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Taro Provides Results for September 30, 2013

2013年11月13日 AM07:40
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HAWTHORNE, N.Y.

Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (“Taro” or the “Company”) today provided unaudited financial results for the three months and six months ended September 30, 2013.

Quarter ended September 30, 2013 Highlights – compared to September 30, 2012

  • Net sales of $205.3 million, increased $44.3 million, or 27.5%, with slight increase in volumes
  • Gross profit, as a percentage of net sales was 77.7%, compared to 75.4%
  • Research and development expenses increased 36.4% to $14.9 million or 7.3% of net sales compared to 6.8%
  • Selling, marketing, general and administrative expenses, as a percentage of net sales, was 10.8% compared to 12.4%
  • Settlements and loss contingencies of $2.1 million compared to $8.0 million in 2012, related to certain price reporting litigations
  • Operating income increased to $120.3 million, or 58.6% of net sales, compared to $82.4 million, or 51.2% of net sales;
  • Net income attributable to Taro was $96.3 million compared to $65.4 million, resulting in diluted earnings per share of $2.15 compared to $1.46

Six Months ended September 30, 2013 Highlights – compared to September 30, 2012

  • Net sales of $358.5 million, increased $38.4 million, or 12.0%, with volumes relatively flat
  • Gross profit, as a percentage of net sales was 74.2%, compared to 73.5%
  • Research and development expenses increased 20.8% to $27.1 million or 7.6% of net sales compared to 7.0%
  • Selling, marketing, general and administrative expenses were relatively flat, however, as a percentage of net sales decreased from 13.6% to 12.0%
  • Settlements and loss contingencies of $2.1 million compared to $8.0 million in 2012, related to certain price reporting litigations
  • Operating income increased to $193.8 million, or 54.1% of net sales, compared to $161.4 million, or 50.4% of net sales
  • Net income attributable to Taro was $155.1 million compared to $128.3 million, a $26.8 million increase, resulting in diluted earnings per share of $3.46 compared to $2.87

Cash Flow and Balance Sheet Highlights

  • Cash provided by operations for the period ended September 30, 2013, as compared to September 30, 2012, was $159.7 million compared to $81.5 million
  • Cash, including marketable securities, increased $150.4 million to $710.9 million from March 31, 2013

FDA Approvals and Filings

The Company recently received approvals from the U.S. Food and Drug Administration (“FDA”) for two Abbreviated New Drug Applications (“ANDAs”) for Levocetirizine Dihydrochloride Oral Solution, 2.5mg/5 mL (0.5mg/mL) and Gabapentin Capsules, 100 mg, 300 mg and 400 mg. During the quarter, the Company filed one ANDA with the FDA. With this, ANDAs representing nineteen products as well as one NDA await FDA approval.

About Taro

Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.

SAFE HARBOR STATEMENT

The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments necessary to present fairly the financial condition and results of operations of the Company. The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 20-F, as filed with the SEC.

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that do not describe historical facts or that refer or relate to events or circumstances the Company “estimates,” “believes,” or “expects” to happen or similar language, and statements with respect to the Company’s financial performance, availability of financial information, and estimates of financial results and information for fiscal year 2014. Although the Company believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurances that its expectations will be attained. Factors that could cause actual results to differ include general domestic and international economic conditions, industry and market conditions, changes in the Company’s financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Company’s SEC reports, including its Annual Reports on Form 20-F. Forward-looking statements are applicable only as of the date on which they are made. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

**Financial Tables Follow**

TARO PHARMACEUTICAL INDUSTRIES LTD.

SUMMARY CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)
(U.S. dollars in thousands, except share data)
       

Quarter Ended

Six Months Ended

September 30,

September 30,

2013

2012

2013

2012

Sales, net

$

205,316

$

160,974

$

358,511

$

320,126

Cost of sales

 

45,845

   

39,645

   

92,325

   

84,701

 

Gross Profit

159,471

121,329

266,186

235,425

 

Operating Expenses:

Research and development, net

14,927

10,943

27,139

22,468

Selling, marketing, general and administrative

22,229

19,975

43,182

43,559

Settlements and loss contingencies

 

2,050

   

8,000

   

2,050

   

8,000

 

Operating income

120,265

82,411

193,815

161,398

 

Financial Expenses, net:

Interest and other financial (income) expenses, net (1,325 )

(249

) (2,490 ) 141

Foreign exchange expense (income)

285

964

(708 ) 256
Other income, net   130     227     526     591  
Income before income taxes 121,435 81,923 197,539 161,592
Tax expense   24,747     16,424     41,782     32,934  

Income from continuing operations

96,688 65,499 155,757 128,658
 
Net loss from discontinued operations   (49 )   (17 )   (172 )   (7 )
Net income 96,639 65,482 155,585 128,651
Net income attributable to non-controlling interest   303     132     453     391  
Net income attributable to Taro $ 96,336   $ 65,350   $ 155,132   $ 128,260  
 
Net income per ordinary share from continuing operations attributable to Taro:
Basic $ 2.15 $ 1.46 $ 3.46 $ 2.88
Diluted $ 2.15 $ 1.46 $ 3.46 $ 2.87
 
Net loss per ordinary share from discontinued operations attributable to Taro:
Basic ($0.00)* ($0.00)*

($0.00)*

($0.00)*
Diluted ($0.00)* ($0.00)*

($0.00)*

($0.00)*
 
Net income per ordinary share attributable to Taro:
Basic $ 2.15 $ 1.46 $ 3.46 $ 2.87
Diluted $ 2.15 $ 1.46 $ 3.46 $ 2.87
 
Weighted-average number of shares used to compute net income per share:
Basic 44,776,535 44,684,715 44,773,501 44,614,149
Diluted 44,780,246 44,714,355 44,777,164 44,679,156
 
*   Amount is less than $0.01.
May not foot due to rounding.
 

TARO PHARMACEUTICAL INDUSTRIES LTD.

SUMMARY CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)
   

September 30,

March 31,

2013

2013
(unaudited) (audited)
ASSETS
 
CURRENT ASSETS:
Cash and cash equivalents $ 350,611 $ 237,284
Short-term bank deposits 357,157 312,603
Restricted short-term bank deposits 7,430
Marketable securities 3,127 3,183
Accounts receivable and other:
Trade, net 127,318 119,810
Other receivables and prepaid expenses 146,040 119,768
Inventories 112,042 109,626
Long-term assets held for sale, net   71   67
TOTAL CURRENT ASSETS 1,096,366 909,771
 
Long-term receivables and other assets 23,418 23,227
Property, plant and equipment, net 145,527 145,265
Other assets   26,600   28,373
TOTAL ASSETS $ 1,291,911 $ 1,106,636
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Current maturities of long-term debt $ 11,880 $ 11,330
Trade payables and other current liabilities   215,510   181,201
TOTAL CURRENT LIABILITIES 227,390 192,531
 
Long-term debt, net of current maturities 17,372 17,269
Deferred taxes and other long-term liabilities   5,139   5,875
TOTAL LIABILITIES 249,901 215,675
 
Taro shareholders’ equity 1,036,943 886,347
Non-controlling interest   5,067   4,614

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 1,291,911 $ 1,106,636
 
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    SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)
    (U.S. dollars in thousands)
       

    Six Months Ended September 30,

    2013

    2012

    Operating Activities:

    Net income $ 155,585 $ 128,651

    Adjustments required to reconcile net income to net cash provided by operating activities:

    Depreciation and amortization 8,342 9,038
    Share-based compensation expense 8
    Loss on sale of long-lived assets and marketable securities, net 15 106
    Increase (decrease) in long-term debt due to currency fluctuations