Synovics Pharmaceuticals Files Its Second Quarter, 2008 Form 10Q with the SEC
Consolidated revenues for the six months ended April 30, 2008 were$10,376,752 compared to $11,257,660 for the same quarter in 2007. The primaryreason for the decline in those sales relates to the temporary disruption inthe availability of the Company's OTC private label version of the brandPrimatene(R) sold by Wyeth ephedrine guaifenesin products in the soft gelform. The Company is actively working on developing an alternate means formaking this product available. The shortfall in these products was partiallyoffset by significant growth in the balance of the OTC product line and in theprescription business.
The gross profit percentage for the Company increased to 31.7% for theperiod (from 27.3% for the prior year). Selling, general, and administrativeexpenses for the six-month period ended April 30, 2008 was $4,615,070 ascompared to $8,138,829 for the six-month period ended April 30, 2007. TheCompany's net loss was $5,165,827 or $.24 per share for the six-month periodended April 30, 2008 as compared to $9,145,698 or $.31 per share for thesix-month period ended April 30, 2007. The significant decline in net loss isattributable to an improvement in gross profit percentage and the reduction ingeneral and administrative expenses.
"Revenues for our second quarter were $6,121,632 compared to $4,255,120for the first quarter of 2008," stated Steve Getraer, Synovics' ChiefFinancial Officer. "April was the strongest month of the second quarter withrevenue of $2,534,611, and we are seeing continued strength in the thirdquarter with May and June results. The strength in sales is seen in both ourKirk and ANDAPharm operations with OTC private label and prescription drugs,respectively. If current sales figure continue for the entire third quarter,it will be the Company's strongest performance, by revenue, in its history."
"The growth in Synovics' sales and revenue reflects the success of aCompany-wide commitment to provide our customers their three most valuedexpectations: quality, price and customer service," commented Ronald HowardLane, Ph.D., Synovics' Chairman and Chief Executive Officer. "The Companyannounced a joint venture last week with Maneesh Pharmaceuticals, LTD ofMumbai, India, through which we expect to access resources of products,personnel, operating systems and facility utilization as part of our IndiaFront-End strategy. The Company also noted in that announcement an equityfunding by Maneesh and Harcharan ("Harry") Singh of an additional $6,000,000.These new funds were used principally to restructure our balance sheet andreduce Company debt and related interest costs. The improvement in revenues,restructuring of the balance sheet and completion of our joint venture withManeesh represent a pronounced new beginning for Synovics. This together withthe addr
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