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ACETO CORP filed this Form 8-K on 11/03/2017
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Operating income totaled $7.2 million, a decrease of 17.6% from the first quarter of fiscal 2017. Net income was $0.5 million, or $0.01 per diluted share, compared to net income of $4.4 million, or $0.15 per diluted share, for the comparable quarter of fiscal 2017. Non-GAAP Adjusted Net Income was $10.7 million in the first quarter, compared to $8.3 million in the prior period, a 29.1% increase. Non-GAAP Adjusted Earnings per Share were $0.30, compared to $0.28 in the year ago first quarter, a 7.1% increase.


Fiscal 2018 Guidance


For the fiscal year ending June 30, 2018, at current exchange rates, ACETO is providing financial guidance as follows:


·Total revenues to increase approximately 15% to 20%;
·Reported diluted GAAP earnings per share between $0.23 and $0.33;
·Diluted Non-GAAP earnings per share between $1.05 and $1.15.


The Company's fiscal 2018 financial guidance is based in part on the following assumptions:


·Generic industry headwinds continued in our first fiscal quarter and we are expecting annual price erosion in the low double digits percentage;
·R&D expense of approximately $10 million; and
·Total generic product launches of 15 to 20.


Senior Financial Executive Changes


On October 26, 2017, Doug Roth, Senior Vice President and Chief Financial Officer of ACETO, announced his retirement from the company, effective March 31, 2018. The company has commenced a search for his replacement. Also, on October 27, 2017, Fran Scally, ACETO Vice President, Financial Reporting, Compliance and Risk, was designated to serve as the company’s chief accounting officer, effective immediately.


Conference Call


Management will host a conference call to discuss the operating and financial results at 9:00 a.m. ET on Friday, November 3, 2017. To participate in the conference call, please dial (877) 317-6789 or (412) 317-6789 approximately 10 minutes prior to the call. Please reference conference ID # 10112224.


The call is also being webcast with an accompanying presentation, which can be accessed through the investor relations section of the Company’s website, Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software and download the presentation.


A telephone replay of the conference call will be available from 11:00 a.m. ET on November 3, 2017 until 11:59 p.m. ET on November 10, 2017 and may be accessed by calling (877) 344-7529 and referencing conference ID # 10112224. An archived replay of the conference call will also be available in the investor relations section of the Company’s website.


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