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Aceto’s products net income increases 251%
Nov. 10, 2008
New York, US-based Aceto’s fiscal 2009 first quarter ended September 30, 2008. The global leader in the sourcing, quality assurance, regulatory support, marketing and distribution of specialty chemicals and crop protection products, announced that net sales for the first quarter were US $93.8 million, an increase of 18.% from $79.5 million in the year ago quarter. Gross profit increased 30.0% to $18.9 million in the 2009 fiscal quarter compared to $14.6 million in the 2008 quarter. SG&A expenses increased 10.5% to $11.9 million from $10.8 million. Net income increased 251.7% to $4.6 million up from $1.3 million in the 2008 quarter.?
Leonard S. Schwartz, Chairman, CEO, and President of Aceto stated: "The increase in domestic generic products can be attributed to increased volume of business for existing products. Sales in our Crop Protection segment decreased 23.2% from the 2008 comparable quarter, largely the result of decreased sales of our sprout inhibitor products, which are utilized on potato crops."
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