West has net loss despite sales boost

LIONVILLE, Pa. (Feb. 14)—West Pharmaceutical Services Inc. recorded an 11-percent boost in sales for the quarter ended Dec. 31 but, primarily because of restructuring charges, had a net loss of $19.6 million in the 2001 period compared with a loss of $13.1 million last year. Sales rose to $100.6 million from $90.5 million during the quarter. Before taking a $25.2 million loss on the disposal of discontinued operations, West had net income of $5.8 million in the 2001 period. For the year, West had net loss of $5.2 million compared to net income of $1.6 million in 2000. Sales for the 12 months came in at $396.9 million up from $378.6 million the prior year. Despite the earnings slide, Chairman and CEO William G. Little said he's encouraged with the fourth-quarter results. He said the recent consolidation of the company's businesses into two divisions, along with the sale of its contract manufacturing and packaging units, should pay dividends in 2002.