Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro” or the “Company”) today provided unaudited financial results for the three and nine month periods ended December 31, 2012.
Quarter ended December 31, 2012 Highlights - compared to December 31, 2011
- Net sales of $185.7 million, increased $37.6 million, or 25.4%, however, sales volumes have slightly declined
- Gross profit, as a percentage of net sales was 75.4%, compared to 71.6%
- Research and development expenses increased 33.5% to $11.8 million
- Selling, marketing, general and administrative expenses, which included a $3.3 million litigation provision in 2012, increased $2.1 million
- Operating income increased to $104.0 million, or 56.0% of net sales, compared to $74.5 million, or 50.3% of net sales
- Net income attributable to Taro was $88.8 million compared to $62.4 million, resulting in diluted earnings per share of $1.98 compared to $1.40.
Nine months ended December 31, 2012 Highlights - compared to December 31, 2011
- Net sales of $505.8 million, increased $107.9 million, or 27.1%, however, sales volumes have marginally declined
- Gross profit, as a percentage of net sales was 74.2%, compared to 66.9%
- Research and development expenses increased 45.3% to $34.3 million
- Selling, marketing, general and administrative expenses, which included $11.3 million litigation provisions in 2012, increased $4.2 million
- Operating income increased to $265.4 million, or 52.5% of net sales, compared to $170.6 million, or 42.9% of net sales
- Income tax expense increased $33.5 million from $18.2 million to $51.7 million
- Net income attributable to Taro was $217.0 million compared to $157.0 million, a $60.0 million increase, resulting in diluted earnings per share of $4.86 compared to $3.52.
Cash Flow and Balance Sheet Highlights
- Cash flow provided by operations for the nine months ended December 31, 2012, as compared to December 31, 2011, was $173.1 million compared to $157.0 million, primarily due to the payment of income taxes as reflected in the significant decrease in trade and other payables
- Cash, including marketable securities, increased $152.2 million to $486.6 million from March 31, 2012.
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