Aceto (NASDAQ:ACET)

PORT WASHINGTON, N.Y., May 4, 2012 (GLOBE NEWSWIRE) -- Aceto Corporation (Nasdaq:ACET), a global leader in the marketing, sales and distribution of pharmaceutical active ingredients and intermediates, finished dosage form generic pharmaceuticals, nutraceutical products, agricultural protection products and specialty chemicals today announced that its Board of Directors has declared a regular semi-annual dividend of $0.10 per common share. This semi-annual cash dividend will be distributed on June 22, 2012 to shareholders of record as of June 11, 2012.

The Company's Board also announced that effective with the 2013 fiscal year it will move to a quarterly dividend payment schedule.

Third Quarter 2012 Results

• Net sales for the fiscal 2012 third quarter were $121.4 million, an increase of 3.0% from $117.9 million reported in the fiscal 2011 third quarter.
• Net income increased 39.9% to $5.4 million, or $0.20 per diluted share, for the 2012 fiscal third quarter, compared to net income of $3.8 million, or $0.14 per diluted share, for the comparable quarter of fiscal 2011.

Commenting on the results, Albert Eilender, Chairman and CEO of Aceto, stated, "We are very pleased with our fiscal 2012 third quarter results, with all of our business segments performing at or above our expectations. Sales in our Health Sciences segment were up 10.5% compared to last year, largely driven by new products launched in fiscal 2012. As previously announced, Rising Pharmaceuticals launched two new generics in the fiscal third quarter, for a total of six new products in the fiscal year to date. Our product pipeline remains strong and we are well positioned for continued growth in this business."

"Sales in our Specialty Chemicals segment increased 8.9% in the fiscal third quarter, partially due to continued demand for agricultural intermediates, dye, pigment and miscellaneous industrial additives in our domestic operations. Agricultural Protection sales declined, as expected, due to the planned phase out of glyphosate sales. Additionally, drought conditions in the Southern U.S. resulted in fewer orders for certain agricultural protection products. Looking forward, we remain optimistic about our long-term growth prospects; however, we continue to expect sales fluctuations on a quarterly basis due to the nature of our sales cycle and the markets we serve," Mr. Eilender concluded.

PORT WASHINGTON, N.Y., April 11, 2012 (GLOBE NEWSWIRE) -- Aceto Corporation (Nasdaq:ACET), a global leader in the marketing, sales and distribution of pharmaceutical intermediates and active ingredients, finished dosage form generics, nutraceutical products, agricultural protection products and specialty chemicals, today announced that Rising Pharmaceuticals Inc., its finished dosage form generic subsidiary, has launched the 200mg/325 mg/16 mg strengths of Carisoprodol, Aspirin and Codeine phosphate Tablets USP, an approved generic version of Meda Pharmaceutical's Soma® Compound with Aspirin and Codeine Tablets, and 0.5mg/5ml strength of Dexamethasone Elixir USP, an approved generic version of Merck & Co., Inc's., Decadron® Elixir, following the U.S. Food and Drug Administration (FDA) approval of both Abbreviated New Drug Applications (ANDA). According to IMS Health data, U.S. brand sales for Carisoprodol, Aspirin and Codeine tablets, which is used to relieve pain and muscle spasms, and Dexamethasone Elixir, which is a steroid used to treat severe allergies, arthritis and asthma, were approximately $5.8 Million collectively for the twelve months ended December, 2011.

Second Quarter 2012 Results

• Net sales for the fiscal 2012 second quarter were $110.7 Million, an increase of 29.2% from $85.7 Million reported in the fiscal 2011 second quarter.
• Net income was $4.6 Million, or $0.17 per diluted share for the 2012 fiscal second quarter compared to a $1.2 Million loss for the comparable quarter in fiscal 2011. The fiscal 2011 quarter was also impacted by two one-time charNet income was $4.6 Million, or $0.17 per diluted share for the 2012 fiscal second quarter compared to a $1.2 Million loss for the comparable quarter in fiscal 2011. The fiscal 2011 quarter was also impacted by two one-time charges relating to the December 31, 2010 acquisition of assets of Rising Pharmaceuticals, Inc. that have previously been discussed in last year's second quarter results press release. Adjusting for those one-time charges, we would have reported net income of $2.1 Million, or $0.08 per diluted share for the fiscal 2011 second quarter.ges relating to the December 31, 2010 acquisition of assets of Rising Pharmaceuticals, Inc. that have previously been discussed in last year's second quarter results press release. Adjusting for those one-time charges, we would have reported net income of $2.1 Million, or $0.08 per diluted share for the fiscal 2011 second quarter.

