.2 million.

SPI stock closed Thursday at $14.50 per share in over-the-counter trading, up $1.50 from Wednesday’s close. SPI manufactures and distributes pharmaceutical products and related services, primarily in the North America and Europe. It is a subsidiary of ICN Pharmaceuticals, which is expected to release its earnings in upcoming weeks. SPI officials were not available for comment.