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AMRI Announces Second Quarter 2012 Results
Date:8/1/2012

compared to $47.3 million in the six-month period ended June 30, 2011

Recurring royalties from Allegra® for the first six months of 2012 were $18.5 million, a decrease of 14% compared to royalty revenue of $21.4 million in 2011.

Net income, as adjusted for the first half of 2012 was $2.4 million or $0.08 per basic and diluted share compared to adjusted net loss of $(1) million or $(0.03) per basic and diluted share in the first half of 2011. Net loss under U.S. GAAP in the first half of 2012 was $(3.6) million or $(0.12) per basic and diluted share, compared to net loss of $(2) million or $(0.07) per basic and diluted share in the first half of 2011. During the first half of 2012, net loss under U. S. GAAP included asset impairment charges of $3.9 million, net of tax, or $0.13 per diluted share and restructuring charges of $2.1 million, net of tax, or $0.07 per diluted share, primarily related to the Company's decision to cease all operations at its facility in Budapest, Hungary. 

For a reconciliation of net income (loss) and income (loss) per diluted share as reported to adjusted net income (loss) and adjusted income (loss) per diluted share for the 2012 and 2011 reporting periods, please see Table 1 at the end of this press release.

AMRI Chairman, President and CEO Thomas E. D'Ambra said, "Although contract revenue declined slightly from the prior year period, we continued to deliver solid earnings growth as a result of the strategic operational actions taken in 2011. During the quarter, we showed improvement in our Burlington aseptic formulation and fill operations with additional contracts and strong proposal activity. In addition, our large scale manufacturing segment continues to drive new opportunities, bringing the number of products in our pipeline approaching PDUFA dates in the next 12 months to four, and a total of seven with PDUFA dates anticipated in the next 24 months. Overall, we continue to believe the imp
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SOURCE AMRI
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