Although Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF) does not report audited financial results, as it struggles with past reporting issues, it provided today unaudited figures which point to growth.
Revenue in the second quarter rose to $98 million, from $96.8 million in the corresponding quarter. Net profit rose 51% to $18.9 million ($0.46 per share), from $12.5 million ($0.31 per share) in the corresponding quarter of 2009.
As of June 30th, Taro had $117.9 million in cash, cash equivalents, restricted cash and short-term bank deposits. During the first half of 2010, cash provided by operations was $24 million.
Taro, caught in a control battle between its founders, the Levitt family, and India's Sun, trades on the pink sheets after not filing prior financials on time. The company said today that it expects 2008 and 2009 audits will be completed by year end. Taro has already issued audited financial statements for 2004, 2005, 2006 and 2007.
Published by Globes [online], Israel business news - www.globes-online.com - on August 23, 2010
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