Akorn Re-States 3rd Quarter Results to Comply With New Guidelines From The SEC And Releases 1998 Year End Results.BUFFALO GROVE Buffalo Grove A village of northeast Illinois, a suburb of Chicago. Population: 43,300. , Ill.--(BUSINESS WIRE)--March 31, 1999-- R & D Expenses for Acquired Assets Now to Be Capitalized - - - - - Year End Income Now At $0.25 Per Share Akorn, Inc. (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 : AKRN) today announced that it has re-stated results ending September 30, 1998 to comply with new guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. from the Securities and Exchange Commission (SEC). The impact of this re-statement for the three months ended September 30, 1998 increases net income from $345,000, or $0.02 per 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. share, to $1,088,000, or $0.06 per diluted share. Including this adjustment, net income for the year ended December 31, 1998 rose to $4,647,000, or $0.25 per diluted share. New in-process research and development guidance from the SEC led Akorn to voluntarily capitalize $1,298,000 which the Company had previously expensed in the third quarter of fiscal 1998 as part of the Advanced Remedies, Inc. asset acquisition. The following table documents the impact upon earnings. Akorn, Inc. manufactures and markets sterile sterile /ster·ile/ (ster´il) 1. unable to produce offspring. 2. aseptic. ster·ile adj. 1. Not producing or incapable of producing offspring. 2. specialty pharmaceuticals, and markets and distributes an extensive line of ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. surgical supplies and related products. -0-
Selected Quarterly Data
(In Thousands, Except Per Share Amounts)
Net Income (Loss)
----------------------
Per Per
Net Gross Share Share
Sales Profit Amount Basic Diluted
------- ------- ------- ------- -------
Year Ended December 31, 1998:
1st Quarter $12,051 $ 6,242 $ 1,046 $0.06 $0.06
2nd Quarter 13,987 7,021 1,101 0.06 0.06
3rd Quarter - initial fling 15,138 7,868 345 0.02 0.02
3rd Quarter - adjustment -- -- 743 0.04 0.04
3rd Quarter - amended filing 15,138 7,868 1,088 0.06 0.06
4th Quarter 15,491 7,929 1,410 0.08 0.08
------- ------- ------- ------- -------
Full Year $56,667 $29,060 $ 4,647 $0.26 $0.25
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-0- The information contained in this news release, other than historical information, consists of 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. that involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such statements regarding the timing of acquiring and developing new products, of bringing them on line and of deriving revenues and profits from them, as well as the effects of those revenues and profits on the company's margins and financial position, is uncertain because many of the factors affecting the timing of those items are beyond the company's control. This release, and prior releases, are available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide web site at www.kcsa.com. |
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