Taro estimates earnings of $14M in year so far
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- December
- 6
Taro Pharmaceutical Industries Ltd., an Israeli generic-drug maker beset with financial problems and litigation that has operations in Hawthorne, released unaudited financial statements today that showed the company earned $14 million during the first nine months of the year on revenues of $126 million.
In the nine months ending Sept. 30, Taro said, it had about $10 million in one-time charges and non-recurring expenses.
Taro warned the results don’t provide a complete financial snapshot of the company, which is still in the progress of finalizing its 2006 annual financial statement.
Taro estimated net sales in 2006 were about $184 million, resulting in a net loss for the year of about $141 million. The result differs from prior estimates made by the company, Taro said, due mainly to increased amounts for impaired assets.
Taro also said it expects to schedule a shareholder meeting to vote on a proposed merger with Sun Pharmaceutical Industries Ltd. in the first quarter. Taro previously said it hoped to hold the meeting before Nov. 30.
Sun invested about $59 million since May to help Taro avoid default, Taro said.
As of Sept. 30, Taro said, it had $224 million in total debt and $50 million in cash on hand.
This entry was posted
on Thursday, December 6th, 2007 at 6:20 pm by David Schepp.
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