Haifa-based pharmaceuticals company Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF.PK) has given its shareholders a Passover holiday gift, in the shape of financial statements for 2004 to 2006. This is not a mistake we may be in 2010, but only now is Taro providing its results for those years.
The company has restated its financials for 2004-2005, released a year ago. The company now reports revenue for 2004 $1.8 million higher than it in the previously published statements, at $271 million. Revenue for 2005 fell $1 million compared with the figure in the previous report, to $288.6 million. The loss for 2004, previously reported as $30.7 million, has climbed to $37.5 million, while in 2005, for which the company previously reported a loss of $3.4 million, the statements now show breakeven.
In 2006, Taro had revenue of $252.3 million, and posted a net loss of $82.7 million.
As usual with Taro, there announcement is accompanied by a letter, this time to the company's bondholders, setting out its liabilities versus its cash. The figures, for 2007 to 2009, are unaudited. They show that in that period the company's cash grew 147%, while its debt shrank by 73%.
Taro is a generic drugs company. In recent years there has been a battle for control of the company between Indian company Sun, which holds a 40% stake in it, and the families of the company's founders, headed by chairman Barrie Levitt. There are several legal proceedings going on between the sides in Israel and the US. They are now waiting for the Israeli Supreme Court to decide, in effect, whether Sun is entitled to the shares held by the founders' families. The company has a market cap of $533 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 31, 2010
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