Several companies declared their financial results before the opening bell today, while few companies are scheduled to report their quarterly earnings latter today. Some notable earners are discussed here.
Aceto Corp. (Nasdaq: ACET), a global leader in the marketing and distribution of pharmaceutical intermediates and active ingredients, finished dosage form generics, nutraceutical products, agricultural protection products and specialty chemicals today announced results of operations for its fiscal 2011 fourth quarter. During the quarter, the company's net income was $3.5 million, or $0.13 per diluted share, compared to $4.2 million or $0.17 per diluted share in the 2010 quarter. Analysts had estimated net profit of 12 cents per share for the company. In the fiscal 2011 fourth quarter, net sales were $121.2 million, an increase of 14.6 percent from $105.8 million in the year ago quarter. Commenting on the results, Albert Eilender, Chairman and CEO of Aceto said, "We are pleased with the results that we have reported today. All three of our business segments showed sales growth for the fiscal year ended June 30, 2011. During the period, sales in our Health Sciences segment increased 19.5 percent from fiscal 2010, largely the result of increased sales from our domestic Health Sciences group and the addition of sales of Rising Pharmaceuticals products where we had no comparable sales in prior periods. The Health Sciences segment saw an increase in sales from our international operations over the prior year, particularly in Europe. These overall increases were partially offset by decreases in sales of pharmaceutical intermediates."
Ocean Power Technologies, Inc. (Nasdaq: OPTT), declared its financial results for fiscal 2012 Q1 ended July 31, 2011. During the period, the company reported net loss of 5 million, or 49 cents per share, compared with net loss of $6.3 million, or 61 cents per share, a year earlier. The operating loss for the period was $5.1 million as compared to an operating loss of $6.3 million for the three months ended July 31, 2010. The reduction in operating loss for the three months ended July 31, 2011 was due primarily to a decrease in product development costs, principally for the PB150 system off the coast of Scotland. The company reported revenues of $1.9 million as compared to revenue of $1.4 million in the corresponding year. This increase primarily reflects revenue recorded for the US Navy's LEAP program and for the development of the Company's next-generation PB500. CEO Charles F. Dunleavy said, "In the past few months, Ocean Power Technologies has continued to make strides towards the commercialization of its PowerBuoy technology in our target markets around the globe. The positive results from our 150 kW-rated utility PowerBuoy deployed off the coast of Scotland as well as the recent deployment of our grid-independent, autonomous PowerBuoy for the US Navy's LEAP program were major milestones for OPT's two product lines. These achievements point to growing potential for OPT's technology across a multitude of commercial opportunities for large, grid-connected power stations and for autonomous applications such as maritime security, offshore oil and gas platforms, aquaculture and desalination."
China Green Agriculture, Inc. (NYSE: CGA), a producer and distributor of humic acid based compound fertilizers, blended fertilizers, organic compound fertilizers, slow-release fertilizers, highly-concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizers through its wholly owned subsidiaries in China, unveiled its fiscal 2011 Q4 earnings early today. The company reported net income of $9.4 million, up 57.4 percent from $6 million during the same period in fiscal year 2010.