000-04217
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11-1720520
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(Commission File Number)
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(IRS Employer Identification Number)
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□
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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□
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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□
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
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□
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Pre-commencement communications pursuant to Rule 13-e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits
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Exhibit 99.1
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Press Release issued by Aceto Corporation dated November 3, 2011
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ACETO CORPORATION | |||
(Registrant) | |||
Dated: November 4, 2011
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By:
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/s/ Albert L. Eilender | |
Albert L. Eilender | |||
Chairman and CEO |
Exhibit No.
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Exhibits.
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99.1
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Press Release issued by Aceto Corporation dated November 3, 2011
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Aceto Corporation
4 Tri Harbor Court
Port Washington, New York 11050
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“Sourcing and Supplying Quality Products Worldwide”
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NEWS RELEASE
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Aceto Announces Fiscal 2012 First Quarter Results of Operations | ||
FINANCIAL HIGHLIGHTS:
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||
●
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Net Sales in Fiscal 2012 1st Quarter increased 15.6% from Fiscal 2011 1st Quarter sales
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Gross Profit in Fiscal 2012 1st Quarter increased 39.4% from Fiscal 2011 comparable period
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●
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Non-GAAP EPS for Fiscal 2012 1st Quarter of $0.13 vs. $0.11 for Fiscal 2011 1st Quarter
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For information contact:
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Theodore Ayvas
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Director of Corporate Communications
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& Investor Relations
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Aceto Corporation
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(516) 627-6000
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www.aceto.com
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Aceto Corporation
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||||||||
Consolidated Statements of Income
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||||||||
(in thousands, except per share amounts)
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||||||||
(unaudited) | ||||||||
Three Months Ended
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||||||||
September 30,
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||||||||
2011
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2010
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|||||||
Net sales
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$ | 101,317 | $ | 87,660 | ||||
Cost of sales
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82,798 | 74,373 | ||||||
Gross profit
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18,519 | 13,287 | ||||||
Gross profit %
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18.28 | % | 15.16 | % | ||||
Selling, general and
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||||||||
administrative expenses
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13,569 | 9,597 | ||||||
Operating income
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4,950 | 3,690 | ||||||
Other (expense) income, net of interest expense
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(211 | ) | 560 | |||||
Income before income taxes
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4,739 | 4,250 | ||||||
Income tax provision
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1,706 | 1,453 | ||||||
Net income
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$ | 3,033 | $ | 2,797 | ||||
Net income per common share
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$ | 0.11 | $ | 0.11 | ||||
Diluted net income per common share
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$ | 0.11 | $ | 0.11 | ||||
Weighted average shares outstanding:
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||||||||
Basic
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26,476 | 25,329 | ||||||
Diluted
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26,635 | 25,506 |
Aceto Corporation
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||||||||
Consolidated Balance Sheets
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||||||||
(in thousands, except per-share amounts) | ||||||||
September 30, 2011
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June 30, 2011
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|||||||
(unaudited)
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||||||||
Assets
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||||||||
Current Assets:
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||||||||
Cash and cash equivalents
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$ | 32,186 | $ | 28,664 | ||||
Investments
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844 | 943 | ||||||
Trade receivables: less allowances for doubtful
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||||||||
accounts: Sept. 30, 2011 $671; and June 30, 2011 $682
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65,925 | 83,735 | ||||||
Other receivables
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3,834 | 5,373 | ||||||
Inventory
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74,903 | 77,433 | ||||||
Prepaid expenses and other current assets
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2,216 | 1,720 | ||||||
Deferred income tax asset, net
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517 | 747 | ||||||
Total current assets
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180,425 | 198,615 | ||||||
Property and equipment, net
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11,809 | 12,095 | ||||||
Property held for sale
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3,752 | 3,752 | ||||||
Goodwill
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33,568 | 33,625 | ||||||
Intangible assets, net
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49,190 | 50,658 | ||||||
Deferred income tax asset, net
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3,477 | 3,477 | ||||||
Other assets
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10,134 | 9,443 | ||||||
Total Assets
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$ | 292,355 | $ | 311,665 | ||||
Liabilities and Shareholders' Equity
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||||||||
Current liabilities:
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||||||||
Current portion of long-term debt
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$ | 6,197 | $ | 6,247 | ||||
Accounts payable
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32,998 | 44,614 | ||||||
Accrued expenses
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25,372 | 32,019 | ||||||
Deferred income tax liability
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- | 306 | ||||||
Total current liabilities
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64,567 | 83,186 | ||||||
Long-term debt
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47,200 | 48,750 | ||||||
Long-term liabilities
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13,360 | 12,859 | ||||||
Environmental remediation liability
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5,811 | 5,998 | ||||||
Deferred income tax liability
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45 | 51 | ||||||
Total liabilities
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130,983 | 150,844 | ||||||
Commitments and contingencies
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||||||||
Shareholders' equity:
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||||||||
Common stock, $.01 par value:
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||||||||
(40,000 shares authorized; 26,705 and 26,644 shares issued;
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||||||||
26,705 and 26,620 shares outstanding at
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||||||||
Sept. 30, 2011 and June 30, 2011, respectively)
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267 | 266 | ||||||
Capital in excess of par value
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62,448 | 62,329 | ||||||
Retained earnings
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93,746 | 90,713 | ||||||
Treasury stock, at cost:
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||||||||
(0 and 24 shares at Sept. 30, 2011 and
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||||||||
June 30, 2011, respectively)
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- | (230 | ) | |||||
Accumulated other comprehensive income
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4,911 | 7,743 | ||||||
Total shareholders' equity
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161,372 | 160,821 | ||||||
Total liabilities and shareholders' equity
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$ | 292,355 | $ | 311,665 |
Aceto Corporation
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||||||||||||||||
Diluted Net Income Per Common Share Excluding Charges (Non-GAAP Reconciliation)
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||||||||||||||||
(in thousands, except per share amounts)
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||||||||||||||||
(unaudited)
Three Months
Ended
September 30,
2011
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(unaudited)
Diluted Net
Income Per
Common Share
Three Months
Ended September 30, 2011
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(unaudited)
Three Months
Ended
September 30,
2010
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(unaudited)
Diluted Net
Income Per
Common Share
Three Months
Ended September 30, 2010
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|||||||||||||
Net income, as reported
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$ | 3,033 | $ | 0.11 | $ | 2,797 | 0.11 | |||||||||
Adjustments:
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||||||||||||||||
Separation charges
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884 | 0.03 | - | - | ||||||||||||
Adjusted income excluding charges
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3,917 | 0.14 | 2,797 | 0.11 | ||||||||||||
Adjustments to provision for income taxes
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345 | 0.01 | - | - | ||||||||||||
Adjusted net income (Non-GAAP)
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$ | 3,572 | $ | 0.13 | $ | 2,797 | $ | 0.11 | ||||||||
Diluted weighted average shares outstanding
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26,635 | 26,635 | 25,506 | 25,506 | ||||||||||||
NOTE: Items identified in the above table are not in accordance with, or an alternative method for, generally accepted accounting principles (GAAP) in the United States. These items should not be reviewed in isolation or considered substitutes of the Company's financial results as reported in accordance with GAAP. Due to the nature of these items, it is important to identify these items and to review them in conjunction with the Company's financial results reported in accordance with GAAP. The exclusion of these items also allows investors to compare results of operations in the current period to prior period’s results based on the Company’s fundamental business performance and analyze the operating trends of the business. The exclusion of these items also allows management to evaluate performance of its business units.
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