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Perrigo Reports Record Second Quarter Revenue, Adjusted Earnings and Operating Cash Flow
Date:2/1/2013

d for most of the difference in net sales in the segment compared to fiscal 2012.

The adjusted gross margin increased due primarily to favorable product mix as well as higher margin on new product sales. The adjusted operating margin was impacted by higher distribution, selling, general and administrative costs.

 

API

 API Segment (in thousands)(see the attached Table II for reconciliation to GAAP numbers)Fiscal 2013

Fiscal 2012Second

Quarter

Ended

Second

Quarter

Ended

 

 

YoY12/29/2012

12/31/2011

% ChangeNet Sales

$40,854

$42,752

-4.4%Reported Gross Profit

$22,883

$20,151

+13.6%Adjusted Gross Profit

$23,364

$20,647

+13.2%Reported Operating Income

$13,820

$11,693

+18.2%Adjusted Operating Income

$14,301

$12,189

+17.3%Reported Gross Margin

56.0%

47.1%

+890 bpsAdjusted Gross Margin

57.2%

48.3%

+890 bpsReported Operating Margin

33.8%

27.4%

+640 bpsAdjusted Operating Margin

35.0%

28.5%

+650 bpsThe API segment's net sales declined by 4% to $41 million due primarily to a decrease in existing product sales of approximately $5 million as a result of increased competition, partially offset by $4 million related to the continued successful launch of a customer's product.

Gross and operating margins were positively impacted by the product launch referred to above, along with favorable mix of existing product sales, partially offset by higher research and development and selling, general and administrative expenses.

Other

The Other category reported second quarter net sales of $18 million, compared with approximately $19 million a year ago, due primarily to the impact of unf
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SOURCE Perrigo Company
Copyright©2012 PR Newswire.
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