DETROIT, Mich., Oct. 23 /PRNewswire-FirstCall/ -- Caraco Pharmaceutical Laboratories, Ltd., today announced that it ranked in the top 500 on Deloitte’s 2007 Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications and life sciences companies in North America. Rankings are based on percentage of fiscal year revenue growth over five years, from 2002-2006. Caraco grew 270 percent during this period.
Caraco’s CEO, Daniel H. Movens, credits management’s disciplined focus on the execution of its business strategy with the company’s 270 percent revenue growth over the past five years. He said, “We are honored to receive this ranking and feel it is an indication of the hard work and dedication of the Caraco team and the growth of our portfolio of products developed and approved for the US market. The Company has continued to meet the demands of a competitive US generic pharmaceutical market, and going forward we will look to sustain this growth by continuing to effectively market our products and leverage opportunities from our new and existing product pipeline.”
“Deloitte’s Technology Fast 500 recognizes technology companies who have achieved extraordinary growth in North America’s most innovative and competitive sectors,” said Phil Asmundson, vice chairman, U.S. Technology, Media and Telecommunications, Deloitte & Touche USA LLP. “We congratulate Caraco on this significant accomplishment.”
Overall, companies that ranked on the 2007 Technology Fast 500 had growth rates ranging from 253 to 79,060 percent over five years, with an average growth rate of 1,823 percent.
Fast 500 Selection and Qualifying Criteria
The Fast 500 ranks the fastest growing technology, media, telecommunications and life sciences companies in North America. It is compiled from Deloitte’s 16 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. Companies are selected based on percentage revenue growth from 2002 to 2006.
Entrants must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company’s operating revenues or devote a significant proportion of revenues to research and development of technology. Using other companies’ technology or intellectual property in a unique way does not qualify. Base-year operating revenues must be at least $50,000 USD or $75,000 CD, and current-year operating revenues must be at least $5 million USD or CD. Companies must be in business a minimum of five years, and they must be headquartered within North America.
About Caraco Pharmaceutical Laboratories, Ltd.
Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops, manufactures, markets and distributes generic and private-label pharmaceuticals to the nation’s largest wholesalers, distributors, drugstore chains and managed care providers.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 140 countries. With access to the deep intellectual capital of approximately 150,000 people worldwide, Deloitte delivers services in four professional areas-audit, tax, consulting, and financial advisory services-and serves more than 80 percent of the world’s largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global companies. Services are not provided by the Deloitte Touche Tohmatsu Verein, and, for regulatory and other reasons, certain member firms do not provide services in all four professional areas.
As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names “Deloitte,” “Deloitte & Touche,” “Deloitte Touche Tohmatsu,” or other related names.
Safe Harbor: This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward- looking statements. These risks and uncertainties are contained in the Corporation’s filings with the Securities and Exchange Commission and include, but are not limited to: information of a preliminary nature that may be subject to adjustment, potentially not obtaining or delay in obtaining FDA approval for new products, governmental restrictions on the sale of certain products, development by competitors of new or superior products or less expensive products or new technology for the production of products, the entry into the market of new competitors, market and customer acceptance and demand for new pharmaceutical products, availability of raw materials, timing and success of product development and launches, dependence on few products generating majority of sales, product liability claims for which the Company may be inadequately insured, and other risks identified in this report and from time to time in our periodic reports and registration statements. These forward-looking statements represent our judgment as of the date of this report. We disclaim, however, any intent or obligation to update our forward- looking statements.
CONTACT: Daniel Movens, +1-313-871-8400, or Aaron Miles, +1-313-556- 4150,
both of Caraco Pharmaceutical
Web site: http://www.caraco.com//
