Lannett Sees Q1 Results Above View

(RTTNews) - Lannett Company, Inc. (LCI) said that it expects to report fiscal 2015 first quarter earnings per share of $0.91 and $0.94 and net sales of approximately $93 million. Analysts polled by Thomson Reuters expect the company to report earnings of $0.77 per share and revenues of $90.70 million for the first-quarter. Analysts' estimates typically exclude special items.

For the prior year first quarter, the company reported net sales of $45.8 million and net loss attributable to the company of $6.0 million, or $0.20 per share, which included a non-recurring pre-tax charge of $20.1 million related to the contract extension with Jerome Stevens Pharmaceuticals, Inc. (JSP). Adjusted net income, which excludes the impact of the JSP contract renewal charge equal to $12.7 million after-tax, was $6.7 million, or $0.22 per share. The company said the considerably improved performance was driven by strong gross margin.

Lannett noted that it will report full financial results for its fiscal 2015 first quarter on Monday, November 3, 2014 after the market closes.