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ACETO Reports Fiscal 2013 Second Quarter Results

Stocks in this article: ACET

FISCAL 2013 SECOND QUARTER HIGHLIGHTS (Comparisons to FY 2012 Q2):

  • Net sales increased 2.9% to $114.0 million, from $110.7 million
  • Gross profit of $20.7 million, in line with a year ago
  • Net income of $4.5 million, in line with a year ago
  • EPS of $0.17, in line with a year ago

PORT WASHINGTON, N.Y., Feb. 7, 2013 (GLOBE NEWSWIRE) -- ACETO Corporation (Nasdaq:ACET), a global leader in the marketing, sale and distribution of products for Human Health, Pharmaceutical Ingredients and Performance Chemicals, announced today results of operations for its fiscal 2013 second quarter and six months ended December 31, 2012.

Sal Guccione, Chief Executive Officer of ACETO, stated, "We are pleased with our results for the first six months of fiscal 2013, with sales up 6.5% and earnings per share up 9.7% on an adjusted basis. These results reflect the continued execution of our strategies across our three business segments. Our fiscal second quarter results, with sales up 2.9% and relatively flat net income, reflect the variability of our order stream, which had some acceleration in our fiscal first quarter, particularly in the Performance Chemicals segment."

"In the fiscal second quarter, sales within the Human Health segment increased 9.3%, driven by continued strength in Rising Pharmaceuticals. We have already launched six new generic drug products in this fiscal year, with four in this quarter, including the launch of our first authorized generic drug. With a robust product pipeline, we anticipate that new product launches will continue to be a key growth driver in this segment and expect to launch three new products during the second half of fiscal 2013. Sales in Pharmaceutical Ingredients increased 2.9% in the current quarter, while the Performance Chemicals segment experienced a 1.0% decline in sales, reflecting the favorable order pattern experienced in the first quarter of fiscal 2013.

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