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Lannett Company, Inc. (LCI) announced its financial results on Wednesday for the fiscal 2009 fourth quarter and full year ended June 30, 2009.
For the fourth quarter of fiscal 2009, net sales were $35.4 million compared with $20.7 million for the same period of the prior year. Net income was $2.4 million, or $0.10 per diluted share, compared with a net loss of $278,000, or $0.01 per share.
For fiscal 2009, net sales rose 64 percent to $119.0 million compared with $72.4 million for fiscal 2008. Net income was $6.5 million, or $0.27 per diluted share, compared with a net loss of $2.3 million, or $0.10 per share, for the prior year.
Arthur Bedrosian, CEO of Lannett, commented in a conference call, "Our solid FY09 performance demonstrates our ability to rapidly adapt to changing market conditions. We had strong Q4 sales of our key products and increased demand for our existing products.
He added, "Our high-quality manufacturing standards continued to allow us to supply the U.S. market with important medications and alleviate market shortages. We have clearly established ourselves as a 'go to' supplier in an increasingly competitive marketplace."
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