Bradley Pharmaceuticals Increases Guidance Based on Positive First Quarter 2001 Sales and Earnings Results

Apr 26, 2001, 01:00 ET from Bradley Pharmaceuticals Inc.

    FAIRFIELD, N.J., April 26 /PRNewswire/ --
 BRADLEY PHARMACEUTICALS, INC. (Nasdaq: BPRX) today announced that Net Sales
 for the First Quarter ended March 31, 2001 totaled $5.3 million, an increase
 of $2.5 million, or 89%, compared to Net Sales reported for the First Quarter
 of 2000. Net Income for the First Quarter reached $0.3 million, or $0.04 per
 share, which included a $133,000 non-recurring consulting expense for
 marketing development. In the prior year quarter, the Company reported a net
 loss of ($4.7) million or ($0.59) per share, including a $3.9 million non-cash
 write-down of intangible assets.
     Chairman and Chief Executive Officer, Daniel Glassman, commented, "Bradley
 had excellent results during 2000, and now we have begun to show strong
 progress in sales and earnings for 2001. These favorable Return-On-Investment
 results support a continuation of management's efforts to focus the resources
 of Bradley on the Company's three key promoted brands, specifically: Carmol(R)
 40, a potent, yet gentle, tissue softener; Glutofac(R)-ZX, a prescription
 multivitamin; and Pamine(R), an antispasmodic/anticholinergic for relief of
 such GI/hypermotility symptoms as bloating, diarrhea and cramps.
     "New Prescriptions reached new heights and trended higher every month in
 the First Quarter of 2001. Carmol(R) 40 New Prescriptions increased by 197%,
 Glutofac(R)-ZX by 71%, and Pamine(R) by 73% compared to First Quarter 2000.
 New Prescription trends are generally accepted within the pharmaceutical
 industry as predictors of future sales.
     "As a result of the Company's strong sales and earnings recorded in the
 First Quarter 2001, plus strong New Prescription product trends, Bradley
 management has reset its 2001 guidance on performance. Earnings per share,
 originally projected at $0.16, increase to $0.19 for Full Year 2001. Projected
 Net Sales increase from $21.2 million to $22.4 million. This increase is based
 on the positive results of our focused brands and results being achieved with
 the co-marketing of ENTSOL(R) Spray and Adams Laboratories."
 
     Bradley Pharmaceuticals (BPRX) invites you to participate in the First
 Quarter 2001 Earnings conference call Thursday April 26, 2001 at 12 Noon (ET),
 Questions & Answers to follow.  Please dial 1-888-489-9485 after 11:50 a.m.
 There also will be a playback of the call starting at 2:00 p.m. (ET) Thursday,
 April 26, 2001 and available for 24 hours.  For playback, Dial 800-633-8284,
 and enter Reservation # 18645819. You also may visit Redchip.com web site to
 hear the playback for thirty days:  http://www.redchip.com
 
     Bradley Pharmaceuticals markets prescription and ethically-promoted
 non-prescription drugs throughout the US and in 31 international markets.
 Bradley delivers gastroenterology, nutritional and respiratory brands through
 its Kenwood Therapeutics division, and dermatology brands through its Doak
 Dermatologics subsidiary. The Company remains focused on core strengths of
 marketing, sales and financial control, and has achieved success by targeting
 unfilled marketing opportunities and introducing product line extensions to
 fill unmet needs. In May 2001 we will be launching LidaMantle(R) HC.
 
     Important announcement:
     Visit Bradley Pharmaceuticals web-page for a calendar of upcoming Redchip
 conferences.
 
     Bradley Pharmaceuticals common stock is quoted on the NASDAQ market under
 the symbol BPRX.
 
     Please visit Bradley Pharmaceuticals web site at:
 http://www.bradpharm.com
 
     This release may contain forward-looking statements that reflect
 management's current views of future events and operations. These
 forward-looking statements are based on assumptions and external factors,
 including assumptions relating to regulatory action, capital requirements and
 competing products. Any changes in such assumptions or external factors could
 produce significantly different results.
 
                          Bradley Pharmaceuticals Inc.
                             Condensed Consolidated
                            Statements of Operations
                                  (unaudited)
 
                                      Three Months Ended     Three Months Ended
                                            March 31,              March 31,
                                              2001                   2000
 
     Net sales                           $5,283,109               $2,797,292
     Cost of sales                          987,654                  877,965
                                          4,295,455                1,919,327
 
     Selling, general and
      administrative expenses             3,534,639                2,900,137
     Depreciation and amortization          244,214                  244,632
     Interest expense - net                  39,987                   57,447
     Loss due to impairment of asset             --                3,897,000
                                          3,818,840                7,099,216
     Income (loss) before
      income taxes                          476,615              (5,179,889)
 
     Income tax expense (benefit)           172,000                (500,000)
 
     Net income (loss)                     $304,615             $(4,679,889)
 
     Net income (loss)
      per common share
     Basic & Diluted                          $0.04                  $(0.59)
 
     Weighted average number
      of common shares
     Basic                                7,970,000                7,890,000
     Diluted                              8,600,000                7,890,000
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X32314761
 
