GeoPharma, Inc. (NASDAQ:GORX) (the �Company�) announced its Fiscal
Year 2009 second quarter results for the period ended September 30,
2008, reporting revenues of $16,039,751 representing a 166%
increase over the Fiscal Year 2008 second quarter results. The
Company recorded a net loss of ($3,888,580) or ($0.24) per common
share. Revenues for the 6 month period ended September 30, 2008
increased by $23,224,077 to $36,065,058 compared to the same period
a year ago representing an increase of 180%. Commenting on the
quarter GeoPharma CEO Mihir Taneja stated, �The economic climate
throughout the nation has presented many challenges for our
businesses. However this year�s second quarter results reveal top
line increases in our Distribution and Pharmaceutical Businesses.
Revenues in the Distribution segment increased 705% for the quarter
versus the same period a year ago and the Pharmaceutical segment
recorded revenues of $534,006 versus the absence of any revenue in
the same period a year ago. Manufacturing revenue decreased
slightly by $115,385, but with the addition of new contracts, we
remain confident that the growth of that segment will resume and be
driven higher in the second half of the year. We also anticipate
that the decline in the price of oil in recent months will improve
future costs in our transportation expenses, as well as the cost of
overall purchases. Additionally the effect of other strategic cuts
will begin to yield a better cost profile for the company in the
months to come.� Q2 Highlights Revenues in the Distribution segment
increased 705% versus the second quarter of fiscal year 2008.
Revenues in the Manufacturing segment decreased slightly by 2.4%
versus the second quarter of fiscal year 2008. Revenues in the
Pharma segment increased to $534,006 versus no revenue for the
second quarter of fiscal year 2008. Revenues overall for the second
quarter increased 166% versus the second quarter of fiscal year
2008. Gross Profits for the second quarter of fiscal year 2009 were
$2,689,405 versus Gross Profits of $1,231,469 for the second
quarter of fiscal year 2008, an increase of $1,457,936 or 118%. As
of September 30, 2008 GeoPharma maintained approximately $1,400,000
in cash and $6,000,000 in a CD. Research and Development expenses
increased $135,284 or approximately 37% above the second quarter of
fiscal year 2008. �Without a doubt, the state of the credit markets
and the stock markets respectively has created apprehension among
the investing public,� stated GeoPharma CFO Carol Dore-Falcone.
�Furthermore, recent volatility and speculative interpretation of
recent events adds to the trepidation.� Accordingly, the GeoPharma
management wants to make certain other items about its business
dealings clear: Regarding the manufacturing of GeoPharma�s private
label products, it has been reported that a customer of ours
representing more than 5% of our Fiscal Year 2008 business has
filed for Chapter 11 bankruptcy. While this is correct, this
particular customer continues to operate out of Bankruptcy
and�purchase finished product from the Company. Our business
relationship remains very much intact; in fact, recently a court
entered an Agreed Order whereby the court concluded that the
Company�s divisions, Innovative Health Products, Inc.
("Innovative") and LIBI Labs, Inc. ("LIBI") �are each necessary and
critical vendors� to this customer and that Innovative and LIBI
claims for payment are valid. The Company expects to be repaid in
full by the customer as a result of the court order and all
additional purchases of finished product are being paid prior to
shipment. In the Specialty Pharma segment, we have been awaiting
approvals to begin production of generic antibiotics in two
different locations. Our Beta Lactam antibiotic facility in
Baltimore, Maryland, is dedicated to the production of Amoxicillin,
Ampicillin and Penicillin, and a facility in Largo, Florida,
exclusively for the production of Cephalosporin antibiotics.
Recently several of our Florida locations were visited by the Food
and Drug Administration (FDA) regarding a �Pre-approval Inspection�
associated with our Cephalosporin ANDA filing. Communications with
the FDA continue and as of today we have received no new approvals,
but we remain secure in the belief that we are making positive
progress toward production. Continued developments in our Specialty
Pharma segment include the further gathering of data for a medical
device to be used in the monitoring of Ovarian Cancer. The
scientific research involved in such pursuits is meticulous,
expensive and time consuming. Nonetheless, we are very pleased with
the results of our work to date and would hope to file a 510k for
our device as a monitoring test for Ovarian Cancer. Eventually, the
company intends to expand the platform and file data with the FDA
for this technology to be used as an Ovarian Cancer screener as
well. Lastly, although not in the habit of commenting on market
valuation, the Company certainly does not feel that the current
price of its stock is commensurate with its intrinsic value.
Accordingly, our Chairman has recently executed open market
purchases of GeoPharma stock. The Company is currently examining
several options as a means to have that value recognized more
precisely by the marketplace. Furthermore, we strongly believe that
when this tumultuous period in the markets is concluded, GeoPharma,
Inc. will emerge a stronger company, fundamentally and financially.
