Akorn Re-States 3rd Quarter Results to Comply With New Guidelines From The SEC And Releases 1998 Year End Results
BUFFALO GROVE, Ill.--(BUSINESS WIRE)--March 31, 1999--
R & D Expenses for Acquired Assets Now to Be Capitalized
- - - - -
Year End Income Now At $0.25 Per Share
Akorn, Inc. (NASDAQ: AKRN) today announced that it has re-stated
results ending September 30, 1998 to comply with new guidelines from
the Securities and Exchange Commission (SEC). The impact of this
re-statement for the three months ended September 30, 1998 increases
net income from $345,000, or $0.02 per diluted share, to $1,088,000,
or $0.06 per diluted share. Including this adjustment, net income for
the year ended December 31, 1998 rose to $4,647,000, or $0.25 per
diluted share.
New in-process research and development guidance from the SEC led
Akorn to voluntarily capitalize $1,298,000 which the Company had
previously expensed in the third quarter of fiscal 1998 as part of the
Advanced Remedies, Inc. asset acquisition. The following table
documents the impact upon earnings.
Akorn, Inc. manufactures and markets sterile specialty
pharmaceuticals, and markets and distributes an extensive line of
ophthalmic surgical supplies and related products.
Selected Quarterly Data
(In Thousands, Except Per Share Amounts)
Net Income (Loss)
----------------------
Per Per
Net Gross Share Share
Sales Profit Amount Basic Diluted
------- ------- ------- ------- -------
Year Ended December 31, 1998:
1st Quarter $12,051 $ 6,242 $ 1,046 $0.06 $0.06
2nd Quarter 13,987 7,021 1,101 0.06 0.06
3rd Quarter - initial fling 15,138 7,868 345 0.02 0.02
3rd Quarter - adjustment -- -- 743 0.04 0.04
3rd Quarter - amended filing 15,138 7,868 1,088 0.06 0.06
4th Quarter 15,491 7,929 1,410 0.08 0.08
------- ------- ------- ------- -------
Full Year $56,667 $29,060 $ 4,647 $0.26 $0.25
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The information contained in this news release, other than
historical information, consists of forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those described in such statements. Such
statements regarding the timing of acquiring and developing new
products, of bringing them on line and of deriving revenues and
profits from them, as well as the effects of those revenues and
profits on the company's margins and financial position, is uncertain
because many of the factors affecting the timing of those items are
beyond the company's control.
This release, and prior releases, are available on the KCSA
Public Relations Worldwide web site at www.kcsa.com.
CONTACT:
Akorn, Inc.
Rita McConville, Chief Financial Officer
847/279-6151
or
KCSA Public Relations Worldwide
Robert Giordano / Joseph A. Mansi
212/682-6300, ext. 289/205
KEYWORD: ILLINOIS
BW1304 MAR 31,1999
9:45 PACIFIC
12:45 EASTERN |
