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Caraco Pharmaceutical Laboratories Ltd. Reports Record Net Sales for the Second Quarter and First Six Months of Fiscal 2008
Date:10/24/2007

quarter and first six months of fiscal 2008 were $41.4 million and $76.8 million, respectively, as compared to $28.3 million and $53.0 million for the corresponding periods of fiscal 2007, reflecting an increase of 46% and 45%, respectively. The increase is mainly due to newer products, consisting of both Caraco and of Sun Pharma ANDAs launched in the market and increased market share of current products to new and existing customers.

Gross profit during the second quarter and first six months of fiscal 2008 was $18.0 million and $33.9 million, respectively, as compared to $14.2 million and $27.2 million during the corresponding periods of fiscal 2007, reflecting an increase of 27% and 25%, respectively. The increase in gross profit was primarily due to higher sales, partially offset by the change in sales mix and the weight of distributed products versus manufactured products and price erosion. The gross profit margin for both the second quarter and first six months of fiscal 2008 decreased to 44% weighted with both distribution and manufactured margin products, as compared to 50% and 51% with only manufactured margin products during the corresponding periods of fiscal 2007.

Selling, general and administrative (SG&A) expenses during the second quarter and first six months of fiscal 2008 were $3.0 million and $6.4 million, respectively, as compared to $2.4 million and $4.5 million during the corresponding periods of fiscal 2007, representing an increase of 25% and 42% for the respective periods. The increase was mainly due to higher marketing and administrative increases relative to the increase in sales. SG&A expenses as a percentage of net sales were 8% for the first six months of fiscal 2008, consistent with 8% for the corresponding period of fiscal 2007.

Total research and development (R&D) expenses for the second quarter and first six months of fiscal 2008 were $10.5 million and $13.8 million, respectively, as compared to $9.7 million and $15
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SOURCE Caraco Pharmaceutical Laboratories, Ltd.
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