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BRIEFLY

Orange County

May 22, 1993

Ownership Stake Decreases: Costa Mesa-based ICN Pharmaceuticals Inc. said Friday that a change of the ownership stake in its chief subsidiary has forced it to adopt a new accounting method. ICN, which last year owned 57% of subsidiary SPI Pharmaceuticals Inc., now owns only 43%, ICN spokesman Jack Sholl said. So ICN will no longer consolidate SPI revenue and earnings in its quarterly reports. For the first quarter, ICN's earnings were $1 million, or 6 cents a share. That compares to a profit of $6.6 million, or 46 cents a share, for the same period a year earlier. First-quarter revenue was $17 million. For the same period last year, when SPI operations were consolidated, revenue was $142 million. Despite the accounting change, 1992 first-quarter figures were not restated to reflect comparable values.

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