Lannett Company Reports Record Earnings for Second Quarter Fiscal 1999 and Results for Six Months Ended December 31, 1998.PHILADELPHIA--(BUSINESS WIRE)--February 19, 1999--LANNETT COMPANY, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : LANN - news) a manufacturer and distributor of pharmaceutical products, today announced results for the six months ended December December: see month. 31, 1998, including record earnings for Second Quarter Fiscal 1999. The Company reported net sales Net Sales The 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 $3.1 million for the Quarter ended December 31, 1998 ("Second Quarter Fiscal 1999"), compared to $2.5 million for the quarter ended December 31, 1997 ("Second Quarter Fiscal 1998"), an increase of 23% for Second Quarter Fiscal 1999. Net income was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.5 million, or $0.10 basic earning per share Noun 1. earning per share - the portion of a company's profit allocated to each outstanding share of common stock net income, net profit, profit, profits, earnings, lucre, net - the excess of revenues over outlays in a given period of time (including depreciation , $0.03 on a 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. basis. Net income for Second Quarter Fiscal 1998 was just under $0.4 million, or $0.07 basic earning per share, $0.03 on a diluted basis. For the six months ended December 31, 1998, the Company reported net sales of $5.1 million compared to net sales of $4.9 million for the six months ended December 31, 1997. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. remained relatively constant at $1.0 million during the six months ended December 31, 1998 compared to $1.1 million for the six months ended December 31, 1997. Net income for the six months ended December 31, 1998 and 1997 was $0.6 million and $0.8 million respectively with basic earnings per share of $0.11, $0.04 on a diluted basis for the six months ended December 31, 1998, compared to $0.14, $0.05 for the comparable period a year ago. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack Farber Farber may refer to:
Additionally, the Company is focusing on expanding its product line. As part of the Company's commitment to a research and development program, nine products are currently under development. Four of these products are being developed and manufactured for other companies, while the other five products are being developed as part of the Lannett product line. One of the Lannett products has been redeveloped and submitted to the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. for supplemental approval. Three additional products represent previously approved ANDA's that the Company is planning to reintroduce Re`in`tro`duce´ v. t. 1. To introduce again. Verb 1. reintroduce - introduce anew; "We haven't met in a long time, so let me reintroduce myself" re-introduce . The remaining one product represents a new product introduction which has completed a bio-study and has been submitted to the FDA for review. The Company's common stock trades in the over-the-counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. through the use of the inter-dealer "pink-sheets" published by the National Quotations Bureau, Inc. under the symbol "(LANN").
LANNETT COMPANY, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED
12/31/98 12/31/97 12/31/98 12/31/97
NET SALES $ 3,070,512 $2,505,516 $ 5,103,997 $ 4,943,380
COST OF SALES 1,860,271 1,444,206 3,190,605 2,964,847
--------- --------- --------- ---------
Gross profit 1,210,241 1,061,310 1,913,392 1,978,533
SELLING, GENERAL AND
ADMINISTRATIVE
EXPENSES 473,705 475,065 888,691 837,850
------- ------- ------- -------
Operating profit 736,536 586,245 1,024,701 1,140,683
------- ------- --------- ---------
OTHER INCOME
(EXPENSES), NET
Other ---------- ---------- ---------- 5,397
Interest expense (192,637) (201,223) (422,385) (394,378)
--------- --------- --------- ---------
(192,637) (201,223) (422,385) (388,981)
--------- --------- --------- ---------
NET INCOME BEFORE
TAXES $ 543,899 $ 385,022 $ 602,316 $ 751,702
---------- ---------- ---------- ----------
STATE TAXES 40,000 0 40,000 0
NET INCOME $ 503,899 $ 385,022 $ 562,316 $ 751,702
========== ========== ============ ==========
BASIC INCOME
PER SHARE $ .10 $ .07 $ .11 $ .14
DILUTED INCOME
PER SHARE $ .03 $ .03 $ .04 $ .05
BASIC WEIGHTED
AVERAGE NUMBER
OF SHARES 5,206,128 5,206,128 5,206,128 5,206,128
DILUTED WEIGHTED
AVERAGE NUMBER
OF SHARES 15,722,097 15,216,128 15,722,097 15,216,128
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