Lannett Reports Q2 EPS of $0.09 vs. $0.02

Lannett Company, Inc. LCI today reported financial results for the fiscal 2011 second quarter and first six months ended December 31, 2010. For the second quarter of fiscal 2011, net sales rose to $30.0 million, compared with $28.7 million for the second quarter of fiscal 2010. Gross profit increased to $8.4 million from $8.1 million for the same period in the prior year. Research and development expenses decreased to $1.7 million from $2.7 million in the fiscal 2010 second quarter. Selling, general and administrative (SG&A) expenses declined to $2.9 million from $4.0 million in the same quarter of the prior year. Operating income climbed to $3.8 million from $1.3 million in the fiscal 2010 second quarter. Net income attributable to Lannett Company was $2.4 million, or $0.09 per diluted share, compared with $55,000, or $0.00 per diluted share, for the prior year second quarter.