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Thursday, May 03, 2001

Big 1st-quarter turnaround at Duramed




By Randy Tucker
The Cincinnati Enquirer

        Duramed Pharmaceuticals Inc., the Pleasant Ridge drug maker, Wednesday reported a dramatic uptick in sales and earnings for the first quarter that ended March 31.

        The company, whose growth has been tied primarily to the success of its flagship hormone drug Cenestin, said net income rose to $1.6 million, or 6 cents a share, compared with a net loss of $2.7 million, or 10 cents a share, for the same period last year.

        Sales jumped 64 percent to $27.3 million from $16.6 million in the first quarter of 2000.

        Shares of Duramed closed at $7.81 Wednesday, down 36 cents.

        In other earnings reports:

        • LCA-Vision — The Sycamore Township provider of laser vision correction services Wednesday reported the highest quarterly profit in company history.

        In the first quarter that ended March 31, LCA-Vision posted net profit of $1.3 million, or 3 cents a share. The company earned $62,000, or 0 cents a share, in the first quarter a year ago.

        Revenues rose 24 percent to $22.4 million from $18.2 million in the first quarter of 2000.

        • Ohio Casualty Corp. — Big losses in its workers' compensation business caused the Fairfield property and casualty insurer to post a loss in the first quarter.

        The company had a loss of $4.1 million, or 7 cents a share, compared with a loss of $75 million, or $1.25 a share, in last year's first quarter. Almost $29 million of the $54.2 million first-quarter underwriting loss came from the insurer's workers' compensation unit.

        Ohio Casualty said it had quarterly net investment income of $51.3 million, $500,000 less than a year ago. The company's total premiums also fell about 6 percent, to $371.3 million.

        The company is expected this summer to launch an aggressive plan to help it return to profitability and cut expenses.

        Enquirer reporter Jeff McKinney contributed to this report.

       



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