000-04217 | 11-1720520 |
(Commission File Number) | (IRS Employer Identification Number) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13-e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
ACETO CORPORATION | |||
(Registrant) | |||
Dated: May 4, 2012
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By:
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/s/ Albert L. Eilender | |
Albert L. Eilender | |||
Chairman and CEO | |||
Exhibit No. | Exhibits. | |
99.1
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Press Release issued by Aceto Corporation dated May 3, 2012
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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” | NEWS RELEASE | |
FOR IMMEDIATE RELEASE |
·
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Net sales increased 3.0% to $121.4 million, a record level
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·
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Gross profit increased 14.0% to $22.2 million
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·
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Net income increased 39.9% to $5.4 million
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Aceto Corporation and Subsidiaries
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Condensed Consolidated Statements of Income
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(in thousands, except per share amounts)
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(unaudited) | (unaudited) | |||||||||||||||
Three Months Ended |
Nine Months Ended
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March 31, |
March 31,
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2012
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2011
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2012
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2011
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Net sales
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$ | 121,415 | $ | 117,881 | $ | 333,439 | $ | 291,224 | ||||||||
Cost of sales
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99,260 | 98,449 | 272,121 | 245,382 | ||||||||||||
Gross profit
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22,155 | 19,432 | 61,318 | 45,842 | ||||||||||||
Gross profit %
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18.25 | % | 16.48 | % | 18.39 | % | 15.74 | % | ||||||||
Selling, general and
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||||||||||||||||
administrative expenses
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14,581 | 13,281 | 41,678 | 34,305 | ||||||||||||
Operating income
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7,574 | 6,151 | 19,640 | 11,537 | ||||||||||||
Other (expense) income, net of interest expense
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(26 | ) | (197 | ) | (189 | ) | 962 | |||||||||
Income before income taxes
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7,548 | 5,954 | 19,451 | 12,499 | ||||||||||||
Income tax provision
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2,169 | 2,108 | 6,451 | 7,025 | ||||||||||||
Net income
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$ | 5,379 | $ | 3,846 | $ | 13,000 | $ | 5,474 | ||||||||
Net income per common share
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$ | 0.20 | $ | 0.15 | $ | 0.49 | $ | 0.21 | ||||||||
Diluted net income per common share
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$ | 0.20 | $ | 0.14 | $ | 0.49 | $ | 0.21 | ||||||||
Weighted average shares outstanding:
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Basic
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26,634 | 26,468 | 26,558 | 25,718 | ||||||||||||
Diluted
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26,870 | 26,663 | 26,747 | 25,918 |
Aceto Corporation and Subsidiaries
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Condensed Consolidated Balance Sheets
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(in thousands, except per-share amounts)
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March 31, 2012
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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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$ | 26,611 | $ | 28,664 | ||||
Investments
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1,539 | 943 | ||||||
Trade receivables: less allowances for doubtful
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||||||||
accounts: Mar. 31, 2012 $808; and June 30, 2011 $682
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84,381 | 83,735 | ||||||
Other receivables
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2,900 | 5,373 | ||||||
Inventory
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82,628 | 77,433 | ||||||
Prepaid expenses and other current assets
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2,333 | 1,720 | ||||||
Deferred income tax asset, net
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626 | 747 | ||||||
Total current assets
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201,018 | 198,615 | ||||||
Property and equipment, net
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11,717 | 12,095 | ||||||
Property held for sale
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3,752 | 3,752 | ||||||
Goodwill
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33,549 | 33,625 | ||||||
Intangible assets, net
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46,698 | 50,658 | ||||||
Deferred income tax asset, net
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2,768 | 3,477 | ||||||
Other assets
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10,302 | 9,443 | ||||||
Total Assets
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$ | 309,804 | $ | 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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$ | 6,447 | $ | 6,247 | ||||
Accounts payable
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47,078 | 44,614 | ||||||
Accrued expenses
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25,925 | 32,019 | ||||||
Deferred income tax liability
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- | 306 | ||||||
Total current liabilities
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79,450 | 83,186 | ||||||
Long-term debt
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43,852 | 48,750 | ||||||
Long-term liabilities
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12,136 | 12,859 | ||||||
Environmental remediation liability
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5,688 | 5,998 | ||||||
Deferred income tax liability
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29 | 51 | ||||||
Total liabilities
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141,155 | 150,844 | ||||||
Commitments and contingencies
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Shareholders' equity:
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Common stock, $.01 par value:
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(40,000 shares authorized; 26,817 and 26,644 shares issued;
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26,817 and 26,620 shares outstanding at
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Mar. 31, 2012 and June 30, 2011, respectively)
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268 | 266 | ||||||
Capital in excess of par value
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63,210 | 62,329 | ||||||
Retained earnings
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101,044 | 90,713 | ||||||
Treasury stock, at cost:
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(0 and 24 shares at Mar. 31, 2012 and
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June 30, 2011, respectively)
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- | (230 | ) | |||||
Accumulated other comprehensive income
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4,127 | 7,743 | ||||||
Total shareholders' equity
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168,649 | 160,821 | ||||||
Total liabilities and shareholders' equity
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$ | 309,804 | $ | 311,665 |
Aceto Corporation and Subsidiaries |
Diluted Net Income Per Common Share Excluding Charges (Non-GAAP Reconciliation) |
(in thousands, except per share amounts) |
(unaudited)
Three Months
Ended March
31, 2012
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(unaudited)
Diluted Net
Income Per
Common Share
Three Months
Ended March 31,
2012
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(unaudited)
Three Months
Ended March 31,
2011
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(unaudited)
Diluted Net
Income Per
Common Share
Three Months
Ended March 31,
2011
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(unaudited)
Nine Months
Ended March
31, 2012
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(unaudited)
Diluted Net
Income Per
Common Share
Nine Months
Ended March 31,
2012
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(unaudited)
Nine Months
Ended March
31, 2011
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(unaudited)
Diluted Net
Income Per
Common Share
Nine Months
Ended March 31,
2011
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Net income, as reported
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$ | 5,379 | $ | 0.20 | $ | 3,846 | $ | 0.14 | $ | 13,000 | $ | 0.49 | $ | 5,474 | $ | 0.21 | ||||||||||||||||
Adjustments:
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Separation charges
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- | - | - | - | 884 | 0.03 | - | - | ||||||||||||||||||||||||
Transaction costs related to Rising acquisition
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- | - | - | - | - | - | 1,060 | 0.04 | ||||||||||||||||||||||||
Adjusted income excluding charges
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5,379 | 0.20 | 3,846 | 0.14 | 13,884 | 0.52 | 6,534 | 0.25 | ||||||||||||||||||||||||
Adjustments to provision (benefit) for income taxes
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529 | 0.02 | - | - | 874 | 0.03 | (2,225 | ) | (0.09 | ) | ||||||||||||||||||||||
Adjusted net income (Non-GAAP)
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$ | 4,850 | $ | 0.18 | $ | 3,846 | $ | 0.14 | $ | 13,010 | $ | 0.49 | $ | 8,759 | $ | 0.34 | ||||||||||||||||
Diluted weighted average shares outstanding
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26,870 | 26,870 | 26,663 | 26,663 | 26,747 | 26,747 | 25,918 | 25,918 | ||||||||||||||||||||||||
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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