Perrigo announces financial results for the first quarter of fiscal 2010

  • Fiscal first quarter revenue from continuing operations increased $72 million, or 16%, to $528 million
  • Fiscal first quarter GAAP income from continuing operations increased 59% to $61 million, or $0.65 per share
  • Record first quarter cash flow from operations of $38 million
  • Management raises full-year fiscal 2010 adjusted earnings from continuing operations to $2.35-$2.45 per share from previously announced $2.00-$2.12 per share

Perrigo Company (Nasdaq: PRGO; TASE) today announced results for its first quarter ended September 26, 2009.

Perrigo's Chairman and CEO Joseph C. Papa commented, "We delivered record earnings for the quarter, with strong performance across all business segments. Cash flow from operations continues to be strong as we generated $38 million during a period when we are preparing for the cough, cold, flu season. Store brands grew nearly 13% during a period when the over-the-counter (OTC) category grew only 3%. Rx sales continued to gain market share as a result of our strong investment in quality and high customer service levels along with the continued growth of over-the-counter Rx (ORx) sales. We continue to make quality healthcare more affordable at a time when consumers need to save money more than ever."

The Company's reported results are summarized in the attached Condensed Consolidated Statements of Income, Balance Sheets and Cash Flows. As part of management's continued strategic review of its portfolio of businesses, in the past fiscal year, it committed to a plan to sell its Israel Consumer Products business. The results of this business are reflected in the condensed consolidated financial statements as discontinued operations for all periods presented.

Perrigo Company (from continuing operations, in thousands, except per share amounts) (see the attached Table II for reconciliation to GAAP numbers) Fiscal 2010 Fiscal 2009 First Quarter Ended First Quarter Ended 9/26/2009 9/27/2008 --------- --------- Net Sales $528,001 $455,548 Reported Income $61,025 $38,307 Adjusted Income $61,184 $38,946 Reported Diluted EPS $0.65 $0.41 Adjusted Diluted EPS $0.66 $0.41 Diluted Shares 93,396 94,568

First Quarter Results

Net sales from continuing operations for the first quarter of fiscal 2010 were $528 million, an increase of 16%. Reported income from continuing operations was $61 million, or $0.65 per share, a strong increase over $38 million, or $0.41 per share, a year ago. Excluding the charge as outlined in Table II at the end of this release, first quarter fiscal 2010 adjusted income from continuing operations was $61 million, or $0.66 per share.

SOURCE Perrigo Company

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