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Lannett Reports Record Full Year Net Income For Fiscal 2013

Lannett Company, Inc. (NYSE MKT: LCI) today reported financial results for its fiscal 2013 fourth quarter and full year ended June 30, 2013.

For the fiscal 2013 fourth quarter, net sales rose significantly to $40.2 million, up 13% from $35.7 million for last year’s fourth quarter. Gross profit increased to $15.2 million from $12.0 million for the fiscal 2012 fourth quarter. As a percentage of net sales, gross margin increased to 38% from 34% last year. Research and development (R&D) expenses decreased to $3.7 million, compared with $4.0 million for the fiscal 2012 fourth quarter. Selling, general and administrative (SG&A) expenses increased to $5.8 million, compared with $5.4 million in the same quarter of the prior year. Operating income more than doubled to $5.7 million from $2.6 million for the fourth quarter of fiscal 2012. Net income attributable to Lannett Company rose to $3.6 million, or $0.12 per diluted share, from $1.4 million, or $0.05 per diluted share, for the same period last year.

“Our full year net income for fiscal 2013 was our highest in the company’s history,” said Arthur Bedrosian, president and chief executive officer of Lannett. “In addition, we reported record net sales for the fourth quarter and full year fiscal 2013. Our excellent financial performance was driven by sales growth across all of our key product categories, as well as a higher gross margin percentage due to favorable sales mix, price increases and enhanced manufacturing efficiencies.”

For the fiscal 2013 full year, net sales increased to $151.1 million from $123.0 million for the corresponding prior year. Gross profit rose to $57.4 million from $38.9 million last year. R&D expenses were $16.3 million, compared with $11.8 million for fiscal 2012. SG&A expenses amounted to $22.4 million, versus $20.2 million for fiscal 2012. Operating income nearly tripled to $18.8 million from $6.9 million a year ago. Net income attributable to Lannett Company increased to $13.3 million, equal to $0.46 per diluted share, which included a favorable litigation settlement of $1.3 million, equal to $0.03 per diluted share. This compares with $3.9 million, or $0.14 per diluted share, for fiscal 2012.

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