Newport Pharmaceuticals Says It’s Back in the Profits Column

Newport Pharmaceuticals International Inc., the Laguna Hills health-care company, reported net income of $17,000, contrasted with a net loss of $793,000 for the same quarter in 1989. Revenue was up 80%, to $15.8 million from $8.8 million.

For the nine-month period, the company lost $2.8 million, compared with a year-earlier loss of $511,000. Revenue rose 57%, to $43.6 million from $27.8 million.

Newport Pharmaceuticals attributed a substantial portion of the 1990 year-to-date operating loss to legal expenses related to a class-action lawsuit and non-recurring relocation costs and consulting fees recorded in the second quarter.

Much of the year-to-date net loss consisted of a $1.3-million, non-operating charge resulting from an exchange of notes for common stock, the company said.