Adicet Bio, Inc. (NASDAQ:ACET)

Second Quarter 2014 Results

• Net sales of $116.5 million versus $114.0 million, a 2.2% increase 
• EPS of $0.24 versus $0.17, a 41.2% increase

"Our second quarter results reflect another strong performance by the Rising Pharmaceutical division of our Human Health segment and the continued shift of ACETO's business to higher margin finished dosage form generic products, selectively away from certain high volume, low margin business," said Sal Guccione, Chief Executive Officer of ACETO. "During fiscal 2013, Rising launched nine new generic products which contributed to the Human Health segment's 33.4% sales increase for the quarter compared to the year ago quarter. In addition, our nutraceutical business, the other component of our Human Health segment, posted a strong quarter with sales and gross profit increasing on the strength of new product introductions, new customers and royalty income on a proprietary product. As a result, the Human Health segment accounted for 34% of ACETO's net sales, up sharply from 26% last year, which drove an expansion of our gross margin from 18.2% to 23.2%."

Mr. Guccione continued, "ACETO delivered a strong overall performance in the first half of fiscal 2014, which included sizeable reorders of a high-margin active pharmaceutical ingredient (API). As we have indicated in the past, ACETO's business could fluctuate on a quarterly basis, reflecting varying timing and sizes of orders. This year is no exception as we are presently not expecting any sales of the high margin API during the remainder of this fiscal year. Looking ahead, we expect to launch 4 new generic drugs in the fourth quarter of fiscal 2014 and an additional 9 in fiscal 2015 for a total of 13 new generic drugs over the next 18 months. To support these and future product launches, we plan to increase spending on research and development projects to approximately $4.5 million for the current fiscal year versus $2.8 million spent in fiscal 2013. Our balance sheet remains strong, with $42.0 million of cash and low long-term debt, giving ACETO the financial flexibility to continue investing in new growth opportunities," concluded Mr. Guccione.

First Quarter 2014 Results

• Net sales for the fiscal 2014 first quarter ended September 30, 2013 were $129.3 million, an increase of 15.7% from $111.8 million reported in the same period of the previous fiscal year.
• Net income for the three months ended September 30, 2013 increased 135.2% to $11.3 million, or $0.40 per diluted share, compared to net income of $4.8 million, or $0.18 per diluted share, for the comparable quarter of fiscal 2013.

Sal Guccione, Chief Executive Officer of ACETO, stated, "I am very pleased to report that we achieved another record quarter, with an increase in net sales and net income of approximately 16% and 135%, respectively, when compared to the first quarter of fiscal 2013. Our record results were driven primarily by the Human Health and Pharmaceutical Ingredients segments. The Human Health segment generated a 46% rise in sales, compared to the first quarter of fiscal 2013, driven by several product launches during the past year.

"The Pharmaceutical Ingredients segment grew sales by 19% in the quarter, benefitting from a large reorder of a recently launched product in our Active Pharmaceutical Ingredients ("API") business as well as a strong performance from our pharmaceutical intermediates business. I am extremely excited by the success achieved by our team in this quarter and look forward to future successes. As discussed previously, we have very limited visibility on the nature, size and timing of future API orders which are predicated on demand trends for our customers' products. At this time, we anticipate a return to more normalized order patterns going forward."

Mr. Guccione continued, "The Rising Pharmaceutical business continues to be strong, contributing to Aceto's overall success. As previously announced, Satish Srinivasan took over as President and COO of this business at the beginning of the quarter. He has brought on three important executives with significant experience in sales, marketing and portfolio management, boosting the overall talent level of an already strong team. During the quarter, we continued to advance our product pipeline, which we believe will enable us to continue to add to our future new product portfolio."

Mr. Guccione concluded, "Along with the successful execution of our business plan, we continue to maintain a strong balance sheet, including a reduction in debt, which will allow us to support our internal and external growth plans."

Third Quarter 2013 Results

• Net sales for the fiscal 2013 third quarter ended March 31, 2013 were $150.9 million, a 24.3% increase from $121.4 million for the fiscal 2012 third quarter. 
• Non-GAAP net income for the fiscal 2013 third quarter was $9.3 million, or $0.34 per share vs $0.18 in prior year.

