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Aceto Corp. (ACET) Posts Q4, FY 2010 Financial Results; Announces Key Management Changes

Aceto Corp. operates in ten countries as a global leader in sourcing, quality assurance, regulatory support, marketing and distribution of pharmaceuticals, nutraceuticals, specialty chemicals and crop protection products. The company today posted its financial results and business highlights for the fiscal fourth quarter and year ended June 30, 2010.

The company reported net sales for the fiscal 2010 fourth quarter at $105.8 million, up 41.4 percent from $74.8 million reported in the fourth quarter of 2009, representing record quarterly sales in Aceto’s history.

Gross profit for the fourth quarter of 2010 increased 34.4 percent to $15.7 million as compared to $11.7 million in the 2009 quarter. Net income increased 303.2 percent to $4.2 million, or $0.17 per diluted share, compared to $1.1 million, or $0.04 per diluted share, in the comparable quarter of 2009.

Aceto reported net sales for the year ended June 30, 2010, at $346.6 million, representing a 7.4 percent increase from $322.6 million for fiscal 2009.

Gross profit for fiscal 2010 was $54.2 million, a decrease of 2.6% from $55.6 million in fiscal 2009.

Net income was $6.6 million, or $0.26 per diluted share, for fiscal 2010, as compared to $8.6 million, or $0.35 per diluted share, in fiscal 2009. The company said that net income for the fiscal year was negatively impacted by three one-time, pre-tax, charges, which were reflected in the fiscal 2010 second-quarter results.

Aceto also announced the appointment of Albert Eilender as executive chairman of Aceto’s board of directors, as well as CEO of the company, effective immediately. The company appointed Vince Miata as president and chief operating officer, also effective immediately.

The change in the company’s executive management reflects the board’s desire to “maximize utilization of its executive resources,” and to “align the strengths of its executives with their key roles to facilitate growth and enhanced profitability.”

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