We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Lannett CO | AMEX:LCI | AMEX | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From Jun 2019 to Jun 2024
--Adjusted EPS of $0.22 Exceeds Expectations;Company Revises Fiscal 2014 Guidance Upward--
Lannett Company, Inc. (NYSE MKT: LCI) today reported financial results for its fiscal 2014 first quarter ended September 30, 2013.
For the fiscal 2014 first quarter, net sales rose 30% to $45.8 million from $35.3 million for last year’s first quarter. Cost of sales for the fiscal 2014 first quarter included a non-recurring, pre-tax charge of $20.1 million related to the previously announced contract extension with Jerome Stevens Pharmaceuticals, Inc. (JSP) to continue as the exclusive distributor in the United States of three JSP products. Accordingly, gross profit was $1.3 million, or 3% of net sales. Excluding the JSP contract renewal charge, gross profit was $21.4 million, or 47% of net sales, compared with $13.6 million, or 39% of net sales, for the fiscal 2013 first quarter. Research and development (R&D) expenses increased to $4.7 million, compared with $3.8 million for the fiscal 2013 first quarter. Selling, general and administrative (SG&A) expenses increased to $7.2 million, compared with $6.2 million in the same quarter of the prior year. Operating loss for the fiscal 2014 first quarter was $10.6 million. Excluding the JSP contract renewal charge, operating income more than doubled to $9.5 million from $3.7 million in the first quarter of fiscal 2013.
For the fiscal 2014 first quarter, net loss attributable to Lannett Company was $6.0 million, or $0.20 per share. Adjusted net income, which excludes the impact of the non-recurring JSP contract renewal charge equal to $12.7 million after-tax, was $6.7 million, or $0.22 per diluted share, compared to fiscal 2013 first quarter net income attributable to Lannett Company of $2.9 million, or $0.10 per diluted share. The fiscal 2013 first quarter included a favorable pre-tax litigation settlement of $1.3 million, equal to $0.02 per diluted share.
“We continued our positive momentum in the fiscal 2014 first quarter with record net sales,” said Arthur Bedrosian, president and chief executive officer of Lannett. “In addition, excluding the impact of the non-recurring JSP contract renewal charge, our gross profit and bottom-line were the highest in the company’s history. Our excellent financial performance was driven by strong sales of existing products, price increases and favorable product mix.”
Bedrosian added, “The recently completed contract extension with Jerome Stevens will allow us to continue to market several important medications that have been key drivers of our positive financial performance. Moreover, last month we successfully closed on a stock offering in which we received net proceeds of approximately $71.5 million. We intend to use the net proceeds from this offering for potential acquisitions, strategic partnerships and general corporate purposes.”
Guidance for Fiscal 2014
Based on Lannett’s current outlook, the company revised upward its financial guidance for the fiscal 2014 full year as follows:
The company noted that its guidance for fiscal 2014 does not include the impact of the JSP contract extension, which resulted in the non-recurring pre-tax charge of $20.1 million recorded in the first quarter of fiscal 2014.
Conference Call Information and Forward-Looking Statements
Later today, the company will host a conference call at 4:30 p.m. ET to review its results of operations for the fiscal 2014 first quarter ended September 30, 2013. The conference call will be available to interested parties by dialing 877-261-8992 from the U.S. or Canada, or 847-619-6548 from international locations, passcode 35995945. The conference call will also be available through a live audio Internet broadcast at www.lannett.com. A playback of the call will be archived and accessible at this site for at least three months.
Discussion during the conference call may include forward-looking statements regarding such topics as, but not limited to, the company’s financial status and performance, regulatory and operational developments, and any comments the company may make about its future plans or prospects in response to questions from participants on the conference call.
About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company’s website at www.lannett.com.
