Aceto Fiscal 4th-qtr Profit Falls On Lower Sales

LAKE SUCCESS, N.Y. (AP) — Aceto Corp., which distributes chemicals and generic drugs, said Friday its fiscal fourth-quarter profit plunged on lower sales of health sciences and chemicals products.

Aceto earned just under $1.1 million, or 4 cents per share, compared with profit of just under $8 million, or 32 cents per share, during the same period a year prior. Revenue fell 29 percent to $74.8 million from $104.7 million.

The fiscal 2009 fourth quarter and full-year ended June 30.

Health Sciences revenue fell 31 percent as customers delayed product launches or changed reorder patterns, Aceto said. Crop protection sales fell 11.5 percent, and sales from chemicals and colorants fell 28 percent.

For the full year, profit fell to $8.6 million, or 35 cents per share, from $13.5 million, or 54 cents per share, from a year prior. Revenue fell to $322.6 million from $359.6 million.

Shares of Aceto fell 27 cents, or 3.7 percent, to $7.07 in morning trading.