3rd-Qtr Restructuring Affects IVAX' Full-Year Financial Results

US generic drugs manufacturer IVAX posted a net loss in 1996 of $160.8million, compared to net income a year earlier of $114.8 million. The loss per share was $1.33, compared to earnings per share of $0.95 in 1995. Revenues for the year amounted to $1.15 billion, down 8%.

"Although the US generic drug industry remains highly competitive, I am encouraged by IVAX' progress during the fourth quarter," commented Phillip Frost, chairman and chief executive of the company. "In response to the difficulties of the 1996 second and third quarters, we announced three remedial strategies to improve our US generics business: improve efficiences and lower costs through a corporate restructuring; strengthen management; and reduce customer inventory levels by improving our marketing and sales strategies," he added.

The restructuring was started in the 1996 third quarter, and is said to be proceeding as scheduled.