A conference call has been scheduled with CEO, Mihir Taneja and
Senior VP/CFO, Carol Dore-Falcone for Thursday November 13, 2008 at
4:35. The dial in number for participants is 1-877-741-4239 and
719-325-4803 for international callers. The Conference Confirmation
code is 6951540. Participants may also choose to listen to the
conference call via the Internet at
http://gorx.client.shareholder.com/. A replay of the call will be
available at 7:35 PM ET until Midnight, Thursday November 27th. The
Replay of the call may be heard by dialing 1-888-203-1112 or
1-719-457-0820 for international callers. The Replay Pass Code is
6951540. About Geopharma, Inc.: GeoPharma, Inc. is a rapidly
growing Bio/Pharma company with a diversified business model
participating in 3 main market segments: Specialty Pharma,
Manufacturing and Distribution. The Specialty Pharma division
specializes in the formulation of generic drugs for human and
veterinary usage and the development of medical devices used by
oncologists and other medical professionals. The Manufacturing and
Distribution divisions, manufacture, package and distribute generic
drugs, nutraceuticals, cosmetics,and functional food products for
companies worldwide. GeoPharma's growth strategy is to capitalize
on its research and manufacturing expertise to develop medical
devices and high margin generic drug products for niche markets
with high barriers to entry. GeoPharma's competitive advantage in
these areas is in its ability to navigate the challenges that such
market pursuits present effectively. Currently GeoPharma employs
over 300 people and operates facilities in Florida, Maryland,
Pennsylvania, Nevada, Rhode Island and Texas, utilizing over
330,000 sq. ft. of office, warehouse, manufacturing and laboratory
facilities. For further information visit the "For Investors"
section of the GeoPharma website at www.geopharmainc.com. Forward
Looking Statements This press release may contain statements, which
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including those
regarding the company and its subsidiaries' expectations,
intentions, strategies and beliefs pertaining to future
performance. All statements contained herein are based upon
information available to the company's management as of the date
hereof, and actual results may vary based upon future events, both
within and without management's control. Important factors that
could cause such differences are described in the company�s
periodic filings with the Securities and Exchange Commission.
(UNAUDITED) GEOPHARMA, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS � � � � � � Three Months Ended September
30, Six Months Ended September 30, 2008 2007 2008 2007 (Unaudited)
(Unaudited) (Unaudited) (Unaudited) Revenues: Distribution $
10,960,724 $ 1,360,751 $ 24,589,641 $ 3,217,271 Manufacturing
4,545,021 4,660,406 10,816,974 9,582,511 Pharmaceutical � 534,006 �
� � 658,443 � 41,199 Total revenues $ 16,039,751 $ 6,021,157 $
36,065,058 $ 12,840,981 Cost of goods sold: Distribution 9,213,081
721,542 19,857,629 1,737,435 Manufacturing (excluding depreciation
and amortization presented below) 2,960,216 3,327,391 7,670,091
6,788,026 Pharmaceutical � 1,177,049 � 740,755 � 2,113,484 �
1,573,380 Total cost of goods sold $ 13,350,346 $ 4,789,688 $
29,641,204 $ 10,098,841 Gross profit: Distribution 1,747,643
639,209 4,732,012 1,479,836 Manufacturing 1,584,805 1,333,015
3,146,883 2,794,485 Pharmaceutical � (643,043 ) � (740,755 ) �
(1,455,041 ) � (1,532,181 ) Total gross profit $ 2,689,405 $
1,231,469 $ 6,423,854 $ 2,742,140 Selling, general and
administrative expenses: Selling, general and administrative
expenses 5,965,118 3,430,179 11,746,787 6,307,385 Stock
compensation expense 368,067 264,247 674,417 420,837 Depreciation
and amortization � 724,907 � 372,231 � 1,393,009 � 819,358 Total
selling, general and administrative expenses � 7,058,092 �
4,066,657 � 13,814,213 � 7,547,580 Operating income (loss) before
other income and expense, minority interest, income taxes and
discontinued operations $ (4,368,687 ) $ (2,835,188 ) $ (7,390,359
) ) $ (4,805,440 ) Other income (expense), net: Interest income
(expense), net (519,937 ) (33,178 ) (979,237 ) (72,969 ) Other
income (expense), net � 9,356 � 126 � 13,830 � 2,249 Total other
income (expense), net $ (510,581 ) $ (33,052 ) $ (965,407 ) $
(70,720 ) Income (loss) before minority interest, income taxes and
discontinued operations $ (4,879,268 ) $ (2,868,240 ) $ (8,355,766
) $ (4,876,160 ) Minority interest benefit (expense) 172,688
216,793 370,424 442,456 Income tax benefit (expense) � 955,500 �
877,802 � 1,617,900 � 1,685,402 Net income (loss) from continuing
operations $ (3,751,080 ) $ (1,773,645 ) $ (6,367,442 ) $
(2,748,302 ) Discontinued operations: Revenues: PBM $ � $ � $ � $
2,925,139 Cost of goods sold: PBM � � � � � � � 2,904,274 Gross
profit: PBM $ � $ � $ � $ 20,865 Selling, general and
administrative expenses: PBM � � � 20,785 PBM segment exit income
(expense) � � � � � � � 8,300 Discontinued operations net income
(net of income tax) $ � $ � $ � $ 8,380 Net income (loss) $
(3,751,080 ) $ (1,773,645 ) $ (6,367,442 ) $ (2,739,922 ) Preferred
stock dividends � 137,500 � 100,002 � 287,300 � 208,335 Net income
(loss) available to common shareholders $ (3,888,580 ) $ (1,873,647
) $ (6,654,742 ) $ (2,948,257 ) Basic income (loss) per share $
(0.24 ) $ (0.16 ) $ (0.43 ) � (0.27 ) Basic weighted average number
of common shares outstanding � 16,396,092 � 11,436,721 � 15,544,306
� 11,042,688 Diluted income (loss) per share $ (0.24 ) $ (0.16 ) $
(0.43 ) $ (0.27 ) Diluted weighted average number of common shares
outstanding � 16,396,092 � 11,436,721 � 15,544,306 � 11,042,688
Basic and diluted discontinued operations earnings per share $ � $
� $ � $ �
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