PHILADELPHIA--(BUSINESS WIRE)--May 10, 2006--Lannett Company, Inc. (AMEX:LCI - News) today reported its financial results for the fiscal 2006 third quarter ended March 31, 2006. For the third quarter of fiscal 2006, net sales were $15.7 million, compared with $7.6 million for fiscal 2005 third quarter. Net income was $1.3 million, or $0.05 per basic and diluted share, which included equity-based compensation expense of $0.2 million, net of tax benefit, or $0.01 per basic and diluted share. This compares with net loss of $29.2 million, or $1.21 per basic and diluted share, for the same period in the prior year, which included a non-cash impairment loss of $46.1 million and no equity-based compensation expense. Equity-based compensation expense recorded in the fiscal 2006 third quarter was in accordance with the Statement of Financial Accounting Standards No. 123R, which the Company adopted beginning with the current fiscal year.
