Lannett Company, Inc. (LCI) Reports Record Net Sales for Fiscal 2014 First Quarter
11/8/2013 8:50:36 AM
Lannett Company, Inc. (NYSE MKT: LCI) today reported financial results for its fiscal 2014 first quarter ended September 30, 2013.
For the fiscal 2014 first quarter, net sales rose 30% to $45.8 million from $35.3 million for last year’s first quarter. Cost of sales for the fiscal 2014 first quarter included a non-recurring, pre-tax charge of $20.1 million related to the previously announced contract extension with Jerome Stevens Pharmaceuticals, Inc. (JSP) to continue as the exclusive distributor in the United States of three JSP products. Accordingly, gross profit was $1.3 million, or 3% of net sales.
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