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Lannett Reports Record Full Year Net Income For Fiscal 2013

Bedrosian added, “In addition to our record financial performance, we recently completed an important contract extension with Jerome Stevens Pharmaceuticals (JSP). Under the amended agreement, Lannett will continue to be the exclusive distributor of substantially all JSP products for an additional five years, through March 2019. This, combined with 15 product applications currently pending at the FDA and our increased investment in product development, will fuel our positive momentum going forward.”

Guidance for Fiscal 2014

Based on Lannett’s current outlook, the company provided financial guidance for the fiscal 2014 full year as follows:
  • Net sales in the range of $181 million to $186 million;
  • Gross margin as a percentage of net sales of approximately 43% to 44%;
  • R&D expense in the range of $24 million to $26 million;
  • SG&A expense ranging from $28 million to $30 million;
  • The full year effective tax rate in the range of 34% to 36%; and,
  • Capital expenditures are expected to be in the range of $28 million to $32 million, which includes the purchase and partial fit-out of a new facility.

The company noted that its guidance for fiscal 2014 does not include the impact of shares issued in connection with the JSP contract extension. The Company intends to expense the value of the shares issued, which approximates $20 million, in the fiscal 2014 first quarter. The impact of this transaction would also reduce the effective tax rate by approximately two percentage points.

Conference Call Information and Forward-Looking Statements

Later today, the company will host a conference call at 4:30 p.m. ET to review its results of operations for the fiscal 2013 fourth quarter and full year ended June 30, 2013. The conference call will be available to interested parties by dialing 877-261-8992 from the U.S. or Canada, or 847-619-6548 from international locations, passcode 35551980. The conference call will also be available through a live audio Internet broadcast at www.lannett.com. A playback of the call will be archived and accessible at this site for at least three months.

Discussion during the conference call may include forward-looking statements regarding such topics as, but not limited to, the company’s financial status and performance, regulatory and operational developments, and any comments the company may make about its future plans or prospects in response to questions from participants on the conference call.

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