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ACETO Announces Fiscal 2012 Fourth Quarter And Year End Results

Stocks in this article: ACET

Board declares regular quarterly dividend of $0.055 per share, an increase of 10%

FISCAL 2012 FULL YEAR HIGHLIGHTS (Comparisons to FY 2011):

  • Net sales increased 7.7% to $444.4 million, a record level
  • Gross profit increased 24.6% to $82.0 million, a record level
  • Net income increased 89.4% to $17.0 million, a record level

PORT WASHINGTON, N.Y., Sept. 6, 2012 (GLOBE NEWSWIRE) -- ACETO Corporation (Nasdaq:ACET), a global leader in the marketing, sales and distribution of pharmaceutical active ingredients and intermediates, finished dosage form generic pharmaceuticals, nutraceutical products, agricultural protection products and specialty chemicals today announced results of operations for its fiscal 2012 fourth quarter and full year ended June 30, 2012. The Board of Directors also declared a regular quarterly dividend of $0.055 per common share, representing an annualized increase of 10%.

Commenting on the results, Albert Eilender, Chairman and CEO of ACETO, stated, "We are very pleased with our results for both the fiscal fourth quarter and full fiscal year 2012. For the fiscal year, we had record sales of $444.4 million, up 8%. Yearly sales revenue comparisons were unfavorably impacted by our withdrawal from the low-margin glyphosate business, as this product represented $24 million of sales in fiscal 2011. Excluding that product in 2011, the full fiscal 2012 year's revenue would have increased by 14%".

"We also experienced significant margin expansion during the year, due to a variety of factors; most prominently being the inclusion of a full year as contrasted with six months in fiscal 2011 of our Rising Pharmaceuticals generic business and improved product mix. Earnings per diluted share on a GAAP basis increased by 85% to $0.63, compared to fiscal 2011 earnings per diluted share of $0.34. On a non-GAAP basis, fiscal 2012 earnings per diluted share were $0.65, compared to $0.47 in the prior fiscal year, an increase of 38%. As we enter into fiscal 2013, we remain optimistic about our overall top and bottom line growth opportunities".

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