Lannett Company announces first quarter fiscal 1996 profit.PHILADELPHIA--(BUSINESS WIRE)--Dec. 29, 1995--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 OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) ("LANN"), manufacturer and distributor of pharmaceutical products, reported a profit for First Quarter Fiscal 1996 today. This continues a profitable trend into Fiscal Year 1996. 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 for the First Quarter Fiscal 1996, ended Sept. 30, 1995, were $933,782, compared to $1,613,302 for the First Quarter Fiscal 1995, ended Sept. 30, 1994. The company also reported net income of $91,888 for the First Quarter Fiscal 1996, compared to net income of $361,758 during the same time period in Fiscal 1995. On a per share basis, this represents First Quarter Fiscal 1996 income of $0.02 per share, $0.01 on a fully diluted basis, compared to $0.07 per share, $0.03 on a fully diluted basis, for First Quarter Fiscal 1995. Lannett Company President, Barry Weisberg, stated "We are encouraged that Lannett products have continued to be well received in the market, providing sales and profits, as evidenced by our First Quarter Fiscal 1996 results. First Quarter Fiscal 1995 results were sparked by the re-introduction of Dicyclomine, and reflect initial sales to fill channels of distribution for this product. We remain dedicated to creating a successful and profitable company. Upgrading through new equipment and procedures continues to result in greater production capability and added efficiency. In addition, we are working hard to develop and go forward with new generic drug generic drug, a drug sold or prescribed under the nonproprietary name of its active ingredients or under a generally descriptive name rather than under a brand or trade name. products that can contribute to Lannett Company's sales and profitability." As of Sept. 30, 1995, three generic drug products were manufactured and marketed by the company: BCC (Blind Carbon Copy) The field in an e-mail header that names additional recipients for the message. It is similar to carbon copy (cc), but the names do not appear in the recipient's message. Not all e-mail systems support the bcc feature. See fcc. , Primidone and Dicyclomine. Moreover, sixteen additional products are under development; four of these products have been revalidated 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, and ten others are currently undergoing revalidation and preparation for submission to the agency. Two represent new product introductions as part of the company's commitment to a research and development program. Lannett is an emerging generic pharmaceutical company dedicated to excellence. In its newly renovated facility, Lannett has added modern manufacturing and analytical equipment, and implemented new systems and controls, facilitating compliance with current good Manufacturing practices Good Manufacturing Practice or GMP (also referred to as 'cGMP' or 'current Good Manufacturing Practice') is a term that is recognized worldwide for the control and management of manufacturing and quality control testing of foods and pharmaceutical products. (cGMP). Staffed by highly qualified work force and management teams, Lannett intends to reintroduce a number of ANDA ANDA abbr. abbreviated new drug application products in the future. CONTACT: Lannett Company, Philadelphia Jeffrey M. Moshal, 215/333-9000 |
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