Taro Pharmaceuticals Announces Fourth Quarter Sales and Earnings Expectations; Stock Repurchase and Employee Share Purchase Plan Approvals.HAWTHORNE Hawthorne. 1 City (1990 pop. 71,349), Los Angeles co., S Calif., a suburb of Los Angeles; inc. 1922. Located in an oil- and gas-producing area, Hawthorne manufactures navigation systems, solar panels, electronic components, silicon instruments, and , N.Y.--(BUSINESS WIRE)--Jan. 12, 1999--Taro Pharmaceutical Industries Ltd. (Nasdaq/NMS:TAROF) today reported that, based upon preliminary data, the Company expects to report sales of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $19 million for the fourth quarter of 1998, compared with $16 million for the fourth quarter of 1997, and expects earnings for the fourth quarter to be between $1,000,000 and $1,200,000, or $0.10 and $0.12 earnings per share, compared with $179,000, or $0.02 per share for the fourth quarter of 1997. 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 1998 are expected to be approximately $66 million, compared with $61 million for 1997. Earnings for 1998 are estimated to be between $2,100,000 and $2,300,000, or between $0.21 and $0.23 per share, up from $0.14 per share in 1997. Increased Sales and Earnings in 1998 During 1998, the Company's sales increased from $13 million in the first quarter, to $16 million in the second quarter, to $17 million in the third quarter. During 1998, the Company's earnings increased from $89,000, or $0.01 per share in the first quarter, to $320,000, or $0.03 per share in the second quarter, to $667,000, or $0.07 per share in the third quarter of 1997. "This positive performance is the result of several factors, including the introduction of new products developed through the Company's R&D program, strong sales and increased distribution of the Company's existing product line, and increased manufacturing efficiencies resulting from capital investments and vertical integration," stated Barrie Barrie, city (1991 pop. 62,728), S Ont., Canada, on the west shore of Lake Simcoe. It is a commuter city in the Toronto metropolitan region. Among the city's diverse manufactures are clothing, spirits, electronics, and leather goods. A large military base is nearby. Levitt, M.D., Chairman of the Company. "In 1999 Taro is positioned for increasing sales and earnings due to expected new product approvals, improved manufacturing efficiencies, and enhanced marketing programs. The Company hopes to increase penetration in existing markets and to expand profitably into new markets. We have a strong pipeline of new generic products and continue our development of novel proprietary drugs and delivery systems. "While Taro continues its commitment to research and development, the Company will continue to invest in expanding its marketing operations. This will occur as Taro acts both alone and in collaboration Working together on a project. See collaborative software. with strategic partners in the areas of R&D and marketing," Dr. Levitt concluded. Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. and Employee Share Purchase Plan The Company also announced that two of its subsidiaries have decided to purchase up to $5 million worth of the Company's shares from time to time in the open market. In addition, the Board of Directors of the Company has approved a share purchase plan for employees, consultants and certain directors. The decision by the Company's subsidiaries to invest their funds in the Company's stock is based upon their belief that, at current market prices, the Company's stock represents an attractive investment opportunity. All purchases will be made as the parties see fit on the open market in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with applicable law. Taro Pharmaceutical Industries Ltd. is a multinational pharmaceutical company whose research and development program has resulted in the Company being the first generic marketer of several branded drugs, as well as the developer of several novel pharmaceutical compounds. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company's website at http://www.taropharma.com. To receive additional information on Taro Pharmaceutical Industries Ltd., at no charge, dial 1-800-PRO-INFO and enter company code 104 or ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors TAROF. Certain statements in this release are 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 the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although Taro Pharmaceutical Industries Ltd. believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurance that its expectations will be attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. . Factors that could cause actual results to differ materially from the Company's expectations include industry and market conditions, slower than anticipated penetration of new markets, changes in the Company's financial position, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. actions, and other risks detailed from time to time in the Company's SEC reports, including its Annual Report on Form 20-F for the last fiscal year ended Dec. 31, 1997. |
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