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Aceto 4Q net income climbs 14% from 2011

Aceto reported quarterly net income rose 14 percent

Aceto reported quarterly net income rose 14 percent from last year. Its net income for the year shot up 89 percent to $17 million. (Oct. 21, 2011) Credit: Barry Sloan

Aceto Corp., the Port Washington-based pharmaceutical chemical supplier, said Thursday that its fiscal fourth-quarter net income climbed 14 percent from a year ago to $4 million.

But sales fell 8.5 percent to $110.9 million in the quarter ended June 30. Per-share earnings rose to 15 cents from 13 cents.

The company also declared a 55-cent quarterly dividend, up about 10 percent.

Net income for the year soared 89 percent to a record $17 million. Aceto's fiscal year sales rose almost 8 percent to a record $444.4 million.

The company said that last year's results were hit by two one-time charges related to the December 2010 acquisition of Rising Pharmaceuticals Inc. It also said that this year's numbers were hurt by costs related to "the separation of certain executive management employees" and additional payments, or earn-out costs, related to the acquisition.

Rising Pharmaceuticals is a New Jersey-based company that distributes generic, prescription and over-the-counter pharmaceutical products to wholesalers, chain drugstores and others under its own label. Aceto paid $73.3 million for it, mostly in cash and stock.

The company's stock closed at $9.15 a share Thursday in regular Nasdaq trading, up 15 cents. But after the release of the earnings report, it turned south in after-hours trading and dropped to $8.75, down 40 cents.

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