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Halsey Drug (HDGC) Reports Results For 2003


10/19/2005 5:11:01 PM

Halsey Drug Co., Inc. (OTC.BB-HDGC) today announced that total revenues for the year ended December 31, 2003 decreased to $5,750,000 compared to $8,205,000 for 2002. The Company also reported a net loss for the year ended December 31, 2003 of $48,455,000 or $2.28 per share, compared to a net loss of $59,589,000 or $3.90 per share for 2002. Included in the net loss for 2003 were non-cash expenses of $31,631,000 or $1.49 per share, comprised of $24,771,000 of amortization of debt discount and private offering costs, a $3,619,000 charge for impairment of assets in connection with the restructuring of the Company's operations and $3,241,000 of non-cash interest expense. Non-cash expenses for 2002 were $44,027,000 or $2.88 per share.

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