Caraco net sales up 41% at $24.8 million for fiscal first-quarter 2007

By Lisa Kerner

Charlotte, N.C., July 24 - Caraco Pharmaceutical Laboratories, Ltd. said it posted record net sales for its fiscal first-quarter 2007 ended June 30 of $24.8 million, a 41% increase from the $17.6 million reported for the corresponding period of fiscal 2006.

During the first quarter, net income grew to $5.0 million, or $0.13 per diluted share, up from $1.6 million in net income, or $0.05 per diluted share, for the previous-year period.

Gross profit during the relevant periods rose 58.5% to $13.0 million from $8.2 million for the corresponding period of fiscal 2006.

"Our current operating cash position continues to improve and we remain free of debt," chief executive officer Daniel H. Movens said in a company news release.

"We generated $6.8 million in cash in the first quarter of fiscal 2007, compared to the utilization of $0.8 million from operations during the corresponding period of fiscal 2006."

Caraco also has an available short-term line of credit from JP Morgan Chase Bank, NA of $10 million for expansion if needed, officials said.

At June 30, Caraco had working capital of $49.9 million, compared to working capital of $41.4 million on March 31.

Product highlights for the quarter include the filing of two abbreviated New Drug Applications, bringing to 15 the number of products pending approval by the Food and Drug Administration.

Detroit-based Caraco manufactures, markets and distributes generic and private-label pharmaceuticals to wholesalers, distributors, drugstore chains and managed care providers.

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