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4-Traders Homepage  >  Equities  >  Nyse MKT  >  Lannett Company, Inc.    LCI

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Lannett Company, Inc. : 05/08/2013 - Lannett Reports Record Fiscal 2013 Third Quarter Financial Results. Net Sales Increase 27%; Net Income More tha Doubles; Company Increases Guidance for Full Year

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05/09/2013 | 12:34am CEST


Contact: Roger Pondel PondelWilkinson Inc. (310) 279-5980

LANNETT REPORTS RECORD FISCAL 2013 THIRD QUARTER FINANCIAL RESULTS

--Net Sales Increase 27%; Net Income More than Doubles; Company Increases Guidance for Full Year--

Philadelphia, PA - May 8, 2013 - Lannett Company, Inc. (NYSE MKT: LCI) today reported continued strong momentum, with sharply improved financial results for its fiscal 2013 third quarter ended March 31, 2013, compared with the prior year period.

For the fiscal 2013 third quarter, net sales rose significantly to $39.0 million, up 27% from $30.7 million for last year's third quarter. Gross profit increased to $15.2 million from $10.9 million for the fiscal 2012 third quarter. As a percentage of net sales, gross margin increased to 39% from 35% last year. Research and development (R&D) expenses were $5.2 million, compared with $2.9 million for the fiscal 2012 third quarter. Selling, general and administrative (SG&A) expenses decreased to $5.2 million, from $5.6 million in the same quarter of the prior year. Operating income nearly doubled to
$4.7 million from $2.4 million for the third quarter of fiscal 2012. Net income attributable to Lannett Company rose to $3.9 million, or $0.14 per diluted share, from $1.7 million, or $0.06 per diluted share, for the same period last year.
"Our fiscal 2013 third quarter net sales and net income were the highest in the company's history," said Arthur Bedrosian, president and chief executive officer of Lannett. "Our performance reflected continued solid sales from our base products, combined with strong sales of recently approved products. Gross margin percentage increased due to favorable sales mix and price increases, as well as enhanced manufacturing efficiencies related to higher sales volume. With 15 product applications currently pending at the FDA and our ramped up investment in product development, we believe we are well-positioned for continued positive results."
For the first nine months of fiscal 2013, net sales increased to $110.9 million from $87.3 million for the corresponding prior year period. Gross profit rose to $42.2 million from $26.9 million last year. R&D expenses were $12.6 million, compared with $7.9 million for the first nine months of fiscal
2012. SG&A expenses amounted to $16.6 million, versus $14.8 million for the first nine months of fiscal 2012. Operating income more than tripled to $13.1 million from $4.3 million a year ago. Net income attributable to Lannett Company increased to $9.8 million, equal to $0.34 per diluted share,
from $2.5 million, or $0.09 per diluted share, for the first nine months of fiscal 2012. Net income for the most recent year-to-date period included a favorable litigation settlement of $1.3 million, equal to
$0.03 per diluted share.

Upward Revised Guidance for Fiscal 2013

Based on Lannett's current outlook, the company revised its financial guidance upward for the full
2013 fiscal year as follows:

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Financials ($)
Sales 2017 654 M
EBIT 2017 242 M
Net income 2017 10,2 M
Debt 2017 798 M
Yield 2017 -
P/E ratio 2017 417,33
P/E ratio 2018 12,65
EV / Sales 2017 2,11x
EV / Sales 2018 2,09x
Capitalization 583 M
Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 26,2 $
Spread / Average Target 67%
EPS Revisions
Managers
NameTitle
Arthur P. Bedrosian Chief Executive Officer & Director
Jeffrey Farber Chairman
Martin P. Galvan CFO, Treasurer & Vice President-Finance
Robert Ehlinger Chief Information Officer & VP-logistics
Kristin A. Arnold Vice President-Research & Development
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