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Caraco Reports Record Results
Posted on 2006-01-26 13:21:00
Caraco Pharmaceutical Laboratories, Ltd. posted record net sales for the nine months and Q3 of Fiscal 2006, representing 24% growth over the corresponding periods of 2004.
Daniel H. Movens, Caraco's chief executive officer, said, "The increase in our nine-month revenue performance to $58.1 million is primarily due to the Company's improvement in the execution of our plan in all areas of the Company. Considering that for the entire 2004 calendar year, we had record revenues of $60.3 million, to reach almost that amount in nine months, with little or no new product approvals from the FDA until December, is a credit to our management team and the entire staff. The recent approval of our generic equivalent to Ultracet®, December 19, 2005, contributed $0.8 million for the last ten days of sales out of the $20.7 million for the quarter."
During the third quarter and nine months, net sales rose 24% each, to a record $20.7 million and $58.1 million, compared to $16.7 million and $46.8 million for the corresponding periods of 2004. Gross profit during the relevant periods improved to $10.3 million and $28.2 million, as compared to $9.4 million and $27.7 million for the corresponding periods of 2004. The improvements of 10% and 2%, respectively, for the Q3 and nine months were primarily due to increased sales, an improved balance in the mix of customers or class of trade and product selection being sold, offset in part by price erosion.
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