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Impax Laboratories Reports Second Quarter 2012 Adjusted EPS Increased To $0.60; GAAP EPS Increased To $0.27

Gross profit of $15.2 million increased $12.8 million in the second quarter 2012, due to U.S. Zomig® tablet sales, compared to the prior year period. Gross margin in the second quarter 2012 was 46%, up slightly over the prior year period. The second quarter 2012 gross margin was negatively impacted by the inclusion of $14.3 million in cost of revenues for amortization and acquisition-related costs due to the Zomig® transaction.

Total brand operating expenses in the second quarter 2012 increased $2.6 million, compared to the prior year period, due to higher SG&A expenses resulting from Zomig® marketing costs and the expansion of the Company‚Äôs neurology focused sales force, as well as pre-launch planning costs for Rytary TM, partially offset by lower R&D expenses.

Corporate and Other
(unaudited, amounts in thousands)  

Three Months Ended

June 30,

Six Months Ended

June 30,
2012   2011 2012   2011
General and administrative expenses $ 14,844 $ 11,553 $ 28,643 $ 24,407
Loss from operations $ (14,844) $ (11,553) $ (28,643) $ (24,407)

General and administrative expenses in the second quarter 2012 increased $3.3 million, compared to the prior year period, primarily due to employee severance and increased personnel expenses.

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