COMMACK, N.Y., Sept. 30, 2003 (PRIMEZONE) -- Interpharm Holdings, Inc (AMEX:IPA) today announced its operating results for the six-month period ended June 30, 2003. Interpharm changed its fiscal year-end from December 31 to June 30 requiring the filing of a transition report on Form 10-K, which includes audited financial statements, and was filed on September 29, 2003.
Financial Highlights
Income Statement
Six Months Ended June 30,
2003 2002
(in thousands)
(Audited) (Unaudited)
Revenue Increased 27.33% $14,953 $11,743
Gross Profit Increased 27.02% 2,739 2,156
Operating Income Increased 15.59% 1,243 1,075
Net Income Increased 18.47% 724 611
Revenue increase was a result of increased orders from existing customers and the continuing increase of production capacity. The most significant increase in revenues related to increased sales of Ibuprofen and Naproxen. Naproxen was launched in December 2001 and Interpharm is pleased with the positive reaction received from customers.
During the six-month period ended June 30, 2003, Interpharm incurred approximately $204,000 in legal and accounting fees in connection with the previously announced acquisition of Interpharm, Inc. and the costs associated with making the transition from a private to a public company. Interpharm did not incur these costs during the six-month period ended June 30, 2002.
Balance Sheet
June 30, December 31,
2003 2002
(in thousands)
(Audited) (Unaudited)
Current Assets Increased 68.09% $13,146 $ 7,820
Long Term Assets Increased 112.95% 7,193 3,378
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Total Assets Increased 81.62% 20,339 11,198
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Current Liabilities Increased 37.06% 7,604 5,547
Long-Term Liabilities Decreased 91.99% 267 3,336
Stockholders' Equity Increased 438.56% 12,468 2,315
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Total Liabilities and Increased 81.62% 20,339 11,198
Stockholders' equity ======= =======
Increase in Total assets resulted primarily from an increase in cash, notes and a deferred tax asset that resulted from the acquisition of Interpharm, Inc. Decrease in long-term liabilities resulted primarily from the retirement of related party debt for equity in the form of convertible preferred stock.
Bob Sutaria, our President, stated, "We have had a very exciting year. I am extremely satisfied with the growth that we have experienced over the past few years, as a private company. The transaction with ATEC has provided us with an immense increase in our working capital. We look forward to utilizing these resources to substantially accelerate new product development, and enter into additional strategic alliances to grow the company and enhance shareholder value."
Interpharm, Inc. is in the business of developing, manufacturing and distributing generic pharmaceutical products in the United States. We currently market 19 products, representing various dosage strengths for 11 distinct drugs that we manufacture. Since June 30, we began manufacturing Atenolol and Allopurinol under a contract manufacturing relationship. We also have five new drugs that are under development.
Forward-looking Statements
Statements made in this news release may contain forward-looking statements concerning Interpharm Holdings, Inc.'s business and products involving risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. The actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond Interpharm Holdings, Inc's control. Other risks inherent in Interpharm Holdings, Inc.'s business are described in ATEC Group, Inc.'s Definitive Proxy Statement, filed with the Securities and Exchange Commission on May 2, 2003, and our Form 10-K, filed on September 29, 2003. The acquisition of Interpharm, Inc. is described in the foregoing proxy materials, as well as in ATEC's Form 8-K, filed with the Securities and Exchange Commission on February 27, 2003, our Form 8-K, filed on June 16, 2003 and our amended Form 8-K, filed on August 11, 2003. Interpharm Holdings, Inc. undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
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