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R.P. SCHERER SECOND QUARTER SALES AND NET INCOME SHOW SLIGHT GAIN

Executive Summary

R.P. SCHERER SECOND QUARTER SALES AND NET INCOME SHOW SLIGHT GAIN despite strong dollar overseas and high effective U.S. tax rate, the company reports for the FY 1985 second quarter ended Sept. 30. During the second quarter, Scherer's sales increased 4.8% to $40.9 mil. accompanied by a 13.2% gain in net earnings to $462,000. However, the firm's net earnings are down substantially from the same quarter in fiscal 1983 due to the strong dollar, declining domestic sales, and an extremely high U.S. tax rate of 59% during the first six months of fiscal 1985. "Management's key priority continues to be the restoration of our domestic business to its true sales and earnings potential," Scherer President Peter Fink said. Fink noted that while the firm is devoting much energy to accomplish this goal, "it would be premature to expect [new programs] to make significant contribution to net income during the balance of the fiscal year." Reporting FY 1985 first quarter preliminary results at the firm's annual meeting, Jack Eckerd Chairman Stewart Turley said the chain's sales were up 17.4% to $638 mil. for the three-month period ended Oct. 27. In addition, Turley predicted that the chain's net earnings for the quarter "will also show an increase." At the end of fiscal 1984 (ended July 28), Turley noted that Eckerd Drug had a total of 1,423 stores for an increase on the year of 104 total units. By Thanksgiving Turley said the chain will have added another 59 drug stores for a total of 1,482 stores "leading into the all-important Christmas shopping season." Chart omitted.

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