Aceto Announces Fiscal 2011 First Quarter Results

LAKE SUCCESS, N.Y., Nov. 5, 2010 (GLOBE NEWSWIRE) -- Aceto Corporation (Nasdaq:ACET), a global leader in the sourcing, quality assurance, regulatory support, marketing and distribution of pharmaceuticals, nutraceuticals, specialty chemicals and crop protection products, today announced results of operations for its fiscal 2011 first quarter ended September 30, 2010.

Net sales for the fiscal 2011 first quarter were $87.7 million, an increase of 24.1% from $70.6 million reported in the year ago quarter. Gross profit increased 12.4% to $13.3 million in the 2011 fiscal quarter compared to $11.8 million in the 2010 fiscal quarter. SG&A expenses decreased 5.4% to $9.6 million in the 2011 quarter compared to $10.1 million in the year ago comparable quarter. Net income increased 178.9% to $2.8 million, or $0.11 per diluted share, compared to $1.0 million or $0.04 per diluted share in the 2010 quarter.

Commenting on the results, Albert Eilender, Chairman and CEO of Aceto stated, "We are pleased with the results that we have reported today. All three of our business segments showed nice sales growth during the quarter. During the quarter, sales in our Health Sciences segment increased 12.6% from the 2010 comparable quarter, largely the result of increased sales in both our domestic and international operations. The increase domestically can be attributed to increases in both our domestic generics and domestic pharmaceutical intermediates product groups. Sales in our Specialty Chemicals segment increased 32.4% compared to the 2010 comparable quarter, largely the result of increased sales of chemicals used in surface coatings as well as increased sales of agricultural, dye, pigment and miscellaneous intermediates. Sales in our Crop Protection segment increased 89.8% from the 2010 comparable quarter, largely the result of our introduction of glyphosate which we began selling in the fiscal 2010 third quarter. Regarding our effort to sell finished dosage form generic drugs, we continue to introduce additional products from our external pipeline as the business remains a focus of ours."