Sal Guccione, Chief Executive Officer of ACETO, stated, "We are very pleased with the results achieved in the fiscal third quarter, reporting new records for net sales and gross profit. For the first nine months of fiscal 2013, net sales were up 12.9%. In the fiscal third quarter, our sales growth was attributable to a very strong showing from our Pharmaceutical Ingredients segment, with 52.2% year-over-year growth, primarily driven by demand for a product launch as well as strong performance of various pharmaceutical intermediates. Our Human Health segment was also strong, with sales up 28.8%, compared to last year's third quarter. Recent product launches from Rising Pharmaceuticals fueled the segment's growth. Performance Chemicals' third quarter sales were essentially flat with the comparable quarter in fiscal 2012."

"Our reported earnings per share increased 40.0% on a diluted basis to $0.28. On a non-GAAP basis, EPS increased 88.9% from last year's quarter to $0.34. The non-GAAP adjustment accounts for a $2.8 million charge taken in the third quarter for additional accrued contingent consideration related to the Rising acquisition. The acquisition structure has an earn-out provision based on performance, and Rising has exceeded projections."

"We are pleased with the quarter's performance, but do not expect a repeat in the fiscal 2013 fourth quarter. Our current expectations are for a quarter much more in line with recent historical performance, with our usual caveat that results could vary on a quarterly basis due to the nature of our business and timing of our orders. As a result of our strong fiscal third quarter earnings, we increased our cash position, decreased our borrowings and further improved our balance sheet. We remain committed to investing in our internal growth initiatives and to pursuing strategic acquisitions," concluded Mr. Guccione.

Fourth Quarter 2012 Results

Net sales for the fiscal 2012 fourth quarter were $110.9 million, a decrease of 8.5% from $121.2 million reported in the fiscal 2011 fourth quarter. Again excluding $ 12.9 million of glyphosate sales in the 2011 fiscal fourth quarter, total company sales would have increased by 2.4%.

 Net income increased 13.9% to $4.0 million, or $0.15 per diluted share, for the fiscal 2012 fourth quarter, compared to net income of $3.5 million, or $0.13 per diluted share, for the comparable quarter of fiscal 2011.  Adjusted net income for the fourth quarter 2012 was $4.4 million, or $0.17 per diluted share. 

 Commenting on the results, Albert Eilender, Chairman and CEO of ACETO, stated, "We are very pleased with our results for both the fiscal fourth quarter and full fiscal year 2012. For the fiscal year, we had record sales of $444.4 million, up 8%. Yearly sales revenue comparisons were unfavorably impacted by our withdrawal from the low-margin glyphosate business, as this product represented $24 million of sales in fiscal 2011. Excluding that product in 2011, the full fiscal 2012 year's revenue would have increased by 14%".

"We also experienced significant margin expansion during the year, due to a variety of factors; most prominently being the inclusion of a full year as contrasted with six months in fiscal 2011 of our Rising Pharmaceuticals generic business and improved product mix. Earnings per diluted share on a GAAP basis increased by 85% to $0.63, compared to fiscal 2011 earnings per diluted share of $0.34. On a non-GAAP basis, fiscal 2012 earnings per diluted share were $0.65, compared to $0.47 in the prior fiscal year, an increase of 38%. As we enter into fiscal 2013, we remain optimistic about our overall top and bottom line growth opportunities". 

Mr. Eilender concluded, "With a strong pipeline of products in the Pharmaceutical Ingredients and Human Health segments, we have confidence in ACETO's ability to continue to drive sales and profit improvements, although sales growth may fluctuate on a quarterly basis due to the nature of our business and the markets we serve. Coupled with a strong balance sheet, we remain very well positioned to continue to invest in our growth initiatives. We are also pleased to announce that the Board of Directors has decided to provide an enhanced return to our stockholders by increasing our quarterly dividend payment by 10%".

HOUSTON, July 17, 2012 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc (Nasdaq:AETI) a leading supplier of power delivery solutions for the global energy industry, announced today that it has been selected by SEMV (Socios Energeticos de Mexico Verde) to supply its 1.0 megawatt (MW) Integrated Solar Inversion Station (ISIS) for a solar project in Mexico. Contract terms were not disclosed.

