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ACETO Reports Fiscal 2013 Second Quarter Results

"Looking at the balance of the year, we remain well positioned for continued growth in sales and profitability. As we have discussed previously, our business is difficult to forecast on a quarterly basis due to the timing, size and nature of our orders. In particular, looking at our upcoming fiscal third quarter, we expect, based upon business to date within the Pharmaceutical Ingredients segment, to report fiscal third quarter earnings per share significantly beyond those reported in either of our fiscal first or second quarters of this year," concluded Mr. Guccione.

FINANCIAL REVIEW

Net sales for the fiscal 2013 second quarter ended December 31, 2012 were $114.0 million, a 2.9% increase from $110.7 million for the fiscal 2012 second quarter. Gross profit for the fiscal 2013 second quarter was $20.7 million, in line with gross profit of $20.6 million in the prior year period. For the fiscal 2013 second quarter, ACETO reported net income of $4.5 million, or $0.17 per diluted share, compared to $4.6 million, or $0.17 per diluted share, in the prior year period.

Net sales for the six month period ended December 31, 2012 were $225.7 million, a 6.5% increase from $212.0 million for the six month period ended December 31, 2011. Gross profit for the fiscal 2013 six months was $42.2 million, an increase of 7.8% compared to gross profit of $39.2 million in the prior year period. For the six month period ended December 31, 2012, ACETO reported net income of $9.3 million, or $0.34 per diluted share, compared to $7.6 million, or $0.29 per diluted share, in the prior year period. Net income in the six month period ended December 31, 2012 increased by 22.5% and earnings per share increased by 17.2% compared to the comparable fiscal 2012 period. The fiscal 2012 six month period was negatively impacted by a one-time charge relating to the separation of certain executive management employees. After adjusting for the one-time charges, ACETO's net income for the six months ended December 31, 2011 was $8.2 million, or $0.31 per diluted share.

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