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|ACETO Reports Fiscal 2017 Second Quarter Results|
Second Quarter Fiscal 2017 versus Second Quarter Fiscal 2016
“The second quarter of Fiscal 2017 was an important quarter for
“As expected, operational factors which caused first quarter results to fall below last year continued in the second quarter. As a result, consolidated Fiscal 2017 second quarter results fell below those achieved in Fiscal 2016.
“During the quarter, we made progress in resolving some of the API supply challenges that were causing back orders on two products at Rising, and we launched two generic products during the quarter for a total of five products for the first half of the year,” added Mr. Guccione. “We still expect to launch 7 to 10 Rising generic products during the second half of Fiscal 2017. In addition, during the second half of Fiscal 2017 we expect to launch approximately 15 approved products acquired from Citron, bringing the total number of generic products that we plan to launch in Fiscal 2017 to between 27 and 30. Our revised product launch schedule calls for most of the remaining launches to occur during the fourth quarter.
“With the acquisition now closed and having updated our outlook for the balance of the Fiscal year, we now expect ACETO’s Fiscal year 2017 sales growth to be in the mid-to-high teen percentage range and non-GAAP Adjusted EPS to be roughly even with Fiscal 2016. On a GAAP basis, which reflects deal-related costs and non-cash purchase accounting charges, EPS is expected to be below last year by roughly 45%. Although Fiscal 2017 is a challenging year, we expect to see sequential improvements in performance during our third and fourth Fiscal quarters, which should allow us to exit Fiscal 2017 well positioned for double-digit Adjusted EPS growth in Fiscal 2018,” concluded Mr. Guccione.
Second Quarter Financial Review
Net sales for the second quarter of Fiscal 2017 were
Pharmaceutical Ingredients segment sales were
Performance Chemicals segment sales were
Total selling, general and administrative expenses were
Operating income in the second quarter of Fiscal 2017 was
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