Aceto Q4 Earnings Declines On Higher Costs
Aceto Corporation, a provider of Pharmaceutical intermediates and specialty chemicals, announced a decline in fourth quarter on higher expenses, notwithstanding the growth in revenues.
Lake Success, New York - based company recorded a net income of $3.5 million, or $0.13 per share, while its prior year profit was $4.2 million or $0.17 per share in the prior year.
The company attributed the decline to the cost of finalizing our Glyphosate EPA registration, and additional compensation to reflect personnel additions and year end performance awards. Net sales was raised by 14.6% to $121.2 million from $105.8 million in the year ago quarter.
For the fiscal year, net income was $8.97 million compared to $6.58 million last year earnings per share increased 30.8% to $0.34 from $0.26 in the prior year. On an adjusted basis earnings were $0.47 in comparison with $0.39 per share last year. Net sales for the fiscal period increased to $412.43 million from $346.63 million a year ago.
Albert Eilender, chairman and CEO of Aceto said, "All three of our business segments showed sales growth for the fiscal year ended June 30, 2011. During the period, sales in our Health Sciences segment increased 19.5% from fiscal 2010, largely the result of increased sales from our domestic Health Sciences group and the addition of sales of Rising Pharmaceuticals products where we had no comparable sales in prior periods. The Health Sciences segment saw an increase in sales from our international operations over the prior year, particularly in Europe."
Aceto is currently trading at $5.05, down $0.06 or 1.17% on a volume of 47K shares.
