Lannett Company, Inc. (NYSE MKT: LCI) today reported financial
results for its fiscal 2013 fourth quarter and full year ended June
30, 2013.
For the fiscal 2013 fourth quarter, net sales rose significantly
to $40.2 million, up 13% from $35.7 million for last year’s fourth
quarter. Gross profit increased to $15.2 million from $12.0 million
for the fiscal 2012 fourth quarter. As a percentage of net sales,
gross margin increased to 38% from 34% last year. Research and
development (R&D) expenses decreased to $3.7 million, compared
with $4.0 million for the fiscal 2012 fourth quarter. Selling,
general and administrative (SG&A) expenses increased to $5.8
million, compared with $5.4 million in the same quarter of the
prior year. Operating income more than doubled to $5.7 million from
$2.6 million for the fourth quarter of fiscal 2012. Net income
attributable to Lannett Company rose to $3.6 million, or $0.12 per
diluted share, from $1.4 million, or $0.05 per diluted share, for
the same period last year.
“Our full year net income for fiscal 2013 was our highest in the
company’s history,” said Arthur Bedrosian, president and chief
executive officer of Lannett. “In addition, we reported record net
sales for the fourth quarter and full year fiscal 2013. Our
excellent financial performance was driven by sales growth across
all of our key product categories, as well as a higher gross margin
percentage due to favorable sales mix, price increases and enhanced
manufacturing efficiencies.”
For the fiscal 2013 full year, net sales increased to $151.1
million from $123.0 million for the corresponding prior year. Gross
profit rose to $57.4 million from $38.9 million last year. R&D
expenses were $16.3 million, compared with $11.8 million for fiscal
2012. SG&A expenses amounted to $22.4 million, versus $20.2
million for fiscal 2012. Operating income nearly tripled to $18.8
million from $6.9 million a year ago. Net income attributable to
Lannett Company increased to $13.3 million, equal to $0.46 per
diluted share, which included a favorable litigation settlement of
$1.3 million, equal to $0.03 per diluted share. This compares with
$3.9 million, or $0.14 per diluted share, for fiscal 2012.
Bedrosian added, “In addition to our record financial
performance, we recently completed an important contract extension
with Jerome Stevens Pharmaceuticals (JSP). Under the amended
agreement, Lannett will continue to be the exclusive distributor of
substantially all JSP products for an additional five years,
through March 2019. This, combined with 15 product applications
currently pending at the FDA and our increased investment in
product development, will fuel our positive momentum going
forward.”
Guidance for Fiscal 2014
Based on Lannett’s current outlook, the company provided
financial guidance for the fiscal 2014 full year as follows:
- Net sales in the range of $181 million
to $186 million;
- Gross margin as a percentage of net
sales of approximately 43% to 44%;
- R&D expense in the range of $24
million to $26 million;
- SG&A expense ranging from $28
million to $30 million;
- The full year effective tax rate in the
range of 34% to 36%; and,
- Capital expenditures are expected to be
in the range of $28 million to $32 million, which includes the
purchase and partial fit-out of a new facility.
The company noted that its guidance for fiscal 2014 does not
include the impact of shares issued in connection with the JSP
contract extension. The Company intends to expense the value of the
shares issued, which approximates $20 million, in the fiscal 2014
first quarter. The impact of this transaction would also reduce the
effective tax rate by approximately two percentage points.
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 2013
fourth quarter and full year ended June 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 35551980. 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, 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 Fiscal Year ended June 30, June 30,
2013
2012
2013
2012
Net sales $ 40,174 $ 35,690
$
151,054 $ 122,990
Cost of sales 24,971
23,677
93,634
84,043
Gross profit 15,203
12,013
57,420 38,947
Operating expenses: Research and development
3,688 3,994
16,253 11,844 Selling, general, and
administrative
5,839 5,413
22,410 20,193 Total operating
expenses
9,527 9,407
38,663 32,037
Operating income
5,676 2,606
18,757
6,910
Other income (expense): Foreign
currency gain (loss)
- (56 )
3 (62 ) Gain on sale of
assets
60 -
111 4 Gain (loss) on investment
securities
(144 ) (272 )
699 (103 ) Litigation
settlement
- -
1,250 - Interest and dividend income
32 25
116 142 Interest expense
(57
) (59 )
(251 ) (273 )
Total other income (expense)
(109 )
(362 )
1,928 (292 )
Net income
before income tax 5,567 2,244
20,685 6,618
Income tax expense 1,950 812
7,303 2,600
Net
income 3,617 1,432
13,382 4,018 Less: Net income
attributable to noncontrolling interest
54
17
65 70
Net
income attributable to Lannett Company, Inc. $
3,563 $ 1,415
$ 13,317 $
3,948
Earnings per common share attributable to
Lannett Company, Inc. Basic
$ 0.12 $ 0.05
$ 0.47 $ 0.14 Diluted
$ 0.12 $ 0.05
$ 0.46 $ 0.14
Weighted average common
shares outstanding: Basic
28,757,885 28,276,573
28,467,598 28,263,335 Diluted
29,778,828 28,384,177
28,942,933 28,408,432
LANNETT COMPANY, INC.
CONSOLIDATED BALANCE SHEETS (In thousands, except share and
per share data)
(Unaudited)
June 30,
2013
June 30,
2012
ASSETS
Current assets: Cash and cash equivalents
$
42,689 $ 22,562 Investment securities
8,461 6,667
Accounts receivable, net
26,413 26,586 Inventories, net
32,531 27,064 Income taxes receivable
- 2,120
Deferred tax assets
4,874 4,833 Other current assets
1,161 1,023 Total current assets
116,129 90,855
Property, plant and equipment, net
40,141 37,068
Intangible assets, net 2,547
4,429
Deferred tax assets 8,005 9,069
Other
assets 930 1,171
TOTAL
ASSETS $ 167,752 $ 142,592
LIABILITIES
Current liabilities: Accounts payable
$ 22,668
$ 17,989 Accrued expenses
2,697 2,931 Accrued payroll and
payroll related
6,910 3,198 Income taxes payable
154
- Current portion of long-term debt
670
648 Total current liabilities
33,099 24,766
Long-term debt, less current portion 5,844
6,513
TOTAL LIABILITIES
38,943 31,279 Commitment and
Contingencies
STOCKHOLDERS'
EQUITY
Common stock ($0.001 par value,
50,000,000 shares authorized; 29,284,592 and 28,594,437 shares
issued; 28,848,679 and 28,252,192 shares outstanding at June 30,
2013 and 2012, respectively)
29 29
Additional paid-in capital 104,075
99,515
Retained earnings 26,553 13,236
Accumulated
other comprehensive loss (47 ) (63 )
Treasury
stock (435,913 and 342,245 shares at June 30, 2013 and 2012,
respectively)
(2,034 ) (1,594 ) Total
Lannett Company, Inc. stockholders' equity
128,576 111,123
Noncontrolling interest 233 190
Total stockholders' equity
128,809
111,313
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 167,752 $ 142,592
Robert Jaffe Co., LLCRobert Jaffe, 424-288-4098
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