On Wednesday, Lannett Company, Inc. (NYSE: LCI) remained among the day gainers and traded with change of 0.58% on volume of 438,929 shares in the last session as compared to average volume of 472693 shares. During last trade its minimum price was $5.08 and it gained highest price of $5.3. LCI has total market capitalization of $206.19M. Its closing value stands at $5.16.
Lannett Company, Inc. (LCI) recently stated financial results for its fiscal 2020 fourth quarter and full year ended June 30, 2020.
“For both the fiscal 2020 full year and fourth quarter, our net sales and profitability exceeded expectations, driven in large part by a strong performance of our base portfolio and 18 and six new product launches during the year and quarter, respectively,” stated Tim Crew, chief executive officer of Lannett. “Moreover, during the fourth quarter, we increased our cash position by over $40M to about $144M at year end, Because of initiatives implemented to improve working capital. We intend to use a portion of the cash to pay down, in full, our Term A Loans at their maturity in November of this year.
“Thus far in fiscal 2021, we have implemented and nearly completed a restructuring and cost reduction plan that we estimate will lower our expenses by about $15M, annually, and released four new products, including Levothyroxine Tablets. Over the course of the coming year, we intend to continue to launch a number of new products and expand our pipeline through in-house development efforts, as well as in-licensing contracts. We are especially excited and optimistic about recent clinical progress related to a number of drug candidates in our portfolio that have very large addressable markets; we believe these products also have durable value and the potential to be catalysts for important growth.
For the fiscal 2020 fourth quarter on a GAAP basis, net sales were $137.9M contrast with $133.8M for the fourth quarter of fiscal 2019. Gross profit was $39.6M, or 29% of net sales, contrast with $49.3M, or 37% of net sales. The company recorded asset impairment charges of $18.8M contrast with $5.9M in the prior-year fourth quarter. Net loss was $9.7M, or $0.25 per share, contrast with $7.6M, or $0.20 per share, for the fourth quarter of fiscal 2019.
For the fiscal 2020 fourth quarter stated on a Non-GAAP basis, net sales were $137.9M contrast with $133.8M for the fourth quarter of fiscal 2019. Adjusted gross profit was $48.9M, or 35% of net sales, contrast with $59.8M, or 45% of net sales, for the prior-year fourth quarter. Adjusted interest expense reduced to $11.3M contrast with $16.0M for the fourth quarter of fiscal 2019. Adjusted net income was $13.4M, or $0.31 per diluted share, contrast with $14.7M, or $0.37 per diluted share, for the fiscal 2019 fourth quarter. Adjusted EBITDA for the fiscal 2020 fourth quarter was $35.2M.
For the fiscal 2020 full year, on a GAAP basis, net sales were $545.7M contrast with $655.4M for the fiscal 2019 full year. Gross profit was $165.2M, or 30% of total net sales, contrast with $243.6M, or 37% of total net sales. The company recorded asset impairment charges of $34.4M contrast with $375.4M for fiscal 2019. Net loss was $33.4M, or $0.86 per share, contrast with $272.1M, or $7.20 per diluted share, for fiscal 2019.
For the fiscal 2020 full year stated on a Non-GAAP basis, net sales were $545.7M contrast with $655.4M for the fiscal 2019 full year. Adjusted gross profit was $204.0M, or 37% of adjusted net sales, contrast with $291.4M, or 44% of adjusted net sales, for the previous year. Adjusted interest expense importantly declined to $52.5M from $67.0M for fiscal 2019. Adjusted net income was $45.6M, or $1.07 per diluted share, contrast with $91.8M, or $2.35 per diluted share, for the fiscal 2019 full year.
Company’s performance for the week was -14.71%, -16.77% for month and YTD performance remained -41.50%. The price moved ahead of -13.12% from the mean of 20 days, -15.88% from mean of 50 days SMA and performed -33.44% from mean of 200 days price.
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