Commenting on the results, Albert Eilender, Chairman and CEO of Aceto stated, "We are very pleased with the results we have reported today. During the quarter, we experienced sales growth across all of our business segments. However, we have always maintained that our business is difficult to project on a quarter to quarter basis, and in this quarter, some of the overall increase in sales can be attributed to earlier than anticipated orders of products across our business segments. We look forward to discussing this in more detail during our conference call."

First Quarter 2012 Results

• Net sales for the fiscal 2012 first quarter were $101.3 million, an increase of 15.6% from $87.7 million reported in the fiscal 2011 first quarter.
• Net income of $3.6 million, or $0.13 per share compared to $2.8 million or $0.11 per diluted share in the 2011 quarter.

Commenting on the results, Albert Eilender, Chairman and CEO of Aceto stated, "We are very pleased with the overall results that we have reported today. During the period, sales in our Health Sciences segment increased 46.9% from fiscal 2011, largely the result of increased sales from our domestic Health Sciences group including the additional sales of Rising Pharmaceuticals products where we had no comparable sales in prior periods. In addition, the Health Sciences segment saw an increase in sales from our international operations, particularly in Europe and Singapore. Sales in our Specialty Chemicals segment decreased 8.3% from the 2011 comparable period, largely the result of decreased sales of chemicals used in aroma products, and in surface coatings primarily for housing and automotive applications. Sales in our Agricultural Protection Products segment decreased 62.2% from the 2011 comparable period as a result of the expected decrease in sales of glyphosate and lack of seasonal sales of our sprout inhibitor products, which are utilized on potato crops."

Mr. Eilender continued, "As is evident from our last two press releases relating to a nominee for Board election, Natasha Giordano, and the appointment of Sal Guccione as our new President and COO, coupled with recent management changes; Nick Shackley as Senior Vice President Active Pharmaceutical Ingredients, and the reassignment of Frank Debenedittis as Senior Vice President of Business Development, this has been a very busy quarter for the Company. We maintained the focus on the daily business activities while taking steps to strengthen both our management team and Board in order to position the Company for future growth."

"In addition, two of our departing executives who were key to our past growth, President Vince Miata and Vice President of Administration Terry Steinberg, each of whom had been with the Company for more than 30 years are wished success in their future endeavors."

Fiscal 2011 Fourth Quarter and Full Year Results

• In the fiscal 2011 fourth quarter, net sales were $121.2 Million, an increase of 14.6% from $105.8 Million in the year ago quarter.
•  Net income was $3.5 Million, or $0.13 per diluted share. This compares to $4.2 Million or $0.17 per diluted share in the 2010 quarter.
• For the year ended June 30, 2011, net sales reached a record level of $412.4 Million, a 19.0% increase from $346.6 Million for the fiscal 2010 year.
• Adjusting for one-time charges that negatively impacted both periods, we would have reported $12.3 Million, or $0.47 per share for fiscal 2011 compared to $9.7 Million or $0.39 per share for fiscal 2010.

Commenting on the results, Albert Eilender, Chairman and CEO of Aceto stated, "We are pleased with the results that we have reported today. All three of our business segments showed sales growth for the fiscal year ended June 30, 2011. During the period, sales in our Health Sciences segment increased 19.5% from fiscal 2010, largely the result of increased sales from our domestic Health Sciences group and the addition of sales of Rising Pharmaceuticals products where we had no comparable sales in prior periods. The Health Sciences segment saw an increase in sales from our international operations over the prior year, particularly in Europe. These overall increases were partially offset by decreases in sales of pharmaceutical intermediates. Sales in our Specialty Chemicals segment increased 18.1% compared to the 2010 comparable period, largely the result of increased sales of chemicals used in surface coatings as well as increased sales of dye, pigment and miscellaneous intermediates. Sales in our Agricultural Protection Products segment increased 19.7% from the 2010 comparable period as a result of increased sales among a number of our products in this segment."

Commenting on the Rising transaction, Mr. Eilender stated, "We are pleased that the business integration of Rising was successfully completed and we are now focusing our efforts on building our pipeline of finished dosage form generics for years to come. As we did when Rising launched Disulfiram tablets in early August, we anticipate communicating Rising's future product launches as they occur."

