Patheon Inc. (PTI.TO) reported that its first-quarter net loss attributable to restricted voting shareholders widened to $51.4 million or $0.384 per share from $19.4 million or $0.150 per share last year. Loss from continuing operations was $51.4 million compared to a loss of $19.3 million last year. The company said the loss widened due to costs associated with the Banner acquisition and related refinancing, offset by favorable operating results.
Revenues increased to $213.5 million from $153.9 million prior year, an increase of 38.7 percent. Banner represented $23.3 million of the increase and therefore, Patheon standalone revenues grew 23.6 percent compared to the same period last year.
The company expects 2013 revenues for the combined enterprise to be in excess of $1 billion annually.
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