Executive Summary

Pharmaceutical Formulations first quarter net sales reached $18.4 mil., a 13.2% increase over the comparable period last year, attributable to the addition of sales from Konsyl Pharmaceuticals, acquired roughly one year ago. Excluding Konsyl, sales fell 2.2% to $15.9 mil., reflecting "increased price competition in the private label over-the-counter market, higher retailer rebate programs and an abrupt decline in the overall cough/cold market in the first quarter 2004." Edison, N.J. firm incurred a net loss of $1.4 mil in the quarter, compared to a $548,000 deficit the prior year, due to lower private label sales and higher selling, general and administrative expenses, company says...