Aceto Corp. profits rise on acquisition, 3 new drugs
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Aceto Corp. Thursday reported a 3 percent increase in profits for the April-June period because it purchased another company and rolled out three new drugs.
The Port Washington-based manufacturer of drugs and chemical compounds earned $5.6 million in the three months ended June 30, compared with $5.4 million a year earlier. Sales rose more than 13 percent to $140 million in the fourth quarter of the company's 2014 fiscal year.
Chief executive Sal Guccione said the performance was due in part to PACK Pharmaceuticals Inc. of Buffalo Grove, Ill., which Aceto bought in April for up to $100 million. PACK products are used to treat ailments such as breast cancer, allergies, eye infections, arthritis, conjunctivitis and high blood pressure.
For the full fiscal year, Aceto reported a record profit of $29 million, a 30 percent gain over fiscal 2013. Sales increased 2 percent to a record $510 million.
Guccione said Aceto had made "significant progress" toward "becoming a more human health-oriented company" focused on medicine. He predicted the company would introduce 11 generic drugs in fiscal 2015, which began July 1.
Aceto released its earnings report after the stock market close. Its shares fell one cent to $19.60 in Nasdaq trading.