Aceto Announces Financial Results.LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--Aug. 15, 1997--Aceto Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ACET ACET AIDS Care Education and Training ACET Advisory Council for the Elimination of Tuberculosis (CDC) ACET Association for Compensatory Educators of Texas ACET Advisory Committee on Electronics and Telecommunications ) today reported sales and earnings for the 12 months ended June 30, 1997, the results of which are summarized below: -0-
SUMMARY of CONSOLIDATED OPERATIONS
(In Thousands Except Per Share Amounts)
Fourth Quarter
Ended June 30th
1997 1996
Net Sales $ 46,992 $ 43,261
Income Before Income Taxes 3,240 2,614
Net Income 1,981 1,535
Net Income per Common and
Common Equivalent Share $ 0.41 $ 0.28
Weighted Average Shares
Outstanding 4,782 5,284
12 Months
Ended June 30th
1997 1996
Net Sales $169,387 $183,163
Income Before Income Taxes 10,201 11,809
Net Income 6,228(a)(b) 7,154
Net Income per Common and
Common Equivalent Share $1.24(a)(b) $1.34
Weighted Average Shares
Outstanding 4,972 5,299
-0- (a) Includes an after-tax charge of $480 ($.09/share) to cover a revised estimate Revised estimate The third estimate of GDP released about three months after the measurement period. for remediation of the company's former manufacturing site in Carlstadt, N.J. (b) Includes an after-tax charge of $187 ($.04/share) in final settlement of a complaint by the U.S. Department of Justice sent to the company on Feb. 10, 1995. The complaint alleged violation of the Resource Conservation and Recovery Act The Resource Conservation and Recovery Act (RCRA), enacted in 1976, is a Federal law of the United States contained in 42 U.S.C. ยงยง6901-6992k. It is usually pronounced as "rick-rah" or "Wreck-rah. (RCRA RCRA Resource Conservation & Recovery Act of 1976 RCRA Resort and Commercial Recreation Association ) by a then wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. in Waterbury, Conn. This subsidiary was sold on June 19, 1996. CONTACT: Aceto Corporation, Lake Success Donald Horowitz, 516/627-6000 |
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