SPI PHARMACEUTICALS INC &lt;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.
  

