SPI PHARMACEUTICALS INC <SPIP> 1ST QTR OPER NET
Qtr ended Feb 28
    Oper shr 31 cts vs 14 cts
    Oper net 3,203,000 vs 1,357,000
    Revs 13.0 mln vs 15.6 mln
    Note: Oper data does not include year ago extraordinary
gain of 821,000 dlrs, or eight cts per shr.
 Reuter
