Earnings: Perrigo 1st q. net profit plunges 27%

October 27, 2005 23:17
3 minute read.


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First-quarter net profit at pharmaceuticals company Perrigo plunged 27 percent but sales rose 40%, as the acquisition of Bnei Brak-based Agis Industries in March had a positive and negative effect on earnings.

In the three months ending on September 24, net profit fell to $12.9 million from $17.6m. in the same period a year earlier, earnings per share fell to 14 cents from 24 cents and revenue rose to $319.7m. from $227.7m., the company said Thursday.

Analyst expectations for EPS ranged from 13 cents to 18 cents and for revenue they ranged from $317.7m. to $338.5m., as compiled by Thomson Financial Network.

The rise in sales reflected the addition of Agis's product sales, but net profit was hit by acquisition-related writeoffs of $3.7m. and charges of $3.3m. due to product recalls.

Despite the fall in net profit, US investors appeared to welcome the results and shares rose 4.6% to $13.45 in morning trading on Nasdaq despite only rising 0.2% to NIS 60.61 on the Tel Aviv Stock Exchange.

DSP Q3 net profit halves to $10.5m.

DSP Group's third-quarter net profit almost halved to $10.5m. from $20.4m. a year earlier, when it had a capital gain of $15.5m. following the sale of 1.65 million AudioCodes shares.

The semiconductor company said Thursday that excluding the gain, net profit for the three months ending on September 30 rose 7% from $9.8m. in the same period in 2004. Diluted earnings per share fell to 35 cents from 69 cents, including the gain, while revenue rose to $55.6m. from $46.2m., reflecting increased demand and market share in North America and a rise in shipments of to Japan.

Analyst expectations for earnings per share ranged from 31 cents to 35 cents and for revenue they ranged from $51m. and $55.5m., as compiled by Thomson Financial Network.

Shares fell 7% to $23.63 in morning trading on Nasdaq.

Zoran swings to Q3 net profit of $5m.

Haifa-based Zoran Corp. swung to a third-quarter net profit of $5m. from a net loss of $2.6m. a year earlier despite acquisition-related charges of $13.1m.

The company, which manufactures chips for consumer electronics products, said Thursday that in the three months ending September 30, earnings per diluted share were 11 cents compared with losses of 6 cents but that revenue slipped to $117.5m. from $119.7m.

Analyst expectations for EPS ranged from 13 cents to 16 cents and for revenue they ranged from $112m. to $117m., as compiled by Thomson Financial Network.

Zoran expects fourth-quarter losses per share of between 11 cents and 14 cents, due to acquisition-related costs of $13m., and revenue of between $104m. and $106m. Earlier this year the company bought Oren Semiconductor for $44.6m., increasing its stake from 17% to full ownership.

Investors cheered the return to profitability and shares had surged 14% to $14.74 by midday trading on Nasdaq.

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