 

SOURCE Bradley Pharmaceuticals Inc.
    FAIRFIELD, N.J., April 26 /PRNewswire/ --
 BRADLEY PHARMACEUTICALS, INC. (Nasdaq: BPRX) today announced that Net Sales
 for the First Quarter ended March 31, 2001 totaled $5.3 million, an increase
 of $2.5 million, or 89%, compared to Net Sales reported for the First Quarter
 of 2000. Net Income for the First Quarter reached $0.3 million, or $0.04 per
 share, which included a $133,000 non-recurring consulting expense for
 marketing development. In the prior year quarter, the Company reported a net
 loss of ($4.7) million or ($0.59) per share, including a $3.9 million non-cash
 write-down of intangible assets.
     Chairman and Chief Executive Officer, Daniel Glassman, commented, "Bradley
 had excellent results during 2000, and now we have begun to show strong
 progress in sales and earnings for 2001. These favorable Return-On-Investment
 results support a continuation of management's efforts to focus the resources
 of Bradley on the Company's three key promoted brands, specifically: Carmol(R)
 40, a potent, yet gentle, tissue softener; Glutofac(R)-ZX, a prescription
 multivitamin; and Pamine(R), an antispasmodic/anticholinergic for relief of
 such GI/hypermotility symptoms as bloating, diarrhea and cramps.
     "New Prescriptions reached new heights and trended higher every month in
 the First Quarter of 2001. Carmol(R) 40 New Prescriptions increased by 197%,
 Glutofac(R)-ZX by 71%, and Pamine(R) by 73% compared to First Quarter 2000.
 New Prescription trends are generally accepted within the pharmaceutical
 industry as predictors of future sales.
     "As a result of the Company's strong sales and earnings recorded in the
 First Quarter 2001, plus strong New Prescription product trends, Bradley
 management has reset its 2001 guidance on performance. Earnings per share,
 originally projected at $0.16, increase to $0.19 for Full Year 2001. Projected
 Net Sales increase from $21.2 million to $22.4 million. This increase is based
 on the positive results of our focused brands and results being achieved with
 the co-marketing of ENTSOL(R) Spray and Adams Laboratories."
 
     Bradley Pharmaceuticals (BPRX) invites you to participate in the First
 Quarter 2001 Earnings conference call Thursday April 26, 2001 at 12 Noon (ET),
 Questions & Answers to follow.  Please dial 1-888-489-9485 after 11:50 a.m.
 There also will be a playback of the call starting at 2:00 p.m. (ET) Thursday,
 April 26, 2001 and available for 24 hours.  For playback, Dial 800-633-8284,
 and enter Reservation # 18645819. You also may visit Redchip.com web site to
 hear the playback for thirty days:  http://www.redchip.com
 
     Bradley Pharmaceuticals markets prescription and ethically-promoted
 non-prescription drugs throughout the US and in 31 international markets.
 Bradley delivers gastroenterology, nutritional and respiratory brands through
 its Kenwood Therapeutics division, and dermatology brands through its Doak
 Dermatologics subsidiary. The Company remains focused on core strengths of
 marketing, sales and financial control, and has achieved success by targeting
 unfilled marketing opportunities and introducing product line extensions to
 fill unmet needs. In May 2001 we will be launching LidaMantle(R) HC.
 
     Important announcement:
     Visit Bradley Pharmaceuticals web-page for a calendar of upcoming Redchip
 conferences.
 
     Bradley Pharmaceuticals common stock is quoted on the NASDAQ market under
 the symbol BPRX.
 
     Please visit Bradley Pharmaceuticals web site at:
 http://www.bradpharm.com
 
     This release may contain forward-looking statements that reflect
 management's current views of future events and operations. These
 forward-looking statements are based on assumptions and external factors,
 including assumptions relating to regulatory action, capital requirements and
 competing products. Any changes in such assumptions or external factors could
 produce significantly different results.
 
                          Bradley Pharmaceuticals Inc.
                             Condensed Consolidated
                            Statements of Operations
                                  (unaudited)
 
                                      Three Months Ended     Three Months Ended
                                            March 31,              March 31,
                                              2001                   2000
 
     Net sales                           $5,283,109               $2,797,292
     Cost of sales                          987,654                  877,965
                                          4,295,455                1,919,327
 
     Selling, general and
      administrative expenses             3,534,639                2,900,137
     Depreciation and amortization          244,214                  244,632
     Interest expense - net                  39,987                   57,447
     Loss due to impairment of asset             --                3,897,000
                                          3,818,840                7,099,216
     Income (loss) before
      income taxes                          476,615              (5,179,889)
 
     Income tax expense (benefit)           172,000                (500,000)
 
     Net income (loss)                     $304,615             $(4,679,889)
 
     Net income (loss)
      per common share
     Basic & Diluted                          $0.04                  $(0.59)
 
     Weighted average number
      of common shares
     Basic                                7,970,000                7,890,000
     Diluted                              8,600,000                7,890,000
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X32314761
 
 SOURCE  Bradley Pharmaceuticals Inc.