PORT WASHINGTON, N.Y., Aug. 4, 2011 (GLOBE NEWSWIRE) -- Aceto Corporation (Nasdaq:ACET), a global leader in the marketing and distribution of pharmaceutical intermediates and active ingredients, finished dosage form generics, nutraceutical products, agricultural protection products and specialty chemicals today announced that Rising Pharmaceuticals Inc, its generic finished dosage form subsidiary, has launched the 250 mg and 500 mg strengths of Disulfirm Tablets, the first approved generic version of Teva's Antabuse Tablets®, following the U.S. Food and Drug Administration (FDA) approval of an Abbreviated New Drug Application (ANDA). According to IMS Health data, U.S. brand sales for Antabuse®, which is used to treat chronic alcoholism, were approximately $19 Million for the twelve months ended December 31, 2010.

Third Quarter results:

• Net sales for the fiscal 2011 third quarter were $117.9 Million, an increase of 18.7% from $99.3 Million in the year ago quarter.
• Gross profit increased 22.6% to $19.4 Million in the 2011 fiscal quarter compared to $15.9 Million in the 2010 quarter.
• As a result of the Rising acquisition and integration, SG&A expenses were up 32% to $13.3 Million in the 2011 fiscal quarter compared to the same period last year.
• Net income was flat at $3.8 Million, or $0.14 per diluted share, compared to $3.8 Million or $0.15 per diluted share in the 2010 quarter.

Commenting on the results, Albert Eilender, Chairman and CEO of Aceto stated, "We are pleased with the results that we have reported today. All three of our business segments showed sales growth during the quarter. During the quarter, sales in our Health Sciences segment increased 20.1% from the 2010 comparable quarter, largely the result of increased sales from our international operations and the addition of sales of Rising products where we had no comparable sales in prior periods. These increases were partially offset by decreases in sales of pharmaceutical intermediates and other products in the domestic generic products group. Sales in our Specialty Chemicals segment increased 13.8% compared to the 2010 comparable quarter, largely the result of increased sales of chemicals used in surface coatings as well as increased sales of agricultural, dye, pigment and miscellaneous intermediates. Sales in our Crop Protection segment increased 27.8% from the 2010 comparable quarter as a result of increased sales among a number of our products in this segment."

Aceto also announced that its Board of Directors declared a regular, semi-annual dividend of $0.10 per common share which will be distributed on June 24, 2011 to shareholders of record as of June 13, 2011.

Yesterday, we coded Aceto as a GeoSpecial based on our new valuation gap criteria.

The stock has yet to react to the company's financial report on May 7, 2009 when the company reported EPS of $0.15, exceeding analyst estimates by 50%.

Management comments are strong and fiscal June 2011 EPS are expected to reach $0.66. If investors are willing to apply a P/E of 15 on 2011 EPS estimates, the stock price could trade at $9.90.

Potential upside to EPS:

"Updating the current status of Aceto's animal vaccine project, we are still awaiting the USDA's decision regarding our permit application to import our supplier's canine vaccine with authorization for its distribution and sale in the United States. We continue to reiterate that this is a regulatory review and there is no prescribed timetable for the USDA to make their final decision. With regard to our effort to sell finished dosage form generic drugs, we continue to introduce new products from our pipeline and the initiative continues to be a focus."

Commenting on the Company's third quarter performance, Vincent Miata, CEO & President of Aceto stated, "We are pleased with the results that we have reported this morning. During our second quarter conference call, we had indicated that we had been seeing some encouraging signs that demand in some of our business segments was beginning to show signs of recovery. The results that we have reported today, with increased sales across all of our business segments, gives us encouragement that an upturn in our business is at hand. During the quarter, sales in our Health Sciences segment increased 16.4% from the comparable quarter as a result of increased sales across all business components of this segment. In our Specialty Chemicals segment, sales increased 22.6% on the same quarter comparison, the result of increased sales in both domestic and international markets. Sales of products used in surface coatings and in the food, beverage and cosmetics industries all showed marked improvement. Sales in our Crop Protection segment increased 95.9% from the same quarter last year, primarily due to sales of glyphosate which commenced during the third quarter. With regard to the previously filed glyphosate anti-dumping petition, the Company had been reviewing its options and strategy going forward, however, the United States International Trade Commission announced on April 29th that the petitioner had withdrawn the application. Aceto continues to believe that this product offers us opportunities now and in the future and is pleased with this outcome."

Mr. Miata continued, "As we have previously discussed, over the past several months we have restructured the way Aceto manages its operations into more of a vertically integrated, global team matrix built around each of our business segments. This realigned management structure is beginning to take hold and we believe that Aceto is well positioned for future growth."