-----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, GmfgkC2POPW6RfLIAUnpFY07qCOfXJzh4p77NhJJ8xUqFdLo2V9N9M32r7iOPBpz /zyaWsN9S7HdFS2rZnN/yg== 0000950124-03-003359.txt : 20031029 0000950124-03-003359.hdr.sgml : 20031029 20031029100743 ACCESSION NUMBER: 0000950124-03-003359 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031029 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031029 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: 03962377 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 k80403e8vk.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): October 29, 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 October 29, 2003 Press Release ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On October 29, 2003, registrant announced its results of operations for the quarter ended September 30, 2003, the first quarter of its Fiscal 2004 year, as set forth in the press release, a copy of which is included as Exhibit 99.1 hereto. This information shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date of this report, regardless of any general incorporation language in the filing. 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: October 29, 2003 EXHIBIT INDEX Exhibit: Description: 99.1 October 29, 2003 Press Release EX-99.1 3 k80403exv99w1.txt PRESS RELEASE LANNETT COMPANY REPORTS RESULTS OF OPERATIONS FOR ITS 1ST QUARTER OF FISCAL 2004 SALES - $13.2 MILLION; NET INCOME - $3.4 MILLION; EARNINGS PER SHARE - $0.17 PHILADELPHIA, PA - October 29, 2003 - LANNETT COMPANY, INC. (AMEX: LCI), a manufacturer of generic pharmaceuticals, is pleased to announce its unaudited results of operations for the quarter ended September 30, 2003. The Company's results of operations are summarized as follows: o A 45% increase in Net Sales for the 1st Quarter of Fiscal 2004 compared to the 1st Quarter of Fiscal 2003; o A 34% increase in Net Income for the 1st Quarter of Fiscal 2004 compared to the 1st Quarter of Fiscal 2003; The following table presents Lannett's unaudited results of operations for the quarter ended September 30, 2003, compared to the quarter ended September 30, 2002:
Quarter Ended 9/30/03 9/30/02 Unaudited Unaudited (In thousands, except for Diluted Income per Share) Net Sales $ 13,221 $ 9,127 Cost of Sales 4,797 3,836 ----------------------------------- Gross Profit 8,424 5,291 Research & Development Expenses 886 456 Selling, General & Admin. Expenses 1,726 894 ----------------------------------- Operating Profit 5,812 3,941 Other Income/(Expense) (8) (24) ----------------------------------- Income Before Taxes 5,804 3,917 Income Tax Expense 2,379 1,365 ----------------------------------- Net Income 3,425 2,552 =================================== Diluted Income per Share *** $ 0.17 $ 0.13 ===================================
*** DILUTED INCOME PER SHARE FOR THE QUARTER ENDED SEPTEMBER 30, 2002 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 to the introduction of new products, and increased sales of a portion of its previously marketed products. 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, 2003. ### -----END PRIVACY-ENHANCED MESSAGE-----