-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A+EgySRrZXIYmvXgeYi9o7SctGM5/kRab5fPV27yKFaFdxAshwOouwJxxd5HOzo8 dIC/184tkeDsKfFQt4kdag== 0000950124-03-002869.txt : 20030826 0000950124-03-002869.hdr.sgml : 20030826 20030826084945 ACCESSION NUMBER: 0000950124-03-002869 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030825 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030826 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LANNETT CO INC CENTRAL INDEX KEY: 0000057725 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 230787699 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31298 FILM NUMBER: 03865428 BUSINESS ADDRESS: STREET 1: 9000 STATE RD CITY: PHILADELPHIA STATE: PA ZIP: 19136 BUSINESS PHONE: 2153339000 MAIL ADDRESS: STREET 1: 9000 STATE ROAD STREET 2: 9000 STATE ROAD CITY: PHLADELPHIA STATE: PA ZIP: 19136 FORMER COMPANY: FORMER CONFORMED NAME: NETHERLANDS SECURITIES INC DATE OF NAME CHANGE: 19660629 8-K 1 k79273e8vk.txt CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Date of Report (Date of earliest event reported): August 25, 2003 LANNETT COMPANY, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 0-9036 23-0787-699 - -------------------------------- ----------- ------------------ State or other Jurisdiction Commission I.R.S. Employer of Incorporation or Organization File Number Identification No. 9000 State Road, Philadelphia, PA 19136 --------------------------------------------------- Address of Principal Executive Offices and Zip Code Registrant's telephone number, including area code: (215) 333-9000 ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS (C) Exhibits 99.1 August 25, 2003 Press Release ITEM 9: REGULATION FD DISCLOSURE (INFORMATION PROVIDED UNDER ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION) The following information is furnished to the Commission under Item 12. The information required by Item 12 is being furnished pursuant to this Item 9 in accordance with the interim guidance provided by the Securities and Exchange Commission in Release No. 33-8216, dated March 27, 2003. On August 25, 2003, registrant announced its results of operations for the fourth quarter ended and the year ended June 30, 2003 as set forth in the press release included as Exhibit 99.1 hereto. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. LANNETT COMPANY, INC By: /s/ Larry Dalesandro Chief Financial Officer Date: August 25, 2003 EXHIBIT INDEX Exhibit: Description: 99.1 August 25, 2003 Press Release EX-99.1 3 k79273exv99w1.txt AUGUST 25, 2003 PRESS RELEASE LANNETT COMPANY REPORTS ITS 4TH QUARTER AND FISCAL 2003 RESULTS PHILADELPHIA, PA -- August 25, 2003 -- LANNETT COMPANY, INC. (AMEX: LCI), a manufacturer of generic pharmaceuticals, is pleased to announce its preliminary results of operations for the quarter ended and fiscal year ended June 30, 2003. Compared to the prior periods noted, the Company's results of operations are summarized as follows: o A 73% increase in Net Sales for the fourth quarter ended June 30, 2003 compared to the fourth quarter ended June 30, 2002; o A 69% increase in Net Sales for the year ended June 30, 2003 compared to the prior year; o A 56% increase in Net Income for the fourth quarter ended June 30, 2003 compared to the fourth quarter ended June 30, 2002; o A 62% increase in Net Income for the year ended June 30, 2003 compared to the prior year The following table presents Lannett's unaudited and audited results of operations for the three months ended and the year ended June 30, 2003, respectively, compared to the prior periods noted:
Three Months Ended: Year Ended: 6/30/03 6/30/02 6/30/03 6/30/02 Unaudited Unaudited (In thousands, (In thousands, except for Diluted Income per Share) except for Diluted Income per Share) Net Sales $ 12,157 $ 7,024 $ 42,487 $ 25,126 Cost of Sales 4,477 2,594 16,258 8,453 ---------------------------- ---------------------------- Gross Profit 7,680 4,430 26,229 16,673 Research & Development Expenses 907 483 2,575 1,749 Selling, General & Admin. Expenses 1,121 793 4,338 3,299 ---------------------------- ---------------------------- Operating Profit 5,652 3,154 19,316 11,625 Other Income/(Expense) (154) (220) (315) (446) ---------------------------- ---------------------------- Income Before Taxes 5,498 2,934 19,001 11,179 Income Tax Expense 2,406 953 7,335 3,984 ---------------------------- ---------------------------- Net Income 3,092 1,981 11,666 7,195 ============================ ============================ Diluted Income per Share *** $ 0.15 $ 0.10 $ 0.58 $ 0.36 ============================ ============================
*** DILUTED INCOME PER SHARE FOR THE PRIOR PERIODS HAS BEEN ADJUSTED FOR THE COMPANY'S 3 FOR 2 STOCK SPLIT EFFECTIVE FOR SHAREHOLDERS OF RECORD ON FEBRUARY 14, 2003. The Company attributes the increases in sales and income from the prior periods to new product additions. The Company's common stock trades on the American Stock Exchange under the symbol "LCI". For more information please call Investor Relations at 215/333-9000. THIS PRESS RELEASE CONTAINS CERTAIN STATEMENTS OF A FORWARD-LOOKING NATURE RELATING TO FUTURE EVENTS OR FUTURE BUSINESS PERFORMANCE. ANY SUCH STATEMENTS THAT REFER TO LANNETT'S ESTIMATED OR ANTICIPATED FUTURE FINANCIAL RESULTS, FUTURE INVENTORY LEVELS, FUTURE COMPETITION OR PRICING, FUTURE LEVELS OF OPERATING EXPENSES, PRODUCT DEVELOPMENT EFFORTS OR PERFORMANCE, OR OTHER NON-HISTORICAL FACTS ARE FORWARD-LOOKING AND REFLECT LANNETT'S CURRENT PERSPECTIVE OF EXISTING TRENDS AND INFORMATION. THESE STATEMENTS INVOLVE RISKS AND UNCERTAINTIES THAT CANNOT BE PREDICTED OR QUANTIFIED AND, CONSEQUENTLY, ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH RISKS AND UNCERTAINTIES INCLUDE, AMONG OTHERS, THE UNCERTAINTY THAT ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THE PRELIMINARY RESULTS DESCRIBED IN THIS PRESS RELEASE, RATES OF SALE OF CUSTOMER INVENTORIES, THE SUCCESS OF LANNETT'S PRODUCT DEVELOPMENT ACTIVITIES AND THE TIMELINESS WITH WHICH REGULATORY AUTHORIZATIONS AND PRODUCT ROLL-OUT MAY BE ACHIEVED, MARKET ACCEPTANCE OF LANNETT'S PRODUCTS AND THE IMPACT OF COMPETITIVE PRODUCTS AND PRICING, THE AVAILABILITY ON COMMERCIALLY REASONABLE TERMS OF RAW MATERIALS AND OTHER THIRD PARTY SOURCED PRODUCTS, SUCCESSFUL COMPLIANCE WITH EXTENSIVE, COSTLY, COMPLEX AND EVOLVING GOVERNMENTAL REGULATIONS AND RESTRICTIONS, EXPOSURE TO PRODUCT LIABILITY AND OTHER LAWSUITS AND CONTINGENCIES, AND OTHER RISKS AND UNCERTAINTIES DETAILED IN LANNETT'S MOST RECENT FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING BUT NOT LIMITED TO: LANNETT'S ANNUAL REPORT AND FORM 10-KSB FOR THE YEAR ENDED JUNE 30, 2002. -----END PRIVACY-ENHANCED MESSAGE-----