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Lannett Reports Fiscal 2012 Fourth-Quarter, Full-Year Financial Results

Lannett Company, Inc. (NYSE MKT: LCI) today reported financial results for the fiscal 2012 fourth quarter and full year ended June 30, 2012.

For the fourth quarter of fiscal 2012, net sales rose 40% to $35.7 million from $25.5 million for the same quarter last year. Gross profit more than tripled to $12.0 million from $3.8 million for the fiscal 2011 fourth quarter. As a percentage of net sales, gross margin was 34% compared with 15% for the fiscal fourth quarter of last year. Research and development (R&D) expenses were $4.0 million compared with $3.0 million in the fiscal 2011 fourth quarter. Selling, general and administrative (SG&A) expenses were $5.4 million, compared with $4.2 million in the same quarter of the prior year. Operating income was $2.6 million compared to an operating loss of $3.4 million for the fourth quarter of fiscal 2011. Net income attributable to Lannett Company was $1.4 million, or $0.05 per diluted share, versus a net loss attributable to Lannett Company of $1.9 million, or $0.07 per share, for the comparable quarter of fiscal 2011.

“Our solid operating results in the 2012 fourth quarter were in line with expectations and continue to demonstrate the positive momentum we have generated over the last few quarters,” said Arthur Bedrosian, president and chief executive officer of Lannett. “The key drivers for the quarter were strong sales of key higher margin products, including recently approved drugs and several of our pain management products, as well as improved manufacturing efficiencies. Looking ahead, we have a healthy pipeline, with a number of drug applications pending at the FDA. We expect to increase our development activities to add breadth and diversity to our product portfolio.”

For the fiscal 2012 full year, net sales increased to $123.0 million from $106.8 million for the prior year. Gross profit rose to $38.9 million from $23.3 million for fiscal 2011. As a percentage of net sales, gross margin was 32% compared with 22% for the prior year. R&D expenses were $11.8 million compared with $8.6 million for fiscal 2011. SG&A expenses were $20.2 million compared with $15.9 million for the prior year. Operating income was $6.9 million compared to an operating loss of $1.2 million for fiscal 2011. Net income attributable to Lannett Company was $3.9 million, or $0.14 per diluted share, compared to net loss attributable to Lannett Company of $277,000, or $0.01 per share, for the prior year.

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