Lannett Company, Inc. (NYSE: LCI) today announced that it expects to report fiscal 2015 first quarter net sales of approximately $93 million and diluted earnings per share between $0.91 and $0.94. For the prior year first quarter, the company recorded net sales of $45.8 million and net loss attributable to Lannett of $6.0 million, or $0.20 per share, which included a non-recurring pre-tax charge of $20.1 million related to the contract extension with Jerome Stevens Pharmaceuticals, Inc. (JSP). Adjusted net income, which excludes the impact of the JSP contract renewal charge equal to $12.7 million after-tax, was $6.7 million, or $0.22 per diluted share. The company said the considerably improved performance was driven by strong gross margin.
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