(see the attached Table II for reconciliation to GAAP numbers)Fiscal 2013
Fiscal 2012First Quarter
% ChangeNet Sales
-23.6%Reported Gross Profit
-1.1%Adjusted Gross Profit
-1.4%Reported Operating Income
-6.3%Adjusted Operating Income
-6.5%Reported Gross Margin
+1,330 bpsAdjusted Gross Margin
+1,350 bpsReported Operating Margin
+680 bpsAdjusted Operating Margin
+690 bpsThe API segment's net sales declined by 24% to $36 million due primarily to a decrease in existing product sales of approximately $17 million as a result of increased competition and pricing pressures on select products, along with a negative impact of $2 million due to changes in foreign currency, partially offset by $7 million related to the launch of a customer's product with 180-day exclusivity status.
Gross and operating margins were positively impacted by the product launch referred to above.
The Other category reported decreased first quarter net sales of approximately $17 million, compared with $18 million a year ago, due primarily to the impact of unfavorable changes in foreign currency exchange rates.
Adjusted operating income was approximately $1 million, representing an increase in adjusted operating margin of 100 basis
|SOURCE Perrigo Company|
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