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Lannett Announces Preliminary Fiscal 2016 First Quarter Financial Results

PHILADELPHIA, Oct. 28, 2015 /PRNewswire/ -- Lannett Company, Inc. (LCI) today announced that it expects to report fiscal 2016 first quarter net sales of approximately $106 million, GAAP earnings per diluted share of $0.88 to $0.89 and Adjusted earnings per diluted share of $0.98 to $0.99. For the prior year first quarter, the company recorded net sales of $93.4 million and GAAP net income attributable to Lannett of $34.9 million, or $0.94 per diluted share. Adjusted net income attributable to Lannett for the prior year first quarter was $35.0 million, or $0.95 per diluted share. The company said higher sales volumes across a number of its core products drove the improved performance.

Adjusted net income and Adjusted earnings per diluted share exclude, among others, the effects of (1) the amortization of purchased intangibles, (2) acquisition-related expenses and other purchase accounting entries, (3) separation payments associated with the retirement of an executive officer, as well as (4) certain other items considered unusual or non-recurring in nature. The adjustments to the fiscal 2016 first quarter results primarily include acquisition-related expenses for the pending Kremers Urban acquisition totaling approximately...


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