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Taro estimates that it had $96.8 million in net sales for the second quarter, 10 percent more than the $88.1 million in net sales in the corresponding quarter of 2008. Operating profit rose 16 percent to $20.6 million for the second quarter from $17.7 million in the corresponding quarter.
Taro estimates its net profit at $12.5 million ($0.31 per share) for the second quarter, 4 percent less than the $13 million in the corresponding quarter. The company attributes most of the decline to the depreciation of the US dollar against the Canadian dollar.
Taro added that earnings were also affected by $4.2 million in expenses related to the company's Irish facility, as well as $13 million in legal, consulting, and other fees for its continuing efforts to complete the 2004-2006 audits and litigation against India's Sun Pharmaceutical Industries Ltd. (BSE: 524715) over the cancelled merger of the companies.
Taro had $79.1 million in cash and cash equivalents at the end of June, and reduced its net debt to $90.9 million at the end of June from $103.7 million at the end of 2008.
Taro will hold two special shareholders meetings during September to appoint two directors to the board, and to update shareholders on the status of the audit for 2004-06.
Last month, Taro sued Synerx Pharma LLC, DPT Laboratories Ltd., and Eagle Pharmaceuticals Inc. subsidiary Karalex Pharma, LLC with in the United States District Court for New Jersey for patent infringement of the company's Ovide (malathion) Lotion. Taro wants injunctive relief and damages.
Taro closed at $9.10 yesterday.
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