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Neuland Labs Reports First Quarter Fiscal Year 2012 Financial Results
Date:8/5/2011

HYDERABAD, India, Aug. 5, 2011 /PRNewswire/ -- Neuland Laboratories Ltd., (NSE:NEULANDLAB; BOM:524558) a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates, and contract research and manufacturing services to customers located in 85 countries, today announced financial results for the first quarter of fiscal year (FY) 2012, ended June 30, 2011.

"We are pleased to report that in the first quarter of the new fiscal year we continued to achieve the good sales growth momentum we began to generate in fiscal year 2011," said Dr. D.R. Rao, Chairman and Managing Director of Neuland Labs.  "We also continued to make progress on managing our costs of production and overall expenses, enabling the company to achieve a profitable quarter."

Revenues for the first quarter of FY 2012 were $23.2 million (1.04 billion INR*) compared to revenues in the first quarter of FY 2011 of $20.3 million (0.9 billion INR), an increase of 14.5%.  The increase in revenues primarily reflects gains in sales of the company's products and services from its API, Contract Research and Manufacturing, and Peptides synthesis businesses.

Neuland reported EBITDA of $1.85 million (82.58 million INR) in the first quarter of FY 2012, compared to EBITDA of $0.53 million (23.41 million INR) in the comparable period in FY 2011, an increase of 249%.  After-tax profits in the first quarter of FY 2012 were $0.19 million (8.59 million INR), compared to a net loss of $1.08 million (47.65 million INR) in the first quarter of FY 2011.

"A notable event during the first quarter was our announcement of Neuland's new commercial-scale peptide manufacturing service at a symposium for leading peptide experts from around the world," noted Sucheth R. Davuluri, Chief Executive Officer of Neuland Labs.  "Our experience in producing synthetic peptides of varying lengths and complexity parallels their increasing use as therapeutics
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SOURCE Neuland Laboratories Ltd.
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