Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF) today provided information on its financial performance for the third quarter of 2008. The company estimates $90.4 million in sales, 10.2% more than the $82 million for the corresponding quarter of 2007.
The company estimates its net profit at $12.5 million ($0.31 per share) for the third quarter, 73.6% more than the $7.2 million for the corresponding quarter.
Taro chairman Dr. Barrie Levitt said, “The company has continued to perform well in spite of the difficult global financial environment, reflecting our solid product offering, increased operational efficiencies and focused R&D program. Our strong performance has allowed us to continue to pay down our debt, while increasing our cash reserves.”
Taro has paid $20 million in scheduled principal debt payments in January-September, and the company had $66.3 million in cash and cash equivalents compared with $45.2 million at the end of 2007.
Taro warns that the financial information "does not constitute complete financial information, has not been reviewed by its independent auditors, and is subject to possible change." The company added that it was still trying to complete the review of its financial reports for 2006 and 2007.
Taro is embroiled in a dispute with India's Sun Pharmaceuticals Ltd. (BSE: 524715), after Levitt unilaterally cancelled Sun's takeover of the company earlier this year. In September, Taro appealed to the Supreme Court after the Tel Aviv District Court ruled in favor of Sun Pharmaceuticals and dismissed Taro's argument that Sun must make a special tender offer for the company's founding shares.
Taro's share closed at $7.50 yesterday.
Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2008
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