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|ACETO Reports Fiscal 2017 First Quarter Results|
Separately Company Announces Acquisition of Generic Products and Related Assets of Citron Pharma
Management to Host Conference Call on
First Quarter Fiscal 2017 versus First Quarter Fiscal 2016
“Our first quarter results fell below last year due to lower revenue and gross profit in our
Mr. Guccione added, “Also in the first quarter, Rising experienced product launch delays and backorders of some products which have continued into the second quarter. Nevertheless, we are maintaining our launch plans for fiscal 2017 and still plan to launch 12 to 15 new generic products during this fiscal year. Although we now expect to launch most of the new products and resolve the backorders in the second half of the year, the negative impact of these developments will weigh on our results for the first half of 2017.
“Regarding our fiscal 2017 full-year guidance, we have two crosscurrents at work: the near-term headwinds at Rising and the longer-term tailwind we expect to benefit from following the completion of the just announced acquisition of generic products and related assets of Citron Pharma. Absent the acquisition, our fiscal 2017 outlook has changed. We now expect ACETO’s fiscal year 2017 sales growth to be in the low-single digit percentage range and non-GAAP Adjusted EPS to be lower than last year by a mid-single digit percentage. On a GAAP basis, which will be negatively impacted by the aforementioned items as well as the transaction-related expenses, EPS is expected to be below last year by a low-double digit percentage. Including the contribution of Citron for the second half of fiscal 2017, we expect full-year sales growth to be in the 20% range, non-GAAP Adjusted EPS growth to be in the mid-single digit percentage range and GAAP EPS to be behind last year by approximately 20% reflecting deal-related costs and non-cash purchase accounting charges,” concluded Mr. Guccione.
First Quarter Financial Review
Net sales for the first quarter of fiscal 2017 were
Pharmaceutical Ingredients segment sales were
Performance Chemicals segment sales were
Total selling, general and administrative expenses were
Operating income totaled
Management will host a conference call to discuss the operating and financial results at
The call is also being webcast with an accompanying presentation, which can be accessed through the investor relations section of the Company’s website, www.aceto.com. 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
Use of Non-GAAP Financial Information
In addition to U.S. GAAP results, this press release also includes certain non-GAAP financial measures as defined by the
Pursuant to the requirements of Regulation G, reconciliations of Adjusted Net Income and Adjusted EPS to U.S. GAAP net income and GAAP EPS are presented in the table Non-GAAP Reconciliation of this press release.
This news release contains forward-looking statements as that term is defined in the federal securities laws. The events described in forward-looking statements contained in this news release may not occur. Generally, these statements relate to our business plans or strategies, projected or anticipated benefits or other consequences of ACETO’s plans or strategies, financing plans, projected or anticipated benefits from acquisitions that
Any one or more of these uncertainties, risks and other influences could materially affect ACETO’s results of operations and whether forward-looking statements made by
(Financial Tables Follow)
Investor Relations Contact: LHA Jody Burfening email@example.com (212) 838-3777