The 1.0 MW ISIS will enable SEMV to realize increased farm productivity by taking full advantage of 1000 Volt PV panels through its 1200 Volt UL1741 and IEEE 1547 witness-tested architecture. AETI's ISIS high-reliability features, such as liquid cooling and operation without derating for up to 50°C, allows SEMV to have the flexibility to work in Mexico's tough desert climates.

"We selected the ISIS solar inverter for our project requirements based on its high-performance capabilities and AETI's proven history of deploying reliable, megawatt-class power systems in harsh desert climates," said George Gonzalez, executive director, SEMV. "We look forward to working with AETI on our other future utility-scale solar projects as well."

AETI's ISIS unit is the world's first 1MW solar inverter witness-tested to UL1741 by a nationally recognized test lab (NRTL), TUV of North America. By integrating 1MW of liquid cooled power inverters with a 1MVA transformer and medium voltage switchgear, SEMV can reduce field installation costs while assuring a successful deployment.

"We are pleased to have been selected by SEMV for their important solar project," said Charles Dauber, president and CEO, AETI. "By working with international solar project developers like SEMV, we can enable the industry to reach its Levelized Cost of Electricity (LCOE) objectives and help solar power reach grid parity cost levels."

AETI expects to ship the system in the third quarter for installation in Fall 2012.

PORT WASHINGTON, N.Y., July 9, 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 generics, nutraceutical products, agricultural protection products and specialty chemicals, today announced that Rising Pharmaceuticals Inc., its finished dosage form generics subsidiary, has launched the 200mg/325mg strengths of Carisoprodol and Aspirin Tablets, USP, an FDA approved generic version of Meda Pharmaceutical's Soma® Compound with Aspirin Tablets, and 10/gr Sodium Bicarbonate Tablets, USP. According to IMS Health data, U.S. market sales for Carisoprodol and Aspirin Tablets, USP, used to relieve pain, muscle spasm and limited mobility associated with acute painful musculoskeletal conditions, and Sodium Bicarbonate Tablets, USP, an antacid used to relieve heartburn and acid indigestion, were approximately $3.1 million collectively for the twelve months ended December 31, 2011.

PORT WASHINGTON, N.Y., May 30, 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 its new Logo and renamed Business Segments. The following announcement from Albert Eilender, Chairman and CEO, was sent to Aceto Shareholders on May 29, 2012.

As you can see from the new logo, we are introducing a number of enhancements to our corporate appearance. Not only is there a new logo but there also will shortly be a newly designed website, www.ACETO.com. When you visit and explore our redesigned electronic home you will find improved navigation and enhancements relating to our core competencies of sourcing, regulatory support and quality assurance that apply to each of the three business segments within our international framework of operations.

We have also reconfigured and renamed our three business segments to better reflect today's ACETO. The six individual business units that make up the overall company have not changed only their prominence, location and placement within the newly designated segments.

The three newly named business segments are:

Human Health- consists of Nutritional and Finished Dosage Form products.

Pharmaceutical Ingredients- consists of Active Pharmaceutical Ingredients, and Intermediates.

Performance Chemicals- consists of Specialty Chemicals and Agricultural Protection products.

This reconfiguration does not impact our relationships with our customer and/or supplier base. Functionally, we have aligned our senior management team to better support the newly named business segments resulting in no change to our operating costs. Rather, this realignment is intended to provide a clearer lens through which our Company can be viewed by our diverse stakeholders, spanning our customers, suppliers, employees, shareholders and the people within the communities where we have active business establishments. The new business segments will provide a more accurate intellectual and visual understanding of how the Aceto business has evolved, and how it should be viewed as we move forward. To provide additional clarity at fiscal year-end, we will report our financials within these newly named segments, as well as for the previous two years.  

We encourage you to explore our new website which will be fully operational by the start of our new fiscal year. It should be intuitive, easy to navigate, and the clarity of our core competencies of sourcing, regulatory support and quality assurance, combined with our marketing, sales and distribution effort across all of our business segments, should be self-evident. Sections covering Investor Relations, Governance, and Career Opportunities will have all been enhanced.

I would also like to acknowledge the creative participation of our employees in both the design of our logo and drafting of the web site copy. By doing the bulk of the work internally we have been able to limit our cost to outside 3^rd parties to a minimal amount of monies, less than $50,000, which is a notable accomplishment.

We trust that you will find that collectively these changes enhance the understanding of Aceto both substantively and aesthetically. 

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."