This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statements, including, but not limited to, achieving the financial metrics stated in the company’s guidance for fiscal 2014, expected product approvals, potential acquisitions, the successful commercialization of products in development and products included in the contract extension with Jerome Stevens Pharmaceuticals, Inc., product applications pending at the FDA and recently approved products, whether expressed or implied, are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the difficulty in predicting the timing or outcome of FDA or other regulatory approvals or actions, the ability to successfully commercialize products upon approval, Lannett’s estimated or anticipated future financial results, future inventory levels, future competition or pricing, future levels of operating expenses, product development efforts or performance, and other risk factors discussed in the company’s Form 10-K and other documents filed with the Securities and Exchange Commission from time to time. These forward-looking statements represent the company's judgment as of the date of this news release. The company disclaims any intent or obligation to update these forward-looking statements.
LANNETT COMPANY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except share and per share data) Three months ended September 30, 2013 2012 Net sales $ 45,829 $ 35,294 Cost of sales 24,423 21,668 JSP contract renewal cost 20,100 - Gross profit 1,306 13,626 Operating expenses: Research and development 4,745 3,764 Selling, general, and administrative 7,179 6,171 Total operating expenses 11,924 9,935 Operating income (loss) (10,618 ) 3,691 Other income (expense): Foreign currency gain - 3 Gain (loss) on sale of assets (62 ) 70 Gain on investment securities 463 234 Litigation settlement - 1,250 Interest and dividend income 46 35 Interest expense (58 ) (63 ) Total other income 389 1,529 Net income (loss) before income tax (10,229 ) 5,220 Income tax expense (benefit) (4,242 ) 2,277 Net income (loss) (5,987 ) 2,943 Less: Net income attributable to noncontrolling interest 8 17 Net income (loss) attributable to Lannett Company, Inc. $ (5,995 ) $ 2,926 Earnings (loss) per common share attributable to Lannett Company, Inc. Basic $ (0.20 ) $ 0.10 Diluted $ (0.20 ) $ 0.10 Weighted average common shares outstanding: Basic 29,586,237 28,278,514 Diluted 29,586,237 28,469,224 LANNETT COMPANY, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data)(Unaudited)
September 30, 2013 June 30, 2013ASSETS
Current assets: Cash and cash equivalents $ 35,727 $ 42,689 Investment securities 10,072 8,461 Accounts receivable, net 29,749 26,413 Inventories, net 34,524 32,531 Income taxes receivable 3,167 - Deferred tax assets 6,346 4,874 Other current assets 2,823 1,161 Total current assets 122,408 116,129 Property, plant and equipment, net 40,954 40,141Intangible assets, net
1,881 2,547 Deferred tax assets 9,561 8,005 Other assets 315 930TOTAL ASSETS
$ 175,119 $ 167,752LIABILITIES
Current liabilities: Accounts payable $ 16,636 $ 22,668 Accrued expenses 3,936 2,697 Accrued payroll and payroll related 3,054 6,910 Income taxes payable - 154 Current portion of long-term debt 673 670 Total current liabilities 24,299 33,099 Long-term debt, less current portion 5,714 5,844TOTAL LIABILITIES
30,013 38,943 Commitment and ContingenciesSTOCKHOLDERS' EQUITY
Common stock ($0.001 par value, 50,000,000 shares authorized; 30,958,403 and 29,284,592 share issued; 30,522,490 and 28,848,679 shares outstanding at September 30, 2013 and June 30, 2013, respectively)
31 29 Additional paid-in capital 126,358 104,075 Retained earnings 20,558 26,553 Accumulated other comprehensive loss (48 ) (47 ) Treasury stock (435,913 shares at September 30, 2013 and June 30, 2013) (2,034 ) (2,034 ) Total Lannett Company, Inc. stockholders' equity 144,865 128,576 Noncontrolling interest 241 233 Total stockholders' equity 145,106 128,809 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 175,119 $ 167,752
Robert Jaffe Co., LLCRobert Jaffe, (424) 288-4098
1 Year London Clubs Chart |
1 Month London Clubs Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
