SPI Pharmaceuticals of Costa Mesa posted net...

SPI Pharmaceuticals of Costa Mesa posted net income of $1.4 million for the first quarter ended Feb. 29, a 62% decline from the $3.6 million recorded a year ago. Last year’s first-quarter results included an $8-million pretax gain from the sale of marketable securities. SPI said profit in the first quarter of 1988 was affected by higher selling costs and lower margins. Sales rose 81%, to $24 million from $13 million in the comparable period in 1987. SPI manufactures and distributes pharmaceutical products primarily in the United States, Canada, Mexico and Europe.