Impax Laboratories Inc. (IPXL: Quote) reported that its first-quarter GAAP net income decreased to $12.4 million, or $0.18 per share, from $13.9 million, or $0.21 per share in the year ago quarter, primarily due to higher expenses and an inventory adjustment as a result of a change in the strategic direction of certain generic products.
Adjusted net income increased to $35.1 million, or $0.52 per share, from $13.9 million, or $0.21 per share, in the prior year period, primarily attributable to the benefit of the gross profit of $30.0 million earned from United States Zomig sales pursuant to the previously disclosed License Agreement with AstraZeneca UK Limited.
Total revenues increased to $128.6 million, compared to $108.7 million in the prior year period, primarily due to higher sales of generic Adderall XR.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share on revenues of $162.79 million for the quarter. Analysts' estimates typically exclude special items.
For fiscal 2012, the company expects capital expenditures of approximately $78.0 million.
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by RTT Staff Writer
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