Aceto Corporation Announces First Quarter Results for the Period Ending September 30, 2001.Business Editors LAKE SUCCESS, N.Y--(BUSINESS WIRE)--Nov. 8, 2001 Aceto Corporation (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 ), a global leader in the distribution and marketing of Pharmaceutical and Specialty Chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. , announced today its first quarter results for the period ending September 30, 2001. Due in large part to the Company's acquisition in March 2001 of the Schweizerhall Pharma division from Schweizerhall Holding AG, including its individual business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets in Hamburg Hamburg, city, Germany Hamburg (häm`b  rkh), officially Freie und Hansestadt Hamburg (Free and Hanseatic City of Hamburg), city (1994 pop. , Paris,
Singapore, Amsterdam and Mumbai, the Company reported net sales Net SalesThe amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $47,641,000 for the quarter ended September 30, 2001, a 16% increase from $41,051,000 for the quarter ended September 30, 2000. Additionally, the Company reported gross profit of $7,246,000 for the quarter ended September 30, 2001, a 23% increase from $5,869,000 for the quarter ended September 30, 2000. For the quarter ending September 2001, the Company reported net income of $535,000, or $.08 per basic and fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common share. This represents a 42% decrease from $929,000 or $.15 per basic and fully diluted common share for the quarter ended September 30, 2000. This decrease in net income was due in large part to our lower domestic results. Our domestic results for July and August were comparable to the previous year and we fully expected September to be of the same order. Unfortunately, due to the tragic events of September 11 and the resulting slowdown in business immediately thereafter (particularly in the chemical industry), our revenue and gross profit was substantially less than we expected. This clearly had a severe negative impact on the earnings for this year's first quarter. Our international results during this first quarter were very satisfactory and the acquired business continues to be accretive to earnings. We are very pleased that we have completed the integration of the Schweizerhall acquisition and are operating all of our businesses on a global basis. This was done within the six-month time frame that we planned for. We are refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus our efforts on cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. in many areas with an emphasis on materials management Materials management is the branch of logistics that deals with the tangible components of a supply chain. Specifically, this covers the acquisition of spare parts and replacements, quality control of purchasing and ordering such parts, and the standards involved in ordering, and logistics. We have begun to implement our global financial strategy and we are now using our financial resources in a more efficient way, which we expect should positively impact our earnings in the future. We also are pleased to report that Aceto (Shanghai) Ltd. commenced substantial commercial activities in October. We fully expect that as the world economy recovers from the tragic events of September 11, we will show better financial results for the balance of this fiscal year.
Consolidated Statements of Income
(In Thousands Except per Share Amounts)
First Quarter Ended
September 30,
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2001 2000
Net Sales $47,641 $41,051
Cost of Sales 40,395 35,182
Gross Profit 7,246 5,869
Selling, General and
Administrative Expenses 6,321 4,629
Operating Profit 925 1,240
Other Income (Expense) Net of
Interest Expense (88) 301
Income Before Income Taxes 837 1,541
Provision for Income Taxes 302 612
Net Income 535 929
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Net Income Per Common Share
Basic $0.08 $0.15
Diluted $0.08 $0.15
Weighted Average Shares Outstanding
Basic 6,508 6,037
Diluted 6,536 6,091
This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements include, but are not limited to, all statements related to the Company's global financial strategy, future EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. , and expected financial results for the balance of this fiscal year. All forward-looking statements in this news release are made as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and the Company assumes no obligation to update these forward-looking statements whether as a result of new information, future events or otherwise. The forward-looking statements are subject to risks and uncertantities that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. These uncertantities include, but are not limited to, anticipated cost savings and operational synergies, economic and political conditions in the U.S. and abroad, as well as other risks detailed in the Company's SEC reports, including the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other filings with the SEC. Copies of these filings are available through the SEC's electronic data gathering analysis and retrieval system (EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. ) at www.sec.gov. ABOUT ACETO Aceto Corporation, which was incorporated in 1947, is a global leader in the distribution and marketing of Pharmaceutical and Specialty Chemicals used principally in the agricultural, color, pharmaceutical, surface coating/ink and general chemical industries. With offices in over nine countries, Aceto Corporation distributes over 1,000 chemicals in these and other fields. On March 26, 2001, Aceto Corporation acquired the Schweizerhall Pharma division from Schweizerhall Holding AG, including its individual business operations in Hamburg, Paris, Singapore, Amsterdam and Mumbai. For more information on Aceto, please visit our website at www.aceto.com, or call Leonard S Leon·ard , Ray Charles Known as "Sugar Ray." Born 1956. American boxer who won the 1976 Olympic light welterweight title. He held five world titles as both a welterweight and middleweight between 1979 and 1987. Noun 1. . Schwartz directly at 516-627-6000. |
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