PHILADELPHIA--(BUSINESS WIRE)--Lannett Company, Inc. (NYSE AMEX: LCI) today reported financial results for the fiscal 2011 fourth quarter and full year ended June 30, 2011. For fiscal 2011, net sales were $106.8 million compared with $125.2 million for fiscal 2010. Gross profit was $23.3 million compared with $41.3 million for the prior year. Research and development expenses decreased to $8.6 million from $11.3 million in fiscal 2010. Selling, general and administrative (SG&A) expenses declined to $15.9 million from $17.4 million in the prior year. Net loss attributable to Lannett Company was $277,000, or $0.01 per share, compared to net income attributable to Lannett Company of $7.8 million, or $0.31 per diluted share, for fiscal 2010.
