Paladin Labs Q2 net income increases

Thu. August 13, 2009; Posted: 05:05 AM

Aug 13, 2009 (Datamonitor via COMTEX) -- PLDLF | Quote | Chart | News | PowerRating -- Paladin Labs, a Canadian specialty pharmaceutical company, has reported a net income of C$27.73 million, or C$1.71 per share, for the second quarter of 2009, compared to C$2.58 million, or C$0.17 per share, for the second quarter of 2008.

Revenues for the second quarter of 2009 increased 27% or C$5.5 million to C$26.2 million, compared to C$20.7 million in the second quarter of 2008. For the six months ended June 30, 2009, Paladin reported revenues of C$52.04 million compared to C$37.5 million for the same period of 2008.

The company has reported a net income of C$30.8 million, or C$1.89 per share, for the six months ended June 30, 2009, compared to C$4.1 million, or C$0.27 per share, for the same period of 2008.

Jonathan Goodman, president and CEO of Paladin Labs, said: "The business continues to perform well. Our promoted products and recent product acquisitions together delivered strong revenues growth and EBITDA margins in the quarter.

"Our recently completed $58 million financing coupled with no debt positions us well in this market for continued expansion through acquisitions. We are on track to achieve more than $100 million in revenues for 2009, which will mark our 14th consecutive year of record revenues."

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