Newport Pharmaceuticals International Inc. posted net income...

Newport Pharmaceuticals International Inc. posted net income of $15,000 for the second quarter, contrasted with a loss of $1 million for the like period last year. Revenue rose 29%, to $9.4 million from $7.3 million. For the six-month period, net income totaled $282,000, compared with a year-earlier loss of $1.2 million. Revenue increased 20%, to $19 million from $15.9 million. The company said the increased revenue primarily reflects sales growth in its America’s Pharmacy Inc., a mail-service prescription pharmacy. Income benefited from an extraordinary gain resulting from the company’s repurchase of its 10% Senior Secured Convertible Notes. Newport Pharmaceuticals is a diversified health care company with headquarters in Newport Beach.