This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Lannett Reports Record Net Sales For Fiscal 2014 First Quarter

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 2014 first quarter ended September 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 35995945. 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.

About Lannett Company, Inc.:

Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company’s website at www.lannett.com.

This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statements, including, but not limited to, achieving the financial metrics stated in the company’s guidance for fiscal 2014, expected product approvals, potential acquisitions, the successful commercialization of products in development and products included in the contract extension with Jerome Stevens Pharmaceuticals, Inc., product applications pending at the FDA and recently approved products, whether expressed or implied, are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the difficulty in predicting the timing or outcome of FDA or other regulatory approvals or actions, the ability to successfully commercialize products upon approval, Lannett’s estimated or anticipated future financial results, future inventory levels, future competition or pricing, future levels of operating expenses, product development efforts or performance, and other risk factors discussed in the company’s Form 10-K and other documents filed with the Securities and Exchange Commission from time to time. These forward-looking statements represent the company's judgment as of the date of this news release. The company disclaims any intent or obligation to update these forward-looking statements.

 
LANNETT COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except share and per share data)
   
Three months ended
September 30,
2013 2012
 
Net sales $ 45,829 $ 35,294
Cost of sales 24,423 21,668
JSP contract renewal cost   20,100     -  
Gross profit   1,306     13,626  
Operating expenses:
Research and development 4,745 3,764
Selling, general, and administrative   7,179     6,171  
Total operating expenses   11,924     9,935  
Operating income (loss)   (10,618 )   3,691  
Other income (expense):
Foreign currency gain - 3
Gain (loss) on sale of assets (62 ) 70
Gain on investment securities 463 234
Litigation settlement - 1,250
Interest and dividend income 46 35
Interest expense   (58 )   (63 )
Total other income   389     1,529  
Net income (loss) before income tax (10,229 ) 5,220
Income tax expense (benefit)   (4,242 )   2,277  
Net income (loss) (5,987 ) 2,943
Less: Net income attributable to noncontrolling interest   8     17  
Net income (loss) attributable to Lannett Company, Inc. $ (5,995 ) $ 2,926  
 
Earnings (loss) per common share attributable to Lannett Company, Inc.
Basic $ (0.20 ) $ 0.10
Diluted $ (0.20 ) $ 0.10
 
Weighted average common shares outstanding:
Basic 29,586,237 28,278,514
Diluted 29,586,237 28,469,224
         
LANNETT COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)

(Unaudited)

September 30, 2013 June 30, 2013
 

ASSETS

Current assets:
Cash and cash equivalents $ 35,727 $ 42,689
Investment securities 10,072 8,461
Accounts receivable, net 29,749 26,413
Inventories, net 34,524 32,531
Income taxes receivable 3,167 -
Deferred tax assets 6,346 4,874
Other current assets   2,823     1,161  
Total current assets 122,408 116,129
Property, plant and equipment, net 40,954 40,141

Intangible assets, net

1,881 2,547
Deferred tax assets 9,561 8,005
Other assets   315     930  

TOTAL ASSETS

$ 175,119   $ 167,752  
 
 

LIABILITIES

Current liabilities:
Accounts payable $ 16,636 $ 22,668
Accrued expenses 3,936 2,697
Accrued payroll and payroll related 3,054 6,910
Income taxes payable - 154
Current portion of long-term debt   673     670  
Total current liabilities 24,299 33,099
Long-term debt, less current portion   5,714     5,844  

TOTAL LIABILITIES

  30,013     38,943  
Commitment and Contingencies
 

STOCKHOLDERS' EQUITY

 

 

Common stock ($0.001 par value, 50,000,000 shares authorized; 30,958,403 and 29,284,592 share issued; 30,522,490 and 28,848,679 shares outstanding at September 30, 2013 and June 30, 2013, respectively)

31 29
Additional paid-in capital 126,358 104,075
Retained earnings 20,558 26,553
Accumulated other comprehensive loss (48 ) (47 )
Treasury stock (435,913 shares at September 30, 2013 and June 30, 2013)   (2,034 )   (2,034 )
Total Lannett Company, Inc. stockholders' equity 144,865 128,576
Noncontrolling interest   241     233  
Total stockholders' equity   145,106     128,809  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 175,119   $ 167